Whole life insurance is the most prominent of the insurance products on the market and the oldest. Whole life literally means whole life. Term life is simply a life insurance policy that will last for a specific amount of time, i.e. 5 years, 10 years etc. After that date, the policy will expire. Universal life is what is called a participating policy with many extra provisions included such as: earning interest on the cash value accumulated, ability to change premium payment schedules ,and many other features for the owner.

Term Life Insurance

For the many who are just beginning their working years, buying a home, or starting a family, term insurance would be a great choice. This product is much more affordable for higher amounts of coverage. This would mean that you can purchase enough to cover the payoff of a current mortgage and preferably enough for the surviving spouse to live on until they are able to join the working force once again. Decreasing term would be another great idea. This could follow your mortgage year by year until the home is paid off. If that inevitable event happens before that time, the policy would have enough coverage in it to cover the existing payoff of the family home. The down side to term life insurance is that it does not build any cash value as you pay your premiums. This means no built in savings account.

Whole Life Insurance

Whole life is a product that has been around for more than 100 years. Whole life covers the policy holder for their whole life as long as premiums are made. The only true advantage to this plan is that you are covered for life and the cash value savings account built inside. The cash value is a portion of the premium payments made into the policy. This account can be cashed in or borrowed against. Of course borrowing against will lower the face amount by the borrowed amount, plus any and all interest until payed back. Never borrow unless it is an emergency. Whole life insurance should be purchased to pay for all final expenses and burial costs. Funerals are not getting any cheaper, the average cost across America is nearly 7000 dollars. Of course the older an individual is, the more they will pay per 1000 of coverage. When individuals reach retirement, this should be looked into, and this should be the only life insurance you carry.

Universal Life Insurance

Eventually, younger consumers became wise to how much they were paying over their life for whole life protection. Companies turned to Universal life as the answer. Universal life has many unique qualities that the policyowner can take advantage of. Some earn a decent interest rate in the cash value account. Some are allowed to set their own payment schedule and even skip payments from time to time without penalty. Universal life would be an alternative for the younger generation just starting out. For the price of premium, universal life has the bang for the buck. In this day and age, saving money is important! So is saving the family homestead.

Life insurance is not just something our grandparents used to purchase. Life insurance is protection for our families. It is true that we do not know when that day will come for us, but we do know that day will come. It will always be a shock, it will always bring sadness, but with the right coverage, it will not be the end to your families way of life. Get a free life insurance quote today to compare multiple policies from highly rated carriers.

From your mailbox to your television to your child’s take home school notices, someone is telling you that you need life insurance. Most often, the insurance being touted is term life insurance, one of the simplest forms of life insurance on the market. Term life insurance pays a death benefit to the person or persons identified as beneficiaries if the insured dies while the policy is in force.In order to maintain term life insurance, the policy holder must pay an annual premium, often payable in monthly installments. The premium amount is usually based upon the age, lifestyle and health status of the insured.

Some of the most frequent questions asked regarding term life insurance are:

• Is term life insurance necessary, and if so, how much coverage do I need?
• Are there special considerations?
• Should I insure myself, my spouse or my children?

Term life insurance is the simplest form of life insurance coverage. You pay premiums to an insurance company each month based on an annual premium.  If the insured dies during that year, the insurance company pays the beneficiaries a fixed amount as a death benefit. Term Life insurance coverage is not an investment vehicle. It will not pay dividends. It cannot be cashed in at the end of the term. The only purpose is to pay a cash benefit to survivors if the insured person dies during the term that the policy is in force.

Generally, the insurance company determines the premium based on the age of the insured and the face value of the insurance policy (the amount of money the insurance company will pay upon the death of the insured). Since the chances that the policy holder will die increases as they advance in age, the older the insured is, the higher the premium will be. Occasionally there are conditions that may increase the or perhaps even lower the premiums.  For instance, many insurers will reduce the life insurance premium if the insured is not a smoker.

There are basically 2 types of term life insurance differentiated by the way the premium is paid.  With standard term life insurance, premium payments will increase each year or at the beginning of each term renewal. Standard term life insurance is often the most affordable form of insurance for a young person, but can be prohibitively expensive as they get older. In level term life insurance, the premium is guaranteed to remain the same over the life of the term, regardless of changes in health or age. Often, level term life insurance is taken out for periods of five, ten or fifteen years, and is renewable for one, two or three terms. It is more expensive at the outset, but comparatively less expensive in toward the end of the policy term, since the premium is guaranteed not to increase.

Anyone with long term debt should consider term life insurance, particularly if their death will cause a financial hardship for those left behind. This is the only way to guarantee that their financial needs will be met. Get a free quote for term life insurance today to compare rates from several carriers.

There are many websites that offer you quick and easy life insurance quotes. You might be wondering which one is the best or which one offers the best rates. One thing you need to be aware of is that the rates are the same no matter which website you go with. Life insurance carriers update their rates monthly and websites cannot quote you any higher or lower than the rates published directly from the carriers. So if the rates are going to be the same no matter which site you go to, then the important thing is to find a site that has been doing it for years, that provides excellent customer service, and offers you quotes from many highly-rated life insurance companies.

What you should consider before choosing a term life insurance policy:

•    Compare the costs. Get multiple quotes from different carriers to find out which carrier has the best rates for you.
•    Compare policies. You should compare quotes for different types of policies such as a 10 year term, 20 year term, or return of premium.
•    Guaranteed periods.  Make sure your rate is guaranteed to remain the same for as long as you need the coverage.
•    Insurance carrier rating.  A.M. best provides financial ratings of insurance companies. These ratings can give you an idea of their financial strength. It’s something important to look at because you want to be sure you go with a company who can pay their claims now and in the future.

Remember that there is a big difference between a website that has been in business for one year and one that has been around for 25 years. An experienced company will be able to help you find the absolute lowest priced life insurance policy for you based on your particular situation- your age, health status, family health history, occupation, hobbies, smoking status, and your driving history. It’s very important to work with someone experienced because you’ll be paying for a life insurance policy for the next 10, 20, 30 years or more so even a small savings can add up to big dollars over time. Get a free quote today.

When you’re shopping around for life insurance coverage there is one big decision that you have to make before you look for quotes- which type of life insurance is right for you? There are several options, but the most common types of life insurance available are term life insurance and whole life insurance. Term life insurance is temporary life insurance because it lasts for a certain time, or term. Whole life insurance is permanent insurance that will last for your lifetime. They are very different forms of life insurance coverage. Term life insurance is more affordable, which is the reason why most people opt for this type of coverage.

What are the Advantages of Term Life Insurance?

•    Very low cost compared to whole life insurance.
•    Large amount of protection can be purchased at affordable rates.
•    Option to choose from many different terms or periods of coverage – 1, 5, 10, 15, 20, or 30 years.
•    Best choice for temporary protection needs, such as your mortgage, college tuition, or a car loan.

What are the Disadvantages of Term Life Insurance?

•    Premiums increase at each renewal (the older you are, the more it costs).
•    Term insurance does not build cash value.
•    Coverage ends when your policy term expires.

Although term life insurance only offers coverage for a term, the benefit is that it is very affordable. You can adequately protect your family during the years when you need the most insurance. For example, if you are 35 years old, married with children, and you have a mortgage then you will probably want to have a large amount of life insurance. You should have enough to pay off your mortgage and other debts, pay for your childrens college tuition, and replace your income for the next 10, 15, or 20 years. You can get a $2,000,000 thirty year term life policy for about $1800 per year if you’re male and $1400 per year if you’re female. That’s a lot of insurance coverage for a reasonable amount of money. If you were to choose whole life you would easily pay 3 to 4 times as much for the same amount of coverage. At the end of 30 years, your obligations will be much less so you can opt for a much smaller insurance policy.

Get free life insurance quotes today to compare multiple rates from top carriers.

If you’re shopping for term life insurance, you’ve probably realized there are hundreds of sites where you can go to get quotes. This is probably the best and easiest way to shop for life insurance these days because it allows you to compare the rates from many carriers and companies.

Here are some tips on how you can save money when shopping for term life insurance:

• Compare term life insurance quotes online from several sources or find a good site that works with multiple carriers. This ensures that you get the lowest possible rates for your situation.
• Choose to pay your premiums on an annual basis if you can afford it. This is usually less expensive than if you pay you monthly or quarterly. It’s the easiest way to save 5 to 10% on your term life insurance costs.
• Be sure to look at higher levels of coverage because the difference in cost is usually very little. For example, If you need $160,000 worth of coverage, then make sure you look at quotes for $200,000 of coverage as well. For just a little bit more, you might be able to get a much bigger chunk of insurance.
• Watch out for policy fees. Find out if there are policy fees and see if you can have them waived. Sometimes carriers will eliminate all or some of the annual fees if you and your spouse are covered.
• Stop smoking. Now this isn’t an overnight fix, but it is worth considering because smokers pay an average of 2 to 3 times more for life insurance. You will have to be smoke-free for at least 12 months for most carriers, but the savings in money (and your health) are well worth it. Just to give you an example, a healthy 35 year old male who doesn’t smoke will pay around $300 per year for a $250,000 30 year level term policy. If he smokes he’ll have to pay more than double at $725 a year. It’s a big difference.

An experienced agent can steer you in the right direction towards the carrier who will have the lowest rates for your situation. He or she will take into account your age, health status, family health history, occupation, hobbies, and your driving history. Get a free quote today to compare multiple quotes for your individual needs.

Term life insurance is usually considered a short term solution (5-30 years) for one or more short term or fixed term needs like a mortgage, car loans, or college funding for your children.

Term insurance makes a lot of sense when you are young with a growing family, because the rates are low and the benefits are high.

• Term insurance is purchased for a specific number of years.
• Premiums are lower than whole life insurance, especially in the early years of the policy.
• Premiums increase with age or at renewal of your policy depending on the type of term life insurance policy you choose.
• Term insurance builds no cash value.
• Based on a study at Penn State University in 1993, less than 1% of term life policies ever pay a death benefit.   People usually outlive or discontinue their policy.
• Most term life insurance policies cannot be renewed past the age of 80.

Why Do I Need Term Life Insurance?

Term life insurance offers you a way to provide cash for your family in the event you die. The money your beneficiaries receive from your life insurance policy can be used to pay for your burial costs and final expenses. It can also be used to pay off credit card debt, a mortgage or rent and other living expenses for your family. Life insurance benefits can also be used to pay for college tuition, provide money for retirement, provide cash to pay your estate taxes, or provide a stream of income that can help your family maintain their lifestyle. Also, the death benefit paid from a life insurance policy is usually income tax-free.

If you are thinking about getting some term life insurance coverage for your family, be sure to speak with an experienced agent about your situation. Get a free quote today to compare multiple rates from the nation’s top carriers.

Do you have a whole life insurance policy that is becoming more and more unaffordable? Do you feel like you are paying too much for a small death benefit? Do you want more life insurance coverage for your family without having to pay an arm and a leg. You may want to consider a switch to term life insurance.

Whole life insurance has it’s places in the life insurance arena. If you are looking for permanent, lifelong insurance coverage, then whole life is a great choice. The only problem is that whole life insurance is expensive. It costs a lot more than term life because it’s permanent coverage and it also builds cash value. Another problem is that what you can afford to pay today can drastically change as time goes on. Take a look at the current economic condition. People are losing jobs left and right so family incomes are being cut. That expensive whole life policy that used to make you feel all warm and fuzzy may now be a thorn in your side.

Is your financial situation temporary? If you’ve lost your job or had a temporary decrease in your income, then you may still be able to hold onto your whole life policy. If you have cash value then that money can usually be used to cover your premiums. If your financial situation is not temporary and you really need to cut your costs, then a term life policy is a good idea. Be sure to shop around for competitive quotes and pick a policy that is affordable for you now and in the future. Get free quotes today.

Keep in mind that terminating a life insurance policy should be a well thought out decision. By taking out cash value or terminating a policy, you can incur tax costs so be sure to speak with your agent or tax advisor before you make a decision.

So you are shopping for life insurance and you want to compare quotes without having to give all of your information. You probably suspect that you’ll be called night and day by aggressive life insurance agents (that’s possible with some online quoting companies). You worry about getting spammed left and right by agents and companies. Because you don’t want to go through all of that, you’re looking for anonymous term life quotes right? The good news is that you can get anonymous term life quotes, but the bad news is that you’ll have to put in phony information. I know that sounds funny, but it’s true.

When you shop for term life insurance online, you have dozens and dozens of options. Just google “term life insurance” and you’ll find pages of life insurance companies who are ready and willing to give you quotes. Don’t be afraid to give your information to get some life insurance quotes because it’s actually to your advantage to work with a knowledgeable life insurance agent. There’s more to a life insurance quote than just putting in your age, height, weight and your smoking status. Just because you see a rate on a screen doesn’t mean you’ll be approved for that particular premium. Rates vary from carrier to carrier and if you have a little bit of high blood pressure, cholesterol or any other health issue, then there are certain companies that will give you better rates. That’s the type of information that you can’t find out by getting anonymous term life quotes.

So if you want to just get an idea of how much life insurance might cost you because you are bored at work, then anonymous term life quotes might be ok. But if you are seriously shopping for life insurance and you want to get the absolute lowest rates for your particular situation, you should definitely work with an experienced agent who knows the underwriting criteria for multiple carriers. Get a free quote today.

The answer to that question depends on YOU. Are you 22 or 62? Are you perfectly healthy or do you have some health issues? Do you smoke? Are you male or female? Do you skydive or are you a pilot? All of the answers to those questions (and more) can be taken into account to determine what rate you’ll pay for your life insurance.

Since there are so many variables that go into the cost of life insurance, it makes it impossible to say how much a certain amount of insurance costs without that other information. To show you how much it varies, here are some example premiums for a $1,000,000 20 year level term policy:

25 year old, healthy, non-smoking male: $300.00 per year

25 year old, smoking male:  $1120.00 per year (Smokers pay about 50% to 200% more)

55 year old non-smoking female with some minor health issues: $3825.00 per year

60 year old male in perfect health: $4755.00 per year

It gets even more complicated because every company has their own underwriting requirements and their own rates. So the same healthy 25 year old might pay $300.00  per year with Company A, and $480.00 per year with Company B. That’s why it’s important to work with an experienced agent who can give you quotes from multiple companies. They can give you guidance about which company has the best rates for your particular situation. Do some comparison shopping before you commit, especially if you are a smoker or if you have health issues.