Compare Life Insurance
When shopping around for great life insurance policies, you'll probably find that you may be indecisive about which plan to choose. This simple guide can help you choose a plan. Compare-Life-Insurance.org can also set you up directly with life insurance companies once you've decided on a plan. To get started, you can request more information here.
Basic Comparison of Four Life Insurance Policies
Term Life Insurance – If you are not ready to get insurance coverage for your entire life, you may want to go with this option. It will cover you for a specific period of time. Many people choose this when going on dangerous journeys or fighting deadly illnesses. You have guaranteed premium rates and you can convert to permanent life insurance at any time.
Whole Life Insurance – This is a great option (also known as permanent life insurance) for people looking for coverage for their entire life. There are many different types of coverage and benefits for this policy. You are given fixed premiums and you’re able to build cash values as you pay.
Accident Insurance – Perfect for people who vacation a lot or who have careers that put themselves on the line day after day. It will allow your family to pay for all the expenses of the accident.
Universal Life Insurance – This is a very flexible plan that allows you to adjust your premiums and to increase or decrease your death benefit at anytime.
Questions to Ask the Life Insurance Agent
Once you've decided on the best plan for you, you can read the information below to further refine your needs. Life-Insurance-Comparison.org has gathered a list of important things to ask as you're comparing life insurance policies. Be sure to jot down the answers so they can help in your decision.
Is my policy premium going to change from year to year? Some policies are either fixed or adjustable (a lot like mortgage loans). Fixed life insurance policies are usually available with a Whole Life Insurance policy. Though Whole Life Insurance premiums will be much higher than Term Life Insurance, the premium itself won't be increased for the life of the policy.
Term life insurance policies may also carry fixed premiums, but only if you choose a level term life policy for a set number of years.What are the tax implications of this life insurance plan? Be sure to ask about tax laws. In general life insurance is tax-deductible, but if you choose a Whole Life Insurance plan, a portion of the Cash Value (not the actual benefit) may be taxed in the event of your death. It's important to separate Cash Value accounts from actual life insurance benefits. Cash value accounts earn interest and dividends, and can be tapped into while you're still alive, but not without tax implications. Term Life Insurance benefits, on the other hand, are almost always going to be tax-free.
Which up-front fess are associated with this life insurance policy? Ask the agent directly if there are any fees. Most agents will be straightforward with you, and will provide a clear explanation of any potential fees. In general, Term Life Insurance policies carry few - if any - fees. Whole Life Insurance could cost considerably more than you expect after all fees are accounted for. Life insurance analysts have estimated that you may spend anywhere from 1 to 1.5% of your total premium payments over the life of the contract. This may not seem like much, but a typical Whole Life Insurance policy could cost around $60-80 a month if you're healthy and in your 30s or 40s.
Is Price the Only Life Insurance Factor to Compare?
You shouldn’t just leave it up to the price when deciding which life insurance to get. It is important that you look -- not only for affordability -- but also for the quality of the benefits. You don’t want to end up with a cheap life insurance policy that won’t fully cover your family’s needs after you’re gone.
There are many different types of life insurance policies to compare; it just depends on who can offer you the most for the least. Be sure to request more information here if you want to get started with a life insurance plan right away.