Each time someone mentions life insurance, you can hear various comments voicing both reasons for and against insurance purchase. Some of the most common comments are: "It's just another way for (financial institution's name) to take more of our money" "That plan is the same as all the rest. It's just named differently and costs more" "Your employer already has insurance for you. Do you really need to spend money on another one that probably does the same thing?" "That's a new plan that everyone's talking about. I have to get coverage for that too." "My plan isn't enough. I need at least three more plans for to have enough coverage." "Cheap rates are for useless plans."
Without being disrespectful to anybody, I must say that none of the above advices bear any truth. The last statement, for instance, is an epitome of falsity. If you buy a term life insurance, you will definitely get adequate coverage at a very affordable rate. The trick is to choose the correct policy. Those who say that one policy is same as the other are actually unaware about the magnitude of life insurance industry.
It is important to remember that there can be different types of policies, but all of them can go under two distinct categories - temporary protection policies and permanent cash value policies. While the universal life insurance belongs to the second category, the term life belongs to the first. Such a policy is indeed a very reasonably priced, but it is generally sold only for 5/10/15/20/25/30 years; consequently, the beneficiary can claim the death benefit only if the insured dies within that period. Contrarily, protection under universal life policy generally continues until one is 95 years old or even hundred; consequently, the death benefits can be claimed whenever the insured dies.
Another major difference is the cash value accretion; while term life insurance is a pure life insurance policy without any such opportunity, the universal life provides a scope for cash value build up along with the usual life insurance benefits. The premium to be paid is also another difference. While a pure life insurance policy such as a term life can be affordably priced, a universal life has to be priced higher because it uses part of the premium to accrue the cash value. Indeed, you can be able to gauze the extent of the price difference if you compare their life insurance quote.
However, receiving the quote is not hard. If you go online, you can receive instant term life insurance quotes by visiting online brokers. Nonetheless, once your application is approved, the transaction will no longer remain virtual and you will have to appear for a medical test as well as a face-to-face interview. However, all these can be avoided and the whole process can be quickened, if you agree to pay a little more. Life insurance no exam policies are easier to buy and more importantly, if you qualify, you may receive the protection within just twenty four hours of applying.
However, if you want you can avail instant term life insurance coverage as well. If you qualify, some policies such as life insurance no exam can take effect immediately. The policy purchase, which starts with receiving instant term life insurance quotes through internet, is easy and hassle free, but you may have to pay slightly more than a traditional policy will require you to do. Therefore, make sure that you can afford its higher rates before you opt for it.
Indeed, there can be as many plans as the underwriters can be conceive and so it is very difficult to say which one is going to suit you most. The fact is, all insurance plans have been designed to suit some specific need; it is up to you to decide which one will suit you most. Therefore, before you request for life insurance quote consider all options such as your lifestyle, needs and budget and then decide.
Also remember not to provide any false information; it may lead to disqualification and you may lose not only the policy, but also the paid premiums.
Without being disrespectful to anybody, I must say that none of the above advices bear any truth. The last statement, for instance, is an epitome of falsity. If you buy a term life insurance, you will definitely get adequate coverage at a very affordable rate. The trick is to choose the correct policy. Those who say that one policy is same as the other are actually unaware about the magnitude of life insurance industry.
It is important to remember that there can be different types of policies, but all of them can go under two distinct categories - temporary protection policies and permanent cash value policies. While the universal life insurance belongs to the second category, the term life belongs to the first. Such a policy is indeed a very reasonably priced, but it is generally sold only for 5/10/15/20/25/30 years; consequently, the beneficiary can claim the death benefit only if the insured dies within that period. Contrarily, protection under universal life policy generally continues until one is 95 years old or even hundred; consequently, the death benefits can be claimed whenever the insured dies.
Another major difference is the cash value accretion; while term life insurance is a pure life insurance policy without any such opportunity, the universal life provides a scope for cash value build up along with the usual life insurance benefits. The premium to be paid is also another difference. While a pure life insurance policy such as a term life can be affordably priced, a universal life has to be priced higher because it uses part of the premium to accrue the cash value. Indeed, you can be able to gauze the extent of the price difference if you compare their life insurance quote.
However, receiving the quote is not hard. If you go online, you can receive instant term life insurance quotes by visiting online brokers. Nonetheless, once your application is approved, the transaction will no longer remain virtual and you will have to appear for a medical test as well as a face-to-face interview. However, all these can be avoided and the whole process can be quickened, if you agree to pay a little more. Life insurance no exam policies are easier to buy and more importantly, if you qualify, you may receive the protection within just twenty four hours of applying.
However, if you want you can avail instant term life insurance coverage as well. If you qualify, some policies such as life insurance no exam can take effect immediately. The policy purchase, which starts with receiving instant term life insurance quotes through internet, is easy and hassle free, but you may have to pay slightly more than a traditional policy will require you to do. Therefore, make sure that you can afford its higher rates before you opt for it.
Indeed, there can be as many plans as the underwriters can be conceive and so it is very difficult to say which one is going to suit you most. The fact is, all insurance plans have been designed to suit some specific need; it is up to you to decide which one will suit you most. Therefore, before you request for life insurance quote consider all options such as your lifestyle, needs and budget and then decide.
Also remember not to provide any false information; it may lead to disqualification and you may lose not only the policy, but also the paid premiums.
About the Author:
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on cheap life insurance rates and instant term life insurance, visit his site today.
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