Purchasing Term Life Insurance

Purchasing Term Life Insurance
By Barry Waxler

Insurance can be both simple and complex. The process is simple, but you need to ascertain what you actually need.

It is wise to remember a basic premise of the Insurance industry when you are considering a life insurance policy. Life insurance policies are actually not bought. In reality, they are sold by agents who usually work on commissions. These commissions are very high for the sale of permanent policies such as whole life. They are not very high for the sale of term life policies. Obviously, the agent will be anxious to convince you of the many benefits of whole life over term insurance. You need to remember that he is most likely thinking of his best interest and not yours.

The agent can be a source of information on all of the various options available in life insurance, but you might want to make your own decision ahead of time. If you have decided that a term policy is what best suits your needs and income level, you can approach the agent firmly to discuss the many advantages and options of different types of "term" policies. It would not be a bad idea to have several questions already answered before this process begins.

A term life insurance policy is designed specifically to replace your lost earnings in the event of your untimely death. A person with a good financial plan should be able to estimate those earnings and project them into the future. The number and age of your children, the other sources of income and assets, and the earning potential of your spouse are all things to factor into your calculations. It is generally thought that the insurance death benefit should be equal to between 5-10 years of earnings. Of course, this figure will vary depending on each person’s own circumstances.

When you have settled on the amount of insurance coverage that is appropriate for your needs, you can begin the shopping process. The cost of purchasing term life insurance is much less than for permanent types of insurance, but there still are variations in price between different providers. The purchase should be treated like any other major investment. In other words, shop around and get several quotes before making a decision.

It is important to remember that there are two sides to purchasing term life insurance. In other words, you have to qualify. The process is called underwriting. Your health and lifestyle will determine the cost of your coverage. A medical examination will usually be required, and if you have a couple of months to live, you can be pretty sure that your agent will quickly lose interest in your business. Young, healthy, non-smokers can expect the lowest rates.

Get more life insurance information at UFCAmerica.com.

Purchasing Term Life Insurance

Purchasing Term Life Insurance
By Barry Waxler

Insurance can be both simple and complex. The process is simple, but you need to ascertain what you actually need.

It is wise to remember a basic premise of the Insurance industry when you are considering a life insurance policy. Life insurance policies are actually not bought. In reality, they are sold by agents who usually work on commissions. These commissions are very high for the sale of permanent policies such as whole life. They are not very high for the sale of term life policies. Obviously, the agent will be anxious to convince you of the many benefits of whole life over term insurance. You need to remember that he is most likely thinking of his best interest and not yours.

The agent can be a source of information on all of the various options available in life insurance, but you might want to make your own decision ahead of time. If you have decided that a term policy is what best suits your needs and income level, you can approach the agent firmly to discuss the many advantages and options of different types of "term" policies. It would not be a bad idea to have several questions already answered before this process begins.

A term life insurance policy is designed specifically to replace your lost earnings in the event of your untimely death. A person with a good financial plan should be able to estimate those earnings and project them into the future. The number and age of your children, the other sources of income and assets, and the earning potential of your spouse are all things to factor into your calculations. It is generally thought that the insurance death benefit should be equal to between 5-10 years of earnings. Of course, this figure will vary depending on each person’s own circumstances.

When you have settled on the amount of insurance coverage that is appropriate for your needs, you can begin the shopping process. The cost of purchasing term life insurance is much less than for permanent types of insurance, but there still are variations in price between different providers. The purchase should be treated like any other major investment. In other words, shop around and get several quotes before making a decision.

It is important to remember that there are two sides to purchasing term life insurance. In other words, you have to qualify. The process is called underwriting. Your health and lifestyle will determine the cost of your coverage. A medical examination will usually be required, and if you have a couple of months to live, you can be pretty sure that your agent will quickly lose interest in your business. Young, healthy, non-smokers can expect the lowest rates.

Get more life insurance information at UFCAmerica.com.

What is Level Term Life Insurance?

What is Level Term Life Insurance?
By Elizabeth Newberry

Level term life insurance, the most common form of term life insurance, is a life insurance policy that gets straight to the point. It’s similar to regular term life insurance in that it provides pure life insurance coverage when you need it with none of the frills of whole life insurance, such as forced savings components.

Level term life insurance has a guaranteed level premium, and you aren’t required to annually renew the policy. The insurance premium stays the same for a set period of time – the length of time for which the policy is in effect (usually 10, 15, 20, or 30 years). The longer the policy is in effect, the higher the annual premium will be.

For example, if you purchase a level term life insurance policy for 10 years, you’ll pay lower premiums than you’d pay if you purchase level term life insurance for 30 years. The reason for this is you’ll get much older during the course of a 30-year policy than you’ll get during the course of a 10-year policy, and life insurance companies view older individuals as more risky to insure. If you purchase a 10-year policy when you’re 30 years old, you’ll only be 40 years old when the policy expires; however, if you purchase a 30-year policy when you’re 30 years old, you’ll be 60 when the policy expires. It costs more to insurance a 60-year-old than it costs to insure a 40-year-old. Make sense?

Level term life insurance policies normally include renewal options. This means you can renew your policy at a maximum guaranteed rate if you choose to extend the term of insurance coverage. This option is usually only implemented if your health has greatly deteriorated during the original term of insurance coverage.

If level term life insurance sounds right for you, begin your search now and make your purchase as early as possible to ensure the lowest premiums possible.

Some of Our Recommended Sources for Discount Life Insurance Quotes

Level Term Life Insurance Quotes Online Here

Term Life Insurance Quotes and Information

Quick Whole Life Insurance Quotes Here

How to Select Affordable Term Life Insurance

Affordable term life insurance is ideal for most individuals. While it’s true that whole life insurance covers you for your entire life and provides a savings component, most Americans aren’t looking for those benefits. With term life insurance, there are no extra costs for benefits you don’t want or need, i.e. savings components, and with no extra costs you pay less. Term life insurance is cheaper and gets to the point. It provides financial benefits to your beneficiaries in the event of you death. Period.

However, there are certain factors you should look out for when selecting affordable term life insurance. Those factors are as follows:

Buy early. The earlier you select an affordable term life insurance policy, the more affordable it the policy will be. Life insurance companies are more apt to offer affordable insurance premiums to younger people because they are less risky to insure.

Make sure the term life insurance policy offer guaranteed renewals. When it’s time to renew your affordable term life insurance policy, you can actually be denied or forced to pay higher premiums than before. Insurance companies implement these policies because, well, you’re getting on in years and becoming more of a risk to insure. While you can’t always get around paying the higher premiums, you can get around being denied. Simply select a life insurance company that guarantees renewal. This way, you won’t have to begin the search process all over again, thus you won’t risk paying even higher premiums than you would if you renewed, or not finding life insurance coverage at all.

Look for premium discounts. Purchasing a lower amount of term life insurance coverage doesn’t always mean you’ll pay lower premiums. Sometimes life insurance companies offer premium discounts if you purchase a higher amount of coverage. So, you may actually be able to get more affordable term life insurance if you purchase $250,000 than you would if you purchase $200,000.

Some of Our Recommended Sources for Discount Life Insurance Quotes

Affordable Term Life Insurance Quotes Here

Life Insurance Quotes and Information

Free Whole Life Insurance Quotes

How to Get the Best Term Life Insurance Quote

Getting the best term life insurance quote is easy if you use the Internet. The Internet lets you compare term life insurance quotes from various companies quickly and easily. It also helps you check the ratings of an insurance company before you actually sign up for a policy.

Compare Quotes

The Internet makes it easy to compare term life insurance quotes from several insurance companies. All you do is go to an insurance comparison website and complete a form with information about your:

* Desired insurance coverage

* Job

* Hobbies

* Health and medical history

Then you'll get fast quotes from multiple A+ rated life insurance companies.

On the best insurance Web sites, you can even get fast and accurate answers to your insurance questions by chatting with insurance professionals online (see link below).

Check the Company's Ratings

The best term life insurance quote does not always mean the cheapest life insurance quote. You also want to make sure that the insurance company you choose is reliable, honest, and financially sound. Fortunately, the Internet also makes it easy to check the ratings of an insurance company.

To check the ratings of an insurance company, follow these tips:

* Evaluate each company’s communication efforts. Is the Web site informative and easy to use? Is there a local agent you can call with questions or an 800 number you can call?

* Check the Department of Insurance Web site for your state. The Insurance Commissioner in every state has a Web site that lists licensed agents, companies, and each company’s complaint ratio. You can select your state from the National Association of Insurance Commissioners (NAIC) Web site (www.naic.org).

* Check ratings from companies such as J.D. Power & Associates (jdpower.com), A.M. Best (ambest.com), and Standard & Poors (standardandpoors.com).

Visit http://www.LowerRateQuotes.com/life-insurance.html or click on the following link to get the best term life insurance quotes from top rated companies and see how much you can save. You can also get more insurance tips there.

The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written extensively on how to get the best term life insurance quote.

Some Tips on Getting Term Life Insurance Online

Some Tips on Getting Term Life Insurance Online
By Elizabeth Newberry

If you’re considering getting term life insurance online, you’re not alone. There are websites upon websites available to help you search for, compare, and get quotes for term life insurance policies, and those websites are here for a reason – to help the millions of people just like you who are interested in getting term life insurance online!

Before you dive too deeply into the process of finding your term life insurance policy online, take these tips into consideration.

Find a website with a large database. You want to search for term life insurance online using a website that has access to many life insurance companies and their term life insurance policies. This widens your options, making it easier for you to find the policy that’s right for you.

Decide how long you want life insurance coverage. Term life insurance policies can last for as few as five years and as many as 30 years. When you search for term life insurance online, you’ll be asked how long you want life insurance coverage.

Take a look at your budget. Figure out how much you can afford to pay in premiums. You may find a term life insurance policy online that seems affordable, only to find out later that you can’t quite swing it. Enter your search with a clear understanding of what you can afford to spend without going broke.

Spend time comparing various policies and quotes. You may find a really great term life insurance policy or two upon your first search, but look closely at other policies, too. You should also do some research on the companies offering the policies. You may even want to use more than one website during your search.

Always speak with a live insurance agent. Shopping online is convenient; however, term life insurance is an important purchase, so make sure you understand everything by speaking to a live insurance agent from the insurance company.

Some of Our Recommended Sources for Discount Life Insurance Quotes

Introductory Guide to Term Life Insurance

Introductory Guide to Term Life Insurance
By Barry Waxler

Listen to the radio and you will hear endless advertisements for term life insurance. So, what exactly is it? Glad you asked.

Term life insurance is the original kind of insurance. It provides a basic payout in the case of the death of the policy holder during the time span of the term. There is normally no extra premium that is invested and the policy does not accumulate a cash value during the term. It is the simple wager concept of the old life insurance adage. The Insurance Company makes a bet that you will not die during the term. You are, in a way, making a bet that you will die. If you do die, you win. If you do not die, the Insurance Company keeps the premiums that you paid.

Despite the irony of viewing term life insurance in that manner, it does play a vital role in the personal financial planning process for many people. It is basically risk management. The idea is usually to provide for other people who might be dependent on you for support. This support might be simply the replacement of lost wages in case of death, but also includes other factors such as education expenses, mortgage payments, and even funeral expenses.

Term life insurance is a viable pursuit for the Insurance Company because the statistics show that a normally healthy person has a very small risk of dying during the term. In other words, they win most of the bets. Since a medical examination is usually part of the process, terminally ill people would not be eligible to purchase normal term insurance. The terms can run for any period of time although most of them run from 10 years to 30 years in length.

A term life insurance policy can be renewed when it expires although most likely the premiums will be higher. There are several different ways that the premiums are calculated. In some policies, the option to renew is guaranteed and the premiums are averaged for the life of the term. In this way, the premium remains constant although it will tend to be a bit higher at the beginning.

Term life insurance is generally the less expensive option when considering risk management. Since there are no additional funds being added to the premiums for investment purposes such as happens in whole life policies, it is merely the death benefit that is being purchased. This lack of investment potential does not bother most financial planners. There are many other investment opportunities available that promise a much greater return than insurance investments. When you are considering insurance as a protection to your dependents and your interests in the case of an untimely and unexpected death, term life insurance is a sensible option.

Get more life insurance information at UFCAmerica.com.

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