Best Life Insurance Quote Online Instant
Best Life Insurance Quote Online Instant
Life insurance bought right is no different than buying any other type of insurance.
It’s protection from disaster because it’s irresponsible to burden your family with unmanaged risk.
Do I need Life Insurance?
Dying suddenly — in an accident, by unexpected illness or even of natural causes — can happen at any time. Life insurance helps your loved ones pay the mortgage, bills, even college costs, after you’re gone. It also provides tax-free cash to pay estate and death duties.
Nothing can replace you in their hearts but planning ahead with life insurance can make things easier for those you leave behind.
Life Insurance can help your dependents cover any financial responsibilities that are left after your death. Debt can be a tremendous burden on top of the already emotional toll your absence creates in their lives.
Life insurance is designed to replace lost income or pay for special needs your family would have if you weren’t around.
It is a way to protect one’s life in case life itself has unexpected incidents and/or uncertainties.
Life Insurance provides a financial safety net for your dependents later if you’re not around to take care of them.
After you’re gone, your family can use the proceeds to cover funeral costs, mortgage payments, college tuition and other expenses.
What kind of life insurance do I need?
Term Life Insurance
The most basic type of life insurance, and typically the least expensive is Term Life Insurance, which is an attractive option for many young couples and individuals.
Term Life covers you for a specific period of time (such as 15, 20 or 30 years) and pays a death benefit only if you die during the term.
Universal Life Insurance
Flexible and more long-term than term insurance, Universal Life lets you pay premiums at any time, in virtually any amount, subject to certain minimums and maximums.
You can also pay premiums in advance and even skip payments in certain circumstances.
Over time, you can increase or reduce the death benefit as your needs change.
Whole Life Insurance
Designed to cover you through your entire lifetime, Whole Life builds cash value on a tax-deferred basis.
The cash value can be accessed by the policy owner for emergencies, extra income, or college expenses, with any amount withdrawn and not repaid deducted from the policy’s death benefit.
ROP Life Insurance
“Return of Premium” Term Life Insurance costs more than a traditional Term Life policy but offers you the ability to get your premiums paid back to you if you outlive your policy’s term.
Other kinds of permanent life insurance include universal, variable and variable universal.
Best Life Insurance Providers
When shopping for life insurance, don’t assume every national insurance carrier is showing you all the possible options.
Some insurance providers and agents don’t offer or aren’t licensed to offer every type of insurance, particularly variable products.
By understanding your options, you can find the insurance provider that best suits your needs more easily.
Life Insurance Cost
Every rate factor is related to the fundamental component of mortality. Nothing is more relevant to mortality than age. As a rule of thumb, younger people are expected to live for many more years than the elderly.
The longer someone lives the longer life insurance companies collect $50 per month premium that pays the $100,000 death benefit.
The older you are when you apply for a life insurance policy, the more expensive the premium is.
You should also note that the premium spread between female and male tends to increase with age. What that means is a heterosexual couple getting life insurance in their 20s is more likely to have very similar premium rates than the same couple in their 50s. The 50-year-old woman pays significantly less than her 50-year-old male partner.
Is there an Age Limit for Life Insurance?
They say that age is nothing but a number, but for those looking to purchase life insurance, age can become a determining factor in their decision to obtain coverage.
Premiums become higher as we age.
If you are 80 or older, your best option will be Universal Life insurance because most companies that offer it will cover you to age 100.
Although it will be expensive, the coverage will provide the peace of mind you’re looking for.
If, however, your need is for an insurance policy for final expenses like funeral and nursing home costs, you may want to consider a Final Expense Insurance policy since most companies will provide coverage up to age 89.
How much life insurance do I need?
There are two important questions to ask:
- What financial resources will be available to survivors after your death?For simplicity, consider three categories of resources: (1) Social security and other retirement-related survivor benefits; (2) group life insurance; and (3) other assets and resources. It is also important to know when these resources will become available—for example, social security survivor benefits are payable immediately to a surviving spouse with dependent children, but only after age 60 if there are no children.
- What financial needs will your survivors have after your death.For simplicity, consider three categories of requirements: (1) final expenses; (2) debts; and (3) income needs.
- Then subtract your survivors’ financial resources (step #2) from their financial needs (step #3) to determine how large a policy to buy. Many people are underinsured, often because they skip these steps or take a shortcut (such as simply buying a multiple of annual income).
- Consider other objectives you may have for your life insurance. Some types of life insurance policies include a savings feature that can be used for purposes other than paying death benefits.
Life Insurance Policy Riders
Find out if you need to add any “riders” to the policy.
There are two that you should consider—waiver of premium and guaranteed insurability.
Some policies come with one or both included with the basic contract but, if not, it is generally a good idea to add them.
Waiver of premium pays the life insurance policy premium for you if you are disabled.
Guaranteed insurability permits you to add to the death benefit without providing additional evidence that you are in acceptable health.
How to pay for Life Insurance
Decide whether to pay premiums annually.
In most cases, it is better to pay annually rather than in installments because there is often a relatively large additional charge for paying smaller amounts more frequently.
Life Insurance Beneficiaries
Tell your beneficiaries about your life insurance policy.
Once the policy is issued, inform your beneficiaries the company that issued it, where to find the paper copy of the policy and any specifics about what you want them to do with the death benefit.
While is rare for people to be unaware they are the beneficiary of a life insurance policy, it does happen and you want to make sure that the benefit will not go unclaimed.
And store your documents so that they can be easily accessed by your beneficiaries.
Where to buy Best Life Insurance Online
Shop around. There are many ways to save money when buying life insurance, but they don’t always entail paying a lower premium immediately. That said, life insurance is a very competitive business so quotes can vary significantly between companies.
Get the Best Life Insurance Quote Online Instant
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