The next time party guests stay past your bedtime, ask how they feel about obtaining a life insurance quote. Watch that they do not trip over your kitty as they run for the door! No one wants to discuss life insurance quotes. However, if you’ve got young kids or others who depend upon you, you must have it.
Lacking health insurance, millions of people around the country are not providing adequate financial security for their loved ones. This situation is disgraceful because life insurance is so affordable for people who are reasonably healthy. On top of that, insurance premiums have been falling over time. According to the Insurance Information Institute, the average premium has decreased about six percent per year since 2001.
The institute estimates that a forty-five year old man who doesn’t smoke will pay an annual premium of approximately $630 under the 2008 standard rates for a $600,000 term life insurance policy with a twenty-one year term. Under the preferred rate schedule, which has tougher health requirements, the same man’s premium would be about $350.
According to an economist at the institute, the lower rates offered by life insurance companies are the result of longer lifespans; this reduces the possibility that the insurer will be required to pay out benefits. In addition, insurance companies have changed the ways in which they determine the risks of certain lifestyles and diseases.
When you don’t have much money and you need to own a cheap insurance policy, purchase the kind called “term insurance”. There are two kinds of life insurance quotes available: term and whole life (sometimes referred to as “permanent”). Term pays off when your death occurs within the policy period. Whole life stays in effect all the time you are making payments on it. A portion of its premiums is placed into an investment account which enables you to take some of that money out or to take a loan using the policy proceeds as collateral.
The premiums for term life insurance are much lower than for whole life insurance. A term life policy is all you need if your goal is to provide coverage for your children until they are old enough to support themselves. If you still require insurance at the end of the term, some insurers offer extensions and renewals, though you may be required to undergo another medical exam. Whole life, permanent policies are better for those who employ life insurance as an investment or estate planning tool.
You can receive up to 5 FREE life insurance quotes from the major life insurance providers by completing our short 4-minute form at Life-Insurance-Quoter.com. Just a few minutes of time now could save you thousands of dollars in just the next couple years! We’ve established relationships with major insurers so no matter which one you choose, you’ll have a designated local agent to speak with anytime you wish. Visit us today and discover just how low your life insurance premiums can be!
- Daniel Wright
This entry was posted on Sunday, August 16th, 2009 at 7:08 am and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
