Term Life Insurance vs Whole Life Insurance vs Universal Life Insurance
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Life Insurance Needs
We all know that we need to buy life insurance to protect our families in case something happens to us. Nothing is worse than seeing a family who has a wage earner die, and then to hear the surviving family members say that they were going to get around to buying some life insurance, but just did not get around to it. Maybe they just were too confused by the whole subject of life insurance, thought it would cost too much, or just had not made up their mind about which type of life insurance to buy. But the family waited, a wage earner died, and then the family is left without much money and no way to pay all of their bills.
Well, we are working hard to help people make a decision about the type of life insurance that is best for them, how much life insurance they need, and the type of life insurance that is best: term vs. whole vs. universal life insurance.
How Much Life Insurance To Buy
First consider how much life insurance you should buy. You will certainly want to consider the income of the wage earners for a period of years, and also any future expenses and debts. If children need to be educated, that will be a major factor that many people neglect. Also, if the main wage earner dies, the spouse may need more education to get a better job and make up for some of the lost wages. This all seems very complicated, and so we have developed a simple online life insurance needs estimator.
Term Vs Whole Vs Universal Life Insurance
After you come up with a rough estimate of the amount of life insurance you need, you should consider the type of life insurance you need. For many people the question comes down to Term vs Whole Life vs Universal Life Insurance. And for many insurance shoppers, the best answer is actually a combination of the different types of policies because they have different uses.
Term Life Insurance is Cheapest
Term Life Insurance is the cheapest, especially for younger to middle aged adults. You buy term life insurance for a span of time (or term), usually from ten to thirty years. Because the life insurance company only risks paying a death benefit for that amount of time, and because they choose to offer life insurance policies only to applicants that they expect to survive, this is the most affordable choice, and is considered pure insurance.
Term life insurance is the best choice for many families, especially those with children and home mortgages. Your own price will depend upon many factors, including your age, health, the amount of insurance you want to buy, and where you live. Note that we found price differences of $300 a year between top term life insurance companies for the same person and the same death benefit!
No Medical Exam Term Life Insurance
If you are more concerned about answering health questions, or having to visit a doctor to complete your life insurance application, than you are concerned about the price, you may be interested in life insurance with no medical exam!
Whole Life Insurance Is Permanent
Whole life insurance, is the oldest and most traditional form of life insurance. As the name implies, it will provide a death benefit for an insured person’s entire life, as long as the policy is kept in force. The policy is normally kept in force by paying the premiums. Some whole life insurance policies can be paid up over a period of years, usually from ten to twenty years.
Because everybody dies eventually, the insurance company knows it will have to pay the death benefit sooner or later. Whole life insurance policies also can build up a cash value so they can be borrowed against or cashed in before death. For these reasons, for the face value, whole life insurance is more expensive. But because it is permanent life insurance, whole life insurance can also be the right answer for many people.
Senior Life Insurance for Final Expenses
Smaller face value whole life insurance policies, usually from a couple of thousand to $25,000 are popular choices for senior citizens to provide money to pay for their burial and other final expense expenses. Some younger adults with health issues may also find affordable whole life insurance policies when they cannot qualify for term life insurance policies. Instead of leaving heirs with thousands of dollars of funeral expenses or unpaid debts, consider leaving them with a very good memory! Look into senior life insurance policies and no medical exam whole life insurance. We are one of the few places with online whole life quote forms!
Universal Life Insurance Policies for Investment and Tax Help
Universal Life Insurance is a fairly new product. Like whole life insurance, it is permanent life insurance. However it is also an investment product. This is because it has separate accounts for the insurance part of it and the cash value part of it. This is different than whole life insurance where everything is bundled together. While returning better interest rates than whole life insurance, it may not return as much as other market investments. However, because it is life insurance, you may find some tax benefits to using Universal Life Insurance as part of your financial plan. For this more complex product, find a qualified Universal Life Insurance Agent who can help you decide if this is good coverage for you! Get more information on Term VS Whole VS Universal Life Insurance too!
Compare Internet Insurance Quotes
It used to be hard to shop around, but now the internet makes it a lot easier. Because the price for life insurance depends on so many things, it would take a long time to call each life insurance company for a price quote. Now you can fill out a very fast online life insurance quote form, and then sit back and compare multiple life insurance policies!
Related posts:
- Term vs Whole Life vs Universal Life Insurance
- Universal Life Insurance Explained and Where To Get Universal Life Rates
- Life Insurance Needs And Estimates
- What Is Universal Life Insurance
- Is Zero Premium Life Insurance For Real?
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This entry was posted on Thursday, November 1st, 2007 and is filed under Life Insurance.You can follow any responses to this entry through the Comments Feed. You can Leave A Comment, or A Trackback.
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November 3rd, 2007 08:25
[...] Universal life insurance is a permanent life insurance policy that was designed as a combination life insurance and investment policy. To understand the investment properties and possible tax advantages of Universal Life Insurance, as compared to other life insurance or other investments, read a full explanation at Universal Life Insurance Rates and Information. If that explanation is a little long, you can find a short and clear summary at: Term vs Whole vs Universal Life Insurance on 247QuoteUS.com! Of course that site also has a good blog post on the basics of comparing universal life insurance with term life insurance and whole life insurance so check there too! [...]