How to Apply for Life Insurance Quotes
Apply for Life Insurance Quotes is easy and fast.
There are two basic types of Life Insurance:
Term Life Insurance
Term life insurance enables you to match the length of the policy term to the length of the need. For example, if you have young children and want to ensure that there will be funds to pay for their college education, you might buy 20-year term life insurance. Or if you want insurance to repay a debt that in a specified time period, buy a term policy for that period.
In general, term life insurance pays only if you die during the term of the policy, so the rate is lower than for permanent forms of life insurance. If you are still alive at the end of the term, coverage stops unless the policy is renewed. Unlike permanent insurance, you will not build equity in the form of cash savings.
If you think your financial needs may change, you may also want to look into “convertible” term policies. These allow you to convert to permanent insurance without a medical examination in exchange for higher premiums.
Keep in mind that premiums are lowest when you are young and increase upon renewal as you age. Some term insurance policies can be renewed when the policy ends, but the premium will generally increase.
Some policies require a medical examination at renewal to qualify for the lowest rates.
Permanent Life Insurance
Permanent Life Insurance pays a death benefit whether you die tomorrow or 100 years from now.
With Permanent Life Insurance you can accumulate tax-deferred savings that could be a source of borrowed funds for a variety of purposes. The savings element can be used to pay premiums to keep the life insurance in force if you cannot pay them otherwise, or it can be used for any other purpose you choose. The death benefit is collateral for the loan, and if you die before it is repaid, the insurance company collects what is due before determining what goes to your beneficiary.
Keep in mind that premiums for permanent policies are generally higher than for term life insurance. However, the premium in a permanent policy remains the same no matter how old you are, while term premiums can go up substantially every time you renew.
How Much Life Insurance Do I need?
Figuring out how much life insurance you need requires a bit of thought. There are rules of thumb that suggest you get seven times or 10 times your annual salary. But if you want to be a bit more precise, think about how much money your family would need to cover the lack of your income.
Apply for Life Insurance Quotes
Not all life insurance policies or companies are the same, some are better (and worse) depending on the situation.
Our advisors take great pride in the accuracy of their advice, which really means making sure the policy you get is for the coverage you really need.
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