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Affordable Life Insurance Information


Looking for a reasonable affordable life insurance policy that suits the needs of family financial protection? If so, be sure to use a life insurance consultant that can compare a variety of carriers. The market is overloaded with agencies that provide life insurance, thus obtaining a life insurance seems easy. But before sealing the deal, be sure to scrutinize and look for any hidden clauses that might have been missed. These clauses might be different from everyone’s understandings or expectations.

What Makes Life Insurance Affordable?

The fact that the cost of life insurance is partially in the individuals control makes it really affordable. Life insurance also has choices and options for their buyers, by which the agent could make a policy feasible and customized to fit an individual’s situation. The applicant should know that there are certain policies that are higher priced then others. Therefore, the purpose for buying the policy should determine a purchase and not the price alone. “We try to help the client find the policy that best accomplishes their goals, in the most cost effective manner”, noted Vince Bagni, managing partner of Paramount Life Insurance.

A fully underwritten policy from any company is formulated after complete scrutiny. The company will ask many questions related to health history. Its questions can be regarding a job, medical history, family background and even the lifestyle an individual has. If a person is a potential risk taker or someone doesn’t have a history of regular medical checkups, an individual buying life insurance may be offered higher rates as compared to a healthier person. “That is why it is important to be able to shop all the carriers on the market, and know the nuances of how they underwrite to get the client the best possible option”, said Bagni.

Whole Life: This is the utmost in life insurance security as well as the most expensive. Nevertheless, the price for a very young person—for example, in his/her 20s or 30s—may be slightly higher than a universal. In fact, whole life on children is sometimes less expensive than a universal.

Graded Life: This is the most common type of life insurance offered, and can be received to a mail box. This one requires no health questions and offers guaranteed coverage. So, if someone waited a little too long to seek out life insurance, this is one of the last options. The face value will be limited, and the policy will pay only a partial benefit during the first two years unless an individual dies due to an accident. It is, however, a whole life policy and will never surprise a person with an increase in premium or a decrease in benefit.

Joint policies: Joint policies are not as common as they once were, but if someone can find a company that offers one, it can be a good bargain. It will insure two or more people on the same policy for a premium that is higher than that for the youngest person, but lower than that for the oldest. The policy pays only one benefit which is given either to the first person to die or the last one to die, depending on the option someone selects at the time they purchase the policy.


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