Why Should You Receive Life Insurance Quote Online?

Life insurance rates should always be affordable for you. Your financial condition may go up or down, but your liabilities and responsibilities towards your family continue to remain the same, at least for a long time. Therefore when you buy a life insurance policy, you must see that the coverage amount is adequate to meet your family’s needs and also the rates are suitable for your budget.

Now let us first have a look at different types of insurance policies that are available today:

• Term life: Term life is a pure life insurance policy valid for a fixed period of time. The premium you pay under this policy buys only death benefit, nothing else. If the insured outlives the valid term, he gets no return out of it.

• Whole life: As the name suggests, whole life policies are valid for the life of the insured. They use part of the premium to develop cash value. That means they offer an investment opportunity along with the insurance benefit.

• Universal life: This too is a cash value policy valid for the life of the insured. However, when compared to whole life policies, universal life not only offers more flexibility in premium payment, but also the scope for better return.

• Variable life: Variable life is actually a type of universal life insurance. However, under this policy, the cash value can be invested in a wide variety of accounts. Moreover, the policy owner can use the funds as per his wish.

You must understand that the life insurance rates are different for different plans. Indeed, if want a low cost life insurance plan that offers wide coverage, the term life is your only choice. It is true that the ‘accidental death and dismemberment insurance is even cheaper, but we will not consider that because it provides the benefit only if the death is accidental. Death due to disease or old age does not fall under its jurisdiction.

There are two basic reasons why the term life is so cheap. Since it does not grow any cash value, the entire premium amount you pay can be used for developing the insurance account and so, you can have larger benefit at cheaper rate. Secondly, since very few people die premature, in most of the cases, the policies will lapse out without having to make any payout. Consequently, the carriers can afford to offer the coverage at cheaper rate.

If you want to get low cost life insurance coverage, buying a term life is not enough. There are various types of it and each type has different uses and different rates. Level term life insurance is adequate for more cases, but if you want to cover mortgages and loans, better you get decreasing term life insurance. Since the face value of the policy keeps decreasing over the years you can get the coverage at a very low rate. If you want to have an instant coverage or hassle free purchase procedure, go for life insurance no exam which is expensive, but very convenient.

The fact is that: the no exam policies are costlier even for those who do not use tobacco and have perfect health. People who use tobacco in any form or suffer from ailments such as high blood pressure, diabetics, urea, cholesterol etc. should pay at a higher rate even for fully underwritten policies. These people will not find the no exam policies expensive.

Indeed, when the carriers underwrite the life insurance no exam policies, they assume that you have some problem and price the policies accordingly. Why else will you opt for them; they argue. However, you may also opt for such policy if you want quick and hassle free purchase procedure. Indeed, you may hate having to cope with life insurance agents and paramedics; but it is silly to pay at a higher rate all through your life just because of that. To be sure of the price difference, receive life insurance quote first and then decide.

Life insurance quotes are estimated prices based on the inputs provided by the applicant. The purchase process always begins with receiving quotes. You can now receive multiple quotes online and take time to compare every aspect of different policies without being bothered by the agents. Remember, these agents get commissions for the policies they sell and so they will naturally force you to buy those policies which fetch them better commission. Therefore, take the advice from them, but be a little judicious in your selection. Working online gives you that scope.

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