For Receiving Low Cost Life Insurance Applying For Term Life Insurance Quote Is Not Enough

Receiving life insurance quote is the first step towards policy purchase. But before you request for it, you have to have an idea about what kind of policy you want. Therefore, Let us get into that first

A term life policy is a pure life insurance policy sold for a limited period. Like any other insurance policy, it does not provide any return unless the insured event takes place within that specific period. Since the premiums you pay will not fetch you anything except death benefit, these policies are very reasonably priced.
On the other hand, a whole life policy is valid for the life of the insured. Moreover, it uses a part of the premium you pay to accrue cash value. That is the reason why these policies are a slightly overpriced.

Universal life policies are modeled after the whole life. These policies give you greater flexibility in premium payment and the potential for greater growth of cash values. Consult your agent to know more about various types of universal life policies.

The limited pay policies require you to pay the entire premium amount over a specified period only. Once the period is complete, you will not have to pay any additional premiums to keep your policy in force.

There are other types of policies too. The endowments policies for example are insurance policies, but they are mostly bought for investment purpose. Under this policy, the cash value built up equals the face value very within a very short period. As a result, they are very expensive. The accidental death and dismemberment or AD&D policies are cheap, but they cover only death due to accident. If you die out of illness, these policies will not pay any benefit.

You have to make the choice of policy depending keeping your need as well as your financial condition in mind. Unless the policy is affordable dont go for it. Otherwise, you may want to give it up after few years and if such case, you not only lose the amount you paid as the premium, but more importantly, if you die uninsured, your family may have to lead a marginalized life. That is why it is very important to be aware of the life insurance rates of different policies before choosing the ideal one.

Both the life insurance quotes and the rates indicate the policy prices. But they have some differences. Unless you have filled up the quote form correctly, a cheap life insurance quote may not actually translate into cheap rate. Remember that, the quotes are based on the information you provide. In fact, the life insurance rates are provided only after verification of the form.

That is why the quote form should be filled up very carefully. The policy price should be very much within your means. Usually, people looking for low cost life insurance opt only for the term life policies; such policies may not offer any investment opportunity, but they provide a large benefit at a very affordable rate. However, there are exceptions too.

To receive low cost life insurance coverage, applying for term life insurance quote is not enough. Unless you are careful, a term life policy will also turn out to be very expensive. Remember that, death benefit is payable only if the insured dies within the valid term. Therefore, if you are already on the wrong side of fifty or smoke too many cigarettes each day, you have little chance of receiving the coverage at affordable rate.

To receive low cost life insurance coverage, you need to be young, healthy and of right body mass index. Your family history is also very important. Moreover, tobacco use is another important factor that you cant ignore; stop using tobacco for a year at least if you want the life insurance rates to be cheap. Plus, always go for fully underwritten traditional term life. The life insurance no exam is convenient, but very expensive.

As the name suggests, life insurance no exam policies exempt you from taking the medical test. This will give you a great relief especially f you already have ailments or smoke too many cigarettes a day. The coverage is based on the answers to few health questions asked. Of course, you may have to provide things such as Medical Information, Motor Vehicle Report etc. Yet, you must admit that the carriers do run a little risk in covering you under such a scheme. That is why such policies are rather expensive. People who want immediate coverage may also buy it. Otherwise, everybody else should go for fully underwritten traditional term life policy and enjoy the coverage at affordable rate.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on cheap term life insurance quotes and low cost life insurance, visit his site today.