The point of entering your date of birth is to generate an accurate life insurance quote. The difference between term and permanent life insurance is reflected in the premium one pays for insurance. There are multiple benefits of permanent life insurance but the main purpose is to provide a death benefit a person cannot outlive. When looking at permanent life insurance quotes it is best to find a no lapse guaranteed permanent product which has a level premium and the flexibility to pay premiums anywhere from one year to many years. The shorter period you pay premiums, the sooner the policy can be guaranteed paid up; but the higher the premiums will be in the short run. Generally a person will pay less total premiums if they pay the permanent policy up sooner such as 20 years than if they pay premiums for the rest of their life. When running the permanent life insurance quote make sure to select the correct option pertaining to how long you want to pay premiums. Common premium solves for universal life insurance quotes online are:
- To Age 121 Level (No Lapse U/L)
- To Age 121 Level – Pay to 100
- To Age 121 Level – Pay to 65
- To Age 121 Level – 20 Pay
- To Age 121 Level – 10 Pay
- To Age 121 Level – Single Pay
All of the above examples guarantee the death benefit to age 121. The difference is how long a person pays premiums.
When running the quote for term life insurance be sure to select the prudent health class selection which ranges from preferred plus non-tobacco to standard tobacco. Understanding the differences between rate classes is essential to getting a realistic online term life insurance quote. Only expect to receive a preferred plus (very best) rating if you are in perfect health with no negative family history and are not taking medications. If that is not the case and you have minor health problems, expect a standard rating and be pleased if you receive a better offer from the insurance carrier. Be sure to also select the appropriate death benefit matching your need for life insurance. Multiple financial studies confirm people are drastically under insured and do not have adequate life insurance coverage. To determine the correct amount of life insurance you should find an online life insurance needs calculator or meet with a competent insurance adviser who knows how to determine the correct amount of life insurance for your situation. After the correct amount of life insurance is determined, click submit or compare now.
If you are looking for cheap term life insurance quotes beware that the lowest price is not always the best deal. The best term life insurance quotes should take into account the entire benefits in the policy, such as accelerated benefits for terminal, chronic, and critical illness. What separates the best term life insurance quotes from the cheapest term life insurance quotes are the extra living benefits a person could access before their death, in the event of a qualifying illness. Several websites offer instant free term life insurance quotes displaying a list of rates but do not mention anything about the importance of conversion privileges. Paying fifty cents to a dollar more to have the ability to convert a term policy to the best permanent policies is something everyone should take the time to consider, unfortunately there is not much information about conversion privileges on most online quoting systems. The best way to learn about specific conversion privileges is to speak with a knowledgeable life insurance agent who can request a specimen contract on your behalf and translate any confusing language in the policy.
When looking for an instant online quote for return of premium term life insurance it is imperative to enter the correct term to generate the accurate solution for your needs. When looking at return of premium options, the normal coverage periods are:
- 15 Year Return of Premium
- 20 Year Return of Premium
- 30 Year Return of Premium
An interesting aspect of return of premium term life insurance is the cost for a fifteen year term is always more than the thirty year option. This has to do with the fact that the insurance company will have less time to invest the money. The other reason why this is less expensive than the fifteen year return of premium is because a large portion of people will lapse their policy before the end of the thirty year period. Since return of premium term life insurance policies have vesting schedules, unless people keep the policies to the end of the term, they will get very little back if they surrender the policy early. The downside to generating an online return of premium life quote is the fact you cannot look at the actual illustration which shows exactly how much money you will get back at the end of the term period. Of course you could always take the monthly premium and multiply it by twelve and then multiply that number by the term length and get a good idea of how much you would get back – but most people would rather view an illustration. Another significant point the illustration shows is what the premium increases to at the end of the term length. It is extremely crucial for people who purchase return of premium life insurance contracts to be aware of when the level term period ends. With return of premium term life insurance the policy owner typically has to request the money back or else the policy will automatically turn into annual renewable term, which almost immediately devours the cash the policy owner would have received back and then the policy will lapse.
Learning how to run online quotes for life insurance is fairly easy, but knowing the intricacies of life insurance carriers and how they design products is a different story. It typically takes a good life insurance agent years to understand how insurance contracts are constructed as well as the benefits inside the contracts. Working with an independent life insurance producer is generally in your best interest and you will typically pay the same premium for the policy.
If you need help discussing your situation for life insurance, you can contact me directly at email@example.com or (877) 977-0157