Buying something at cheap rate is all right, provided you do not have to compromise on quality. In case of life insurance, one has to be doubly sure because in this case, you need to keep paying for it for years to come. Consequently, the rates have to be affordable, but the coverage needs to so large that in case of premature demise of the insured, it can replace the income he brought home. If you look for life insurance quote on line, you will not be disappointed. Only make sure that reputed credit rating companies have endowed your chosen carriers with A+ or higher accreditation.
While term life insurance is the most affordable of all types of insurance policies, a person can end up paying high premiums even for this insurance if they choose the wrong time period or go with a poorly rated company. Here is some of the best low cost term life insurance policies that one can consider based on the period:
10 year term life insurance
15 year term life insurance
20 year term life insurance
25 year term life insurance
30 year term life insurance
Let us look at the benefits one can accrue from each of these policies.
In case, of term life, the key behind successful policy purchase is selection of the right term. Such policies are mostly sold for 10, 15, 20, 25 and 30 years. The length of the term should always correspond with your need. A policy with ten-year term duration may be cheap, but if you are covering dependent care with it, you may have to buy fresh coverage after the ten years; but at that time your age too is going to increase and the health may deteriorate; therefore the rate may become twice as much.
The 25 and 30 year policies are not so much in demand simply because people do not want to look so far ahead. However, since all these term life insurance policies have a level premium and death benefit, it makes more sense to take these longer term policies. Not only are they cheaper, but it is more likely that a person of 25 or 30 years now will die within a 30 year period rather than a 10 year period. While these are the popular term life insurance options, people must go with what suits them the most.
Moreover, buy the policies for a few years more than you actually need so that it can take care of all the contingencies that may arise. If you visit online life insurance websites, you will get more such tips. Therefore, go online to study not only the policies in depth, but also articles written by experts. If you want information on the different insurance companies, operating in your area you can find it over the internet as well. This will allow you to make an informed choice instead of going with what the insurance agents suggest
Indeed, this is one of the advantages of operating online; it can save you from being pestered by insurance agents and give you time to make informed choice. However, if you want a hassle-free policy, you must get life insurance no exam. However, here too you have a choice:
Simplified issue policies do not require you to appear for any medical test, but you are required to answer some health related questions. Under such a policy, the benefit is generally clamped at $1,00,000.
Guaranteed issue policies do not require you to answer even the health related questions, but their coverage amount is clamped at $25,000.
Some of the questions pertain to age, sex, tobacco use, and about major health issues like a recent heart attack, chronic illness, cancer etc. This policy is also sold as a single-premium policy that does not have a maximum death benefit. Usually a whole or universal life insurance can be offered as single-premium policies. The second type works as a graded-benefit whole life insurance. The death benefit has an added interest amount whose rate is fixed by the insurance company.
The guaranteed issue policies, on the other hand are easier to receive, but they have their coverage amount clamped at $25,000 only. These are generally meant for the aged and one generally buys such a policy to cover final expenses. However, whole life policies too have plans such as graded-benefit aimed at the elderly. Under this policy, the death benefit does not equal the face amount until after two years; only the premium plus interest is paid back if the insured dies within that period. However, all these policies are rather expensive and so you must think twice before you opt for them.
While term life insurance is the most affordable of all types of insurance policies, a person can end up paying high premiums even for this insurance if they choose the wrong time period or go with a poorly rated company. Here is some of the best low cost term life insurance policies that one can consider based on the period:
10 year term life insurance
15 year term life insurance
20 year term life insurance
25 year term life insurance
30 year term life insurance
Let us look at the benefits one can accrue from each of these policies.
In case, of term life, the key behind successful policy purchase is selection of the right term. Such policies are mostly sold for 10, 15, 20, 25 and 30 years. The length of the term should always correspond with your need. A policy with ten-year term duration may be cheap, but if you are covering dependent care with it, you may have to buy fresh coverage after the ten years; but at that time your age too is going to increase and the health may deteriorate; therefore the rate may become twice as much.
The 25 and 30 year policies are not so much in demand simply because people do not want to look so far ahead. However, since all these term life insurance policies have a level premium and death benefit, it makes more sense to take these longer term policies. Not only are they cheaper, but it is more likely that a person of 25 or 30 years now will die within a 30 year period rather than a 10 year period. While these are the popular term life insurance options, people must go with what suits them the most.
Moreover, buy the policies for a few years more than you actually need so that it can take care of all the contingencies that may arise. If you visit online life insurance websites, you will get more such tips. Therefore, go online to study not only the policies in depth, but also articles written by experts. If you want information on the different insurance companies, operating in your area you can find it over the internet as well. This will allow you to make an informed choice instead of going with what the insurance agents suggest
Indeed, this is one of the advantages of operating online; it can save you from being pestered by insurance agents and give you time to make informed choice. However, if you want a hassle-free policy, you must get life insurance no exam. However, here too you have a choice:
Simplified issue policies do not require you to appear for any medical test, but you are required to answer some health related questions. Under such a policy, the benefit is generally clamped at $1,00,000.
Guaranteed issue policies do not require you to answer even the health related questions, but their coverage amount is clamped at $25,000.
Some of the questions pertain to age, sex, tobacco use, and about major health issues like a recent heart attack, chronic illness, cancer etc. This policy is also sold as a single-premium policy that does not have a maximum death benefit. Usually a whole or universal life insurance can be offered as single-premium policies. The second type works as a graded-benefit whole life insurance. The death benefit has an added interest amount whose rate is fixed by the insurance company.
The guaranteed issue policies, on the other hand are easier to receive, but they have their coverage amount clamped at $25,000 only. These are generally meant for the aged and one generally buys such a policy to cover final expenses. However, whole life policies too have plans such as graded-benefit aimed at the elderly. Under this policy, the death benefit does not equal the face amount until after two years; only the premium plus interest is paid back if the insured dies within that period. However, all these policies are rather expensive and so you must think twice before you opt for them.
Article by David Livingston of EQuote, who is also a specialist in financial planning. For more information on cheap term life insurance and term life insurance quotes, visit his site today.
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