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Affordable Life Insurance Update


The search for affordable life insurance can begin online, or can begin by contacting a reputable life insurance consultant or broker. Purchasing insurance online can often result in significant savings, but when it comes to the purchase of a life insurance policy, a better-educated consumer is likely to get the greatest value for the dollar. For this reason, a consultant or broker may be better suited to provide accurate, informative quotes that fully explain the coverage options available.

Saving money on insurance premiums is very important when consumers consider the length of time that they will be paying toward the policy. If individuals are able to save 20 to 30 percent on one year’s premium, that can add up to thousands of dollars over a term policy, and even more on a whole life policy.

One important decision to make when purchasing life insurance is whether to consider a term life insurance policy or a whole life insurance policy. This decision will be different for everyone, and the best way to make an informed decision is to talk to a professional that can offer solid advice on the subject. A good life insurance advisor will ask many questions regarding current financial situations as well as your long-term savings, investment, and retirement goals. Quality advice can only be given after this information is obtained.

Term insurance will be one of the least expensive options. This type of policy is issued for a specific period, often 10 or 20 years. A policy called “guaranteed level term” is often viewed as the safest type of policy because the premiums do not change over time. Other types of term life insurance policies are available where the premium varies. These policies may cost less at the outset, but the risk of substantial increases may exist.

A whole life or universal life policy will provide coverage for a consumers entire life as long as premiums continue to be paid. One advantage that these policies have over term life insurance policies is that a portion of the premium is added to an investment account on your behalf. This fund grows over time, and accrues interest. As this cash value grows, it can be made available to you as a savings fund, or funds can be borrowed against the cash value. When a loan is made on the cash value of a whole life insurance policy, interest payments are added back into the fund.

When it comes to affordability, life insurance applicants should be healthy. Smokers will pay a higher rate than non-smokers will for example. If an individual quits, most will have to wait as long as a year before you will qualify for a non-smoker’s rate. Not all companies treat smokers the same however so careful research should be done if consumers are smoker seeking affordable life insurance coverage. In most cases, a physical exam will be required in order to apply for coverage. There are many types of term life insurance policies called “guaranteed issue” policies, which do not require any health information, but these typically offer low coverage amounts and higher premiums relative to a typical term life insurance policy. Guaranteed issue life insurance is typically used to protect a mortgage or some other loan.


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