So you've made the decision to buy life insurance. So, you've made the right choice! If you have people who depend on you, you know that you have to take care of them even after you die. Life insurance shouldn't break your budget either. Check out the following options, which can save you a lot of money.
You can shop online: Several companies will give you free quotes for life insurance online. You can get a quote quickly by entering your personal information, the amount of insurance coverage you want, and the terms of the policy. At some point, you'll want to talk to an agent, but at least you'll have a good idea of what the price range is. You should check out Insure.com, SelectQuote.com, ReliaQuote.com, IntelliQuote.com, and InsWeb.com, among others. There are a lot of others, so look around and compare prices.
Different kinds of life insurance: You can choose from Term Life, Whole Life, Universal Life, and Variable Universal Life plans for life insurance.
u>Term Life/u> is the cheapest because you can lock in a fixed rate for the length of the policy, which is usually 10 or 20 years, but it doesn't build up cash. So, it only pays off if you die.
Whole Life gives policyholders lifetime coverage, guaranteed level premiums, and the ability to build up cash values without paying taxes on them. In other words, if you need money, you can borrow from the policy.
Universal Life gives policyholders lifetime coverage, flexible premiums and death benefits, and the ability to build up cash values without paying taxes on them. Rates are adjustable.
Variable universal life insurance offers coverage for life, flexible premiums and death benefits, tax-deferred growth of cash values, and a variety of ways to invest. Rates are adjustable.
Contact a Representative:/b> Once you know what kind of insurance is best for you and your family, talk to an agent for more information. If you got a good quote for life insurance online, go through with it so that an agent can get in touch with you. This person will look over your policy and talk to you about the different kinds of insurance companies. If you are happy with the results and want to move forward, the agent will order a full medical exam, which can be done at your home or office at no cost to you. After about four to six weeks, the results will be in, and if everything goes well, coverage will start almost right away. Before you sign a contract, you are never required to accept coverage.
More Savings: Want to save money even more? Pay the premium in one lump sum. Most monthly or quarterly payments come with an extra fee. You can save about 5 percent if you pay the whole premium up front.
One of the most important reasons to have life insurance is to make sure your family is taken care of after you die. You can get a free quote for life insurance by shopping online right now, so don't wait!
Matthew C. Keegan, LLC, 2005.
