Now, this may seem perplexing to some because the reality seem something else. Yes, all life insurance policies provide death benefit on the death of insured, but most provide a chance to buildup one’s capital and most people buy those policies for that reason only. While that is true, you should know that there can be quite a few types of it and most offer such invest opportunity as added advantage only on added payment only.
Truly, a pure life insurance policy such as the term life insurance, does not offer anything other than death benefit. It is also the original policy, which started long ago in the form of a burial club in the seventh century Rome. However, due to short sightedness of the policyholders such a policy never became very popular. They could not appreciate the fact that in spite of paying for 20/25 years no claims can be placed simply because the insured is alive and so they lost interest in the product.
The Investment policies were evolved much later to meet the market demand created by such a mindset and they became popular overnight. The advantage here was that:
• Whether you die or live, you are getting something back as return. However if you think deep you will see that it is not the case as it seems so. It is simple that since you are enjoying double benefits you are paying double money too.
• These policies are valid for the life of the insured and there is no chance of you outliving the policy and having to live uninsured. However, you must remember that nobody needs life long protection; thirty years is long enough for that.
Anyway, once these policies were out in the market, you had people queuing up to buy these policies. However, of late people have come to realize that these policies are not simply over priced, but good neither as an investment tool nor as an insurance option. If you ask the experts today, they will ask you to buy the term life for insurance purpose and since it costs very little, use the difference for investment purpose. If you think that such a solution is impractical, just go online to receive instant term life insurance quotes and you will know.
You can have term life insurance coverage at a very low rate if you are in your thirties and of average health condition. Being tobacco free is another important condition. In fact, cost of any life insurance policy, term life or not, depends on four main factors – age, gender, tobacco use and health class. If these four factors tally with the underwriting guidelines followed by a particular insurer, you can get the coverage at a very reasonable rate and if it is a term life, you will get it at a very nominal rate.
Therefore, if you are looking for cheap term life insurance quotes, apply when you are still in mid thirties. The rates start increasing after you cross forty and you may find them unviable once you are in your mid fifty. In fact, if you are in your fifties and still need the coverage, you must look for graded life; such policies have been conceived with people like you in mind.
The next important point is gender; but you cannot really do much about it. Although women get the coverage at a lower rate because they have longer lifespan, you cannot do much about it. Tobacco use as well as high body mass index can cause many diseases later on and so they also increase the rates to a large extent. Also, know that the health class involves something more than personal health and so if you are not sure about it find that out first using the guideline provided by the brokers. In short if you are looking for cheap term life insurance quotes, you need to do some home work first.
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