Getting Life Insurance Quotes – Important Information

When it comes to obtaining life insurance quotes, there are a selection of measures that must be seen to. In a lot of circumstances, the life insurance firm will demand that you obtain a checkup. The physical may be executed to make certain that you are in good shape and have no pre-existing health ailments.

In the event you do have any underlying conditions, this doesn’t imply that you are not able to get hold of life insurance, it just means that your month-to-month premiums could additionally be higher than they had expected, or that the worth of your life insurance policy may increase as you get older and your health diminishes. At any rate, there will likely be steps to be taken relating to your life insurance quotes and month-to-month premiums.

The life insurance premiums are going to rely upon different factors and not simply the health of the individual. Other underlying components consist of the presence of any additional policies. If in case you have different life insurance policies in place, your life insurance premiums may be decreased.

In case you are looking for term rate life insurance quotes, you can receive a number of quotes from a lot of locations at one time as opposed to visiting them one by one. The suitable quote is going to save you money and allow you to obtain the life insurance premium that you need, so as to protect both you and your family in the case of your death.

Life Insurance – Face the Facts

I know you may not want to think about these things, but it’s time to grow up and face the fact that this is real. Death is a part of life. And you don’t want to leave your family in shambles when you must leave just because you were afraid to accept reality. It’s your responsibility to have these things in place.

There have been superstars worth millions of dollars that just lived day to day and then passed away leaving their family in financial dire straits simply because they were too selfish or afraid to face the fact the life doesn’t last forever. Don’t be another irresponsible person who falls into this category. Take action now!

It takes organization and planning put in place to make sure important things such as life insurance, your will and other legalities are put in place so that your family can be well taken care if something should happen to you. Fail to plan for this and you are doing your family a great disservice. You could leave them in financial crisis facing a pile of debt.

Don’t leave your family hanging. Life insurance will help to provide an income for your loved ones when they can no longer rely on you. This income can help them to cover your final expenses, clear any outstanding debts and cover everyday expenses.

With life insurance quotes, you will be anticipated to reply to a number of inquiries and then be eligible to obtain the life insurance policy. Some of the questions that they want answers to will be your state of residency, gender, height, and weight.

There will be a number of additional inquiries that they will be asking, like if you smoke or the amount you need to have for your life insurance policy. If there’s a history of any particular diseases that run in your family, they may want to be familiar with those as well.

After getting cleared the easy questions, there may be several more advanced inquiries that will have to be cleared. These questions can entail the last time you had a physical and the place somebody may reach you if they need additional inquiries clarified.

Should you meet the criteria for the life insurance quotes and select to activate a brand new coverage, the life insurance policy would then go into effect.

There may be a setback in how long you have before the life insurance premiums start being deducted from an account. This should be discussed with any prospective life insurance companies prior to setup.

Major Types of Life Insurance

The two major types of life insurance for individuals are term and whole life. Let’s take a look at both

Term Insurance is the most straightforward and simplest form of life insurance. This policy will pay out if death occurs during the policy term (usually 1 – 30 years). There’s usually no other benefits with term policies.

2 standard types of term life insurance

There are however two standard types of term life insurance policies which are: level term and decreasing term.

  • With a level term, death benefits will remain exactly the same throughout the entire duration of the policy.
  • With decreasing term, death benefits will decrease (usually in 1-year increments) over the duration of the policy.

Whole Life Insurance, otherwise known as permanent insurance, will pay a death benefits regardless of when you die, doesn’t matter when or how old.

3 standard types of whole life insurance

There are three major types of whole life insurance which are: traditional whole life, universal life, and variable universal life. All of these types also offer variations within themselves, but we won’t get too complex here and will just stick with the basics to give you a good idea of what’s available. Your life insurance agent will discuss more complex variations if necessary.

  • Whole life, the most common type of permanent life insurance, will offer a death benefit and also a savings account. Choosing this life insurance policy means that you will agree to pay a specific amount in premiums on an agreed upon basis for a guaranteed death benefit.
  • Universal life offers more flexibility than whole life. For one, if you can pass a medical exam, then you may be able to get an increase on the death benefit. In addition, this universal life policy’s savings account usually earns a money market interest rate. Once funds have built up in your account, you’ll also have the option to alter your premium payments if need be. This really comes in handy if you have an unexpected change in your financial situation. However, be very careful with this because if for any reason you end up stopping or reducing your premiums, and the money in the savings accounts is all used up, then you might experience a lap in policy which could bring an end to your life insurance coverage.
  • Variable life insurance will provide a death benefit and a savings account that you can use to invest in money market mutual funds, stocks and bonds. This may enable your policy to grow quicker; however, it also adds more risks to the policy as well. In a nutshell, if your investments fail to perform well, then your death benefit and cash value may decrease as well. Some variable life policies do offer somewhat of a safeguard on this by guaranteeing that your death benefit won’t fall below a certain level.
  • Variable-universal life is just like it sounds. It’s a combination of variable life and universal life insurance. You’ll get the investment risk/reward of variable life insurance – along with the flexibility to adjust your death benefit and premiums that a universal life insurance policy would allow you to.

 

This article is for information purposes only. Hopefully it has given you a general overview of the importance, benefits and types of life insurance policies. For more details concerning your specific situation, do yourself and your family a favor and consult with a professional life insurance agent right away!

32 Replies to “Getting Life Insurance Quotes – Important Information”

  1. Having insurance isn’t quite a bad idea at all; financially securing the family of the departed is one way of coping up with the stress dealt by a loss of a loved one. But the real problem in availing an insurance plan lies in the life span of the insurance company. Suppose the insurance provider went bankrupt, tedious processes are undergone by customers who wish to have their money back.

    1. That’s a valid concern Helena. Which is why it’s important to only do business with an established life insurance company that has good rating and is licensed to do business in your State. Insurance companies are regulated on a State level and there are safeguards put in place nowadays to protect policy holders should a life insurance company go belly up. In the U.S., it is National Organization of Life & Health Insurance Guaranty Associations (NOLHGA): http://www.nolhga.com/
      Also here’s a helpful resource where you can easily check global ratings on any potential life insurance company that you are considering doing business with: http://www.ambest.com

  2. Finally, I have come across an article on the intricacies of life insurance that isn’t perplexing but pretty savvy. I personally know people who are banging their heads with all those hefty premiums to be paid, all because they were hasty while going for a Life insurance policy. I am sure they have no clue that something called a Universal life or a variable life policy also exists. I will pitch this write-up, right under their noses.

  3. This article is very helpful for people who have family members and are worried about leaving them behind without a stable income to pay their debts and everyday expenses after their death. It is true that many people such as myself are having difficult times accepting that someday they will die, but I personally think that this article can help people deal with having to accept that they are not going to live forever.

    1. Yes Daniel, it’s a reality that we all must face, so might as well suck it up and face it. Being prepared is better than leaving your family hanging if you’re not there. We all must think beyond ourselves, because our family is an extension of us and we want to make life as easy as possible for them regardless of whether we’re with them or not.

  4. When I had a job with regular monthly income, I managed to have a life insurance policy settled, and when I lost my job, my insurance policy got lapsed. Lesson to be learned, life insurance is good as long as the premium is paid regularly with no lapse. The question is, who can guarantee you will manage to have income in regular basis to pay the premium until the life insurance term end?

    1. Yes, that’s why it is important to discuss about different policies with a certified life insurance professional(s). Sometimes different life insurance policies may offer you a reasonable grace period or some type of other safeguard to protect your policy from being canceled in light of a temporary financial setback. These are things that need to be discussed upfront.

  5. Thank you for your comprehensive article! My family don’t have insurance simply because it is just something which never be in our list, out of our radar. This article is really an eye-opener about the importance of it. I will show this link to my husband so we can discuss about getting insurance for my family. Thank you!

  6. Interesting! TBH I really don’t know anything about life insurance but after reading this I probably consider having one for myself and my family. I would definitely get a life insurance quote in the near future, thank you for sharing this information probably one of the best articles about life insurance quotes.

  7. Some people may not know that getting a life insurance means a big deal to our life. There are lots of factors to consider in getting insurance because in our basic daily life, we may have or may not know what plans ahead of us. For as we know, we may not wake up in the morning, got hit by a bus while walking, or even choked and die from eating. This article opens our eyes that it is important to get a life insurance so we can still help our family in case of happenings such as accidents or death to us. They can still rely on us even when we are already out of this world.

  8. This is really an eye-opener for me. To be honest, I thought an insurance is nothing but a scam. As I go through the article, now I have an idea what it is and about its coverage. This should really be a necessity, especially that it’s hard to keep ourselves in shape all the time and accidents are everywhere. We should think ahead of all this, knowing that there will be a lot of expense and our family, financially, could be at stake. It’s best that we take action now or forever be sorry.

  9. After reading this, I finally understand why my mother applied in different kind of insurance. As heartbreaking as it may sound death is really a natural occurrence and I guess she is only is thinking about our future if something suddenly happen.

  10. Rarely, do I see so much clear information and incite into the workings of life insurance in one place! Thus, when a company like debtconsolidationcure.com takes the time to cover a topic so succintly and without hype, I tend to want to hear more from them. I feel this is a company I can trust and do business with.

  11. A nice article on life insurance. Till date, I only had a very little knowledge about life insurance but today after reading your article I can understand the importance of getting life insurance. It is true as you said death is a part of life and I feel an urge to get a life insurance so that my family won’t be suffering if at all something happens to me.
    A little more detailed procedure on getting a life insurance and what are the policies are available will be really helpful for someone new like me. Anyways, great article.

    1. Thanks for your feedback Hari. We have fleshed out the article a bit more to you and other visitors with a better overview.

  12. What if something really unfortunate happens to me while I am still paying for my life insurance? Say, almost paid. Will I still be getting the same coverage as to that which I have applied for?

    1. Hi Vanessa, now that’s a detail that you should really discuss with a life insurance professional when getting your quotes. Policies and coverage will vary.

  13. Though I have already two life insurance policies, I do not know much about it. I did not know those who are having some health issues can still buy the life insurance, but perhaps with paying higher premiums.

    I like what you said about “Death is a part of life”, I think we should not avoid looking into it. I agree that we should plan for our life and even after death, hence our loved ones will be taken care of, especially when our parents are old and children are still young. They do not have to worry too much about the financial support if we have plans for them.

    Thank you for sharing this informative article with us.

  14. Getting a life insurance means you’ve planned everything for at least the next few years of your life. Your children could still get the right education when you die.
    I’m sure that life insurance is one of the best investment!

  15. I always thought people with illness are not cleared for insurance. Good to know that with a high premium I can still acquire a good life insurance. Life really is not predictable. I wish there was a topic for ‘types of life insurance’ included. Anyway, good job mate. I suppose I better get in touch with a provider today itself.

    1. Hi Vinamrata, nice article suggestion, we may write more detail on that later. But since life insurance can be a very detailed subject, this article is basically just to bring to people’s attention the importance of having it. Definitely make sure to ask a provider about whole life and term life (the two basic types of life insurance).

  16. Having Life Insurance means you are responsible. We all die and that is our end, but we do not know. We cannot control death that is why we need to be ready. What we control is to have an insurance so that when death happens, our family will not be worrying on how to take care of our remains. Life insurance is a great help for us and our family, I hope a lot of people knows about this.

    1. You got it Grecy. We can’t control everything, but life insurance is something that we can control to make it easier on our loved ones.

  17. Does the life insurance policy mentioned above covers for any unfortunate events if the policy holders are outside the country, let’s say for a business trip?

    1. There are different policies. This is just a general information article. You would need to consult with and get quotes from actual life insurance agents for specific details about various policies.

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