Your Family and Life Insurance
by Chris B.
Do you worry about your family? If so, you are just like most people. While you will not be around if you pass away, at the very least you can make sure that your family will have enough money. The best way to do this is by having the right life insurance policy in place from the moment that you start a family. This may not be an exciting purchase, but it is one that you want to make anyway. Remember, a life insurance policy is what your family will need if your salary is no longer available.When should you buy life insurance? This is a common question. Most experts agree that consumers should begin to shop for life insurance coverage when they start a family. For most people this is when they either get married or have children; whichever comes first. By doing this you can be rest assured that you will have the proper life insurance coverage in place from day one. This is important because you never want to take a risk.
When buying life insurance for the first time you need to ask yourself several questions including: how much coverage do I need? What type of life insurance should I buy? More coverage may sound like the way to go, but this is only the case if you can actually afford the policy. Although life insurance is important you need to make sure that you can afford what you are paying for. Additionally, you need to make a decision on the type of life insurance that you are going to buy. Would you be better off with term or whole life?
Your family relies on you for money, and you want to make sure that you are always there for them; even if you pass away. The best way of doing this is to buy the right amount of life insurance coverage as soon as the time arrives.
Wednesday, December 17, 2008
Tuesday, December 16, 2008
Life Insurance - take cover
Life Insurance - take cover
by Michael Challiner
In the extensive field which is insurance, life insurance stands out as one of a few which is usually taken out for someone else's benefit. Insurance covering house, mortgage, valuables, travel etc. is intended to cover the holder against loss as a result of accidents, breakdowns, delays, theft and a vast number of other circumstances. Life insurance on the other hand is usually intended to benefit those left behind when the holder dies, if only to provide funds which will diminish to some extent the problems caused by that person's unexpected departure.There are of course exceptions to the above, as in the case of an endowment policy which is used as a form of saving in that it pays out at the end of the specified period. Even this has the provision to pay out on the earlier death of the holder, so it does not provide solely for the benefit of that individual. If this is the type of cover which you are considering, ask your broker for details of the various forms, as in Unit Linked or With Profits.
If however it is your intention to protect your beneficiaries from financial problems occurring in the event of your death, you have a good variety of choices. It is as well to bear in mind that, particularly in more complex estates, it can take quite some time for cash to be made available after a death to meet expenditure which was originally agreed to by the deceased. This may include the funds necessary to meet funeral expenses, which are not debts which can be put off for any length of time. At the last check payment by instalments was not a feature applying to interment costs, nor is yet socially acceptable to 'take the hat round' for contributions! If you do take out cover for these charges, make sure that your family are aware of this; it could save them from a panic situation when the time comes.
So what is available in varieties of life insurance? The answer is that there is a surprising range of policies, each designed to meet a different need. It will have to suffice here to cover the broader outlines of some of these varieties and leave the intended policy holder to discuss the finer details of their needs with their broker.
Perhaps one of the more common policies issued is the 'Whole of Life' which means just what it says. You will be covered for the whole of your life, subject to the caveat common to any insurance, that you must keep up the payments; default on a payment could result in the policy being cancelled. This insurance provides cover for a specified sum and will be paid out to your heirs in the event of your death. If after a reasonable number of premiums have been paid, you should decide that you no longer require the cover, then there should be a cash value when the policy is surrendered.
Term insurance is a policy which is taken out to cover a period which you specify, and is usually intended to provide funds for your heirs when you die. If you don't die within the term specified there is no payout and no cash value - the policy simply terminates. A variety of this is a Level Term policy which is usually used to protect an 'interest only' mortgage in that it will be set at the level of the capital sum which will be due on completion of the interest payments. Because the length and value of the policy can be established at the outset it has the advantage of unvarying costs, which makes expenditure control easier. In the opposite direction, an Increasing Term policy is linked to inflation increases. This avoids loss of value but adversely affects the premiums. The lowest cost term policy is the Decreasing Term (or mortgage protection) policy. This provides cover for the steadily decreasing total debt of a repayment mortgage, and thus the risk factor is also heading for a final zero.
Perhaps one of the best policies for providing for your family's needs after your death is Family Income Benefit cover. The fixed term ensures that the potential total payout reduces steadily, thus reducing the overall cost.
One of the less altruistic life insurances is the Endowment policy which has a guaranteed payout at the end of a defined term (usually at least 10 years) or in the event of your death. There are a number of variations on this theme which can increase the payout sum or alter the premiums as time goes by; you may wish to explore these. The big advantage here is that with this type of policy you may collect the benefit sum yourself.
The above is only a rough outline of some of the policies available. To enable you to examine these or others in detail you need to talk to a broker. Initial contact via the internet is the quick and easy way to do this and may well be the best 'mouse click' which you have ever done.
by Michael Challiner
In the extensive field which is insurance, life insurance stands out as one of a few which is usually taken out for someone else's benefit. Insurance covering house, mortgage, valuables, travel etc. is intended to cover the holder against loss as a result of accidents, breakdowns, delays, theft and a vast number of other circumstances. Life insurance on the other hand is usually intended to benefit those left behind when the holder dies, if only to provide funds which will diminish to some extent the problems caused by that person's unexpected departure.There are of course exceptions to the above, as in the case of an endowment policy which is used as a form of saving in that it pays out at the end of the specified period. Even this has the provision to pay out on the earlier death of the holder, so it does not provide solely for the benefit of that individual. If this is the type of cover which you are considering, ask your broker for details of the various forms, as in Unit Linked or With Profits.
If however it is your intention to protect your beneficiaries from financial problems occurring in the event of your death, you have a good variety of choices. It is as well to bear in mind that, particularly in more complex estates, it can take quite some time for cash to be made available after a death to meet expenditure which was originally agreed to by the deceased. This may include the funds necessary to meet funeral expenses, which are not debts which can be put off for any length of time. At the last check payment by instalments was not a feature applying to interment costs, nor is yet socially acceptable to 'take the hat round' for contributions! If you do take out cover for these charges, make sure that your family are aware of this; it could save them from a panic situation when the time comes.
So what is available in varieties of life insurance? The answer is that there is a surprising range of policies, each designed to meet a different need. It will have to suffice here to cover the broader outlines of some of these varieties and leave the intended policy holder to discuss the finer details of their needs with their broker.
Perhaps one of the more common policies issued is the 'Whole of Life' which means just what it says. You will be covered for the whole of your life, subject to the caveat common to any insurance, that you must keep up the payments; default on a payment could result in the policy being cancelled. This insurance provides cover for a specified sum and will be paid out to your heirs in the event of your death. If after a reasonable number of premiums have been paid, you should decide that you no longer require the cover, then there should be a cash value when the policy is surrendered.
Term insurance is a policy which is taken out to cover a period which you specify, and is usually intended to provide funds for your heirs when you die. If you don't die within the term specified there is no payout and no cash value - the policy simply terminates. A variety of this is a Level Term policy which is usually used to protect an 'interest only' mortgage in that it will be set at the level of the capital sum which will be due on completion of the interest payments. Because the length and value of the policy can be established at the outset it has the advantage of unvarying costs, which makes expenditure control easier. In the opposite direction, an Increasing Term policy is linked to inflation increases. This avoids loss of value but adversely affects the premiums. The lowest cost term policy is the Decreasing Term (or mortgage protection) policy. This provides cover for the steadily decreasing total debt of a repayment mortgage, and thus the risk factor is also heading for a final zero.
Perhaps one of the best policies for providing for your family's needs after your death is Family Income Benefit cover. The fixed term ensures that the potential total payout reduces steadily, thus reducing the overall cost.
One of the less altruistic life insurances is the Endowment policy which has a guaranteed payout at the end of a defined term (usually at least 10 years) or in the event of your death. There are a number of variations on this theme which can increase the payout sum or alter the premiums as time goes by; you may wish to explore these. The big advantage here is that with this type of policy you may collect the benefit sum yourself.
The above is only a rough outline of some of the policies available. To enable you to examine these or others in detail you need to talk to a broker. Initial contact via the internet is the quick and easy way to do this and may well be the best 'mouse click' which you have ever done.
Monday, December 1, 2008
Life insurance - terrorised
Life insurance - terrorised into buying?
by Michael Challiner
Life insurance is a useful investment to have in your portfolio. It can give you peace of mind, with the knowledge that your family have been provided for in the event of your death. Alternatively it may provide you with a nest egg if you have chosen an endowment mortgage and then lived through to the end of the term.How much thought have you given to it in recent years? Did the events of September 11th 2001 tend to focus your attention on your own mortality? They certainly had that effect on a number of people as there was a small rise in the number of new policies taken out in the following year.
In the UK the tube and bus bombs of 7th July 2005 had a more marked effect. People living in or commuting to London were suddenly made aware of the dangers around them and this would be reinforced by travel in a crowded tube train or even on a bus. Then there were the details and photographs of some of the victims in the papers, with the possibility of a name or a face being recognised as a neighbour, a work colleague or just a fellow traveller.
Mortality became a fact instead of a distant and little regarded enemy, and suddenly protection of family was thrust into the forefront of conscious thought. The inevitable result was for insurance to assume a greater importance, and the Association of British Insurers (ABI) reported a trend for increasing numbers to be taking out life insurance. The increase in value of life insurance to £1 billion in 2005 is judged by the ABI to be a likely result of the terrorist's actions. A similar increase in interest was recorded in the USA following the September 11th terrorist attacks.
It is unfortunate that it takes a terrorist attack to bring home to us the need to protect our families against the unexpected loss of a parent or any other family member who helps to provide our financial stability. However, that is the way of the world and these things are easily overlooked in the daily work, eat, sleep cycle. The old saying that 'it's an old wind which blows nobody any good' is tested in this case, and there can be few winds more ill than those which blow in on the back of terrorist violence.
Fortunately life insurance is still applicable in the event of deaths caused by terrorism; those victims of the London tube and bus bombings who had life cover would at least have provided some financial security for those they left behind. The ABI warn however that careful examination of the terms of any life policy is advisable because there can be variations. They quote group life insurance policies as an example, because the accumulated risks which can occur in a single incident may be specifically excluded.
As mentioned at the beginning of this article, it is worth considering endowment policies as these will pay out, not only in the event of the death of the insured during the years of its currency , but also if the insured person survives to the end of the agreed term. In the latter case the total paid on a unit linked endowment would be the total contributions paid plus the value of the investment interest earned over the period of the policy. If the policy was taken out as 'with profits', the payout would be the sum insured plus the total of bonuses issued during its term, plus a terminal bonus. Historically terminal bonuses have proved to be very valuable, but there can be no guarantee of the level of investment interest or bonuses, depending as they do on the success of the company's investment or business endeavours.
If you intend to follow the path of life cover, contact a broker and discuss your needs. You should however enter into the agreement with the intention of following it through to completion. Although life policies tend to have a value after the initial years, they should at that point be entering into their period of best growth. This may look tempting as an option to surrender, but a little patience will produce a markedly better return for yourself or for your family.
Thursday, November 27, 2008
Life Insurance online
Life Insurance - the sooner the bette
by Michael Challiner
A pension scheme is important to the individual, and most people are aware that if they have no other cover it is essential to initiate a scheme in preparation for later life. Really it has a close relative in life insurance, although the pension is tied in to receiving a repeating payout if you survive to a specific date. Its relative - life insurance - still operates to a specific date, but payment can be triggered by an early demise of the policy holder. The factor common to both pensions and life insurance is that getting an early start can reduce costs considerably. It is however a long time from starting work to retirement and circumstances can change considerably in this interval. When you are young and healthy it is very difficult to think about long term illness, but it can hit any of us at any time and the effects can be devastating. It is difficult to prioritise these items but certainly critical illness cover should not be last on the list.
Treatments for cancer are improving all the time, and many forms which once were fatal can now respond to newly discovered cures; the fact remains that the even tenor of life can be seriously disrupted by this or other major illness. During treatment it may be difficult to retain your current employment, especially when there are long periods when time away from your job cannot be avoided. If rest and recovery is necessary it is likely that your salary will be paid for three months, and then you will only have incapacity benefit to fall back on.
Don't delude yourself with the rumours that many people can live like kings on disability and incapacity payments - maybe the odd one can, and maybe there are reasons of which others are unaware. Suffice it to say that if you are reduced to this level of income, you will almost certainly find that kings must live frugal lives indeed.
So what is to be done to avoid this situation? The answer lies in critical illness insurance, but again it must be stressed that this should be taken out at the earliest possible opportunity. If an opportunity does not appear to be available, do your best to make one - start soon enough and there will be no necessity to live a life of denial to meet the payments, as the costs will be much less. Leave it a few years and it may well be that you just cannot find the necessary funding.
Why not begin your search on the internet, or collect recommendations from acquaintances, and then request further details from your chosen source. Examine the information very carefully; it is all too easy to think that you are covered for every eventuality, then when illness strikes, to find out that what you have got comes in the list of exceptions. Above all, make sure that you are covered for the core or most likely conditions i.e. cancer, heart attack (and often associated by-pass surgery), stroke, kidney failure (not forgetting organ transplant) and MS.
Not a cheerful list, but these should be covered as a bare minimum. Examine in fine detail the policies on offer - many will provide cover for a range of other potential illnesses, but keep an eye on the costs. Medical insurance is not noted for its 'buy one, get one free' approach! Once you have settled on which company will supply the cover and exactly what cover you require, you can then complete the application form - but beware - pitfalls ahead.
You are of course applying whilst still young so you are probably fit and healthy, or if you have had any potentially major problems they are easy to remember. It is vital that you do not (accidentally or deliberately) miss any known condition or significant previous illness. If in doubt, put it down; you do not want to find that, some years in the future when you submit a claim, it is refused because of an earlier and undisclosed illness.
Now you can start to relax, but (sorry to nag) have you taken out life insurance? If not, then this is your next priority. Again you could make a start by browsing the web or picking up recommendations. You will quickly find that there are a number of options available to you, usually with names which make a poor show of revealing their exact purpose to the uninitiated. Such items as 'term insurance', 'increasing term', 'decreasing term' and 'whole of life' are likely to be offered to you.
What you shouldn't do is accept these titles on trust as though you know what they mean; if you don't understand them, ask questions. Any salesman worth his salt will be only too happy to explain the operation of these plans in layman's terms. If your contact appears to be reluctant to explain or worse still tries to 'blind you with science', then you have to accept that you need to look elsewhere for your policy. It is important that you do look elsewhere and don't just give up - at some time in the future you will be very glad that you persevered.
by Michael Challiner
A pension scheme is important to the individual, and most people are aware that if they have no other cover it is essential to initiate a scheme in preparation for later life. Really it has a close relative in life insurance, although the pension is tied in to receiving a repeating payout if you survive to a specific date. Its relative - life insurance - still operates to a specific date, but payment can be triggered by an early demise of the policy holder. The factor common to both pensions and life insurance is that getting an early start can reduce costs considerably. It is however a long time from starting work to retirement and circumstances can change considerably in this interval. When you are young and healthy it is very difficult to think about long term illness, but it can hit any of us at any time and the effects can be devastating. It is difficult to prioritise these items but certainly critical illness cover should not be last on the list.
Treatments for cancer are improving all the time, and many forms which once were fatal can now respond to newly discovered cures; the fact remains that the even tenor of life can be seriously disrupted by this or other major illness. During treatment it may be difficult to retain your current employment, especially when there are long periods when time away from your job cannot be avoided. If rest and recovery is necessary it is likely that your salary will be paid for three months, and then you will only have incapacity benefit to fall back on.
Don't delude yourself with the rumours that many people can live like kings on disability and incapacity payments - maybe the odd one can, and maybe there are reasons of which others are unaware. Suffice it to say that if you are reduced to this level of income, you will almost certainly find that kings must live frugal lives indeed.
So what is to be done to avoid this situation? The answer lies in critical illness insurance, but again it must be stressed that this should be taken out at the earliest possible opportunity. If an opportunity does not appear to be available, do your best to make one - start soon enough and there will be no necessity to live a life of denial to meet the payments, as the costs will be much less. Leave it a few years and it may well be that you just cannot find the necessary funding.
Why not begin your search on the internet, or collect recommendations from acquaintances, and then request further details from your chosen source. Examine the information very carefully; it is all too easy to think that you are covered for every eventuality, then when illness strikes, to find out that what you have got comes in the list of exceptions. Above all, make sure that you are covered for the core or most likely conditions i.e. cancer, heart attack (and often associated by-pass surgery), stroke, kidney failure (not forgetting organ transplant) and MS.
Not a cheerful list, but these should be covered as a bare minimum. Examine in fine detail the policies on offer - many will provide cover for a range of other potential illnesses, but keep an eye on the costs. Medical insurance is not noted for its 'buy one, get one free' approach! Once you have settled on which company will supply the cover and exactly what cover you require, you can then complete the application form - but beware - pitfalls ahead.
You are of course applying whilst still young so you are probably fit and healthy, or if you have had any potentially major problems they are easy to remember. It is vital that you do not (accidentally or deliberately) miss any known condition or significant previous illness. If in doubt, put it down; you do not want to find that, some years in the future when you submit a claim, it is refused because of an earlier and undisclosed illness.
Now you can start to relax, but (sorry to nag) have you taken out life insurance? If not, then this is your next priority. Again you could make a start by browsing the web or picking up recommendations. You will quickly find that there are a number of options available to you, usually with names which make a poor show of revealing their exact purpose to the uninitiated. Such items as 'term insurance', 'increasing term', 'decreasing term' and 'whole of life' are likely to be offered to you.
What you shouldn't do is accept these titles on trust as though you know what they mean; if you don't understand them, ask questions. Any salesman worth his salt will be only too happy to explain the operation of these plans in layman's terms. If your contact appears to be reluctant to explain or worse still tries to 'blind you with science', then you have to accept that you need to look elsewhere for your policy. It is important that you do look elsewhere and don't just give up - at some time in the future you will be very glad that you persevered.
Wednesday, November 26, 2008
All About Term Life Insurance
All About Term Life Insurance by Sarah Martin
Term life insurance is one of the types of life insurance policies you can purchase. This type of life insurance will only pay the amount of the policy to your beneficiary if you die during the term specified in the policy, which could be between one and thirty years depending on the length of term you choose. It is the simplest form of life insurance in that you choose the amount of life insurance you need and make the annual premiums for each year of the term. If you are still alive at the end of this term, then this policy is no longer valid and you have to take out another policy for another term.
Within term life insurance there are two types of policies - level term and decreasing term. Level term is the most commonly purchased policy because it pays out the same amount when you pass away at any point during the term. The term lengths you can choose from are:
• yearly, which means you renew the policy on an annual basis
• 5 year renewable term
• 10 years
• 15 years
• 20 years
• 25 years
• 30 years
• a policy that lasts until you reach a specific age, which is usually age 65
Of these, the 20 year term life insurance is the most popular. Your age is a determining factor though, because if you take out life insurance at age 65, very few insurance providers will provide you with a policy beyond the age of 80, so this would shorten the term.
When choosing a term life insurance policy, a renewable policy is really something that you need to look for. With this type of policy, when the term ends, you have the option of renewing it for another term. This is important because by this time you may have medical conditions that would make it hard, if not impossible, to take out a new policy. When your policy is renewable, you will be able to renew it without any problems in spite of these medical conditions.
The premium that you pay for term life insurance depends on several factors. Your age is one of these factors. The younger you are when you purchase a policy; the cheaper it will be because there is not big likelihood of you passing away at an early age. Your lifestyle also factors into the cost as well. If you smoke, drink alcohol excessively or take drugs, your premiums will be higher than that of a person who does not.
You will have to pass a medical check by a doctor to ascertain that you are in good health as well, unless the company offers no medical exam life insurance. Your occupation will play a part if you work in a field classified as dangerous, such as working in a mine. This is because there is a greater possibility of you being killed on the job.
The premiums will remain level for the length of the term. In a renewable policy, the premiums increase at the time of renewal. For example, in a five year renewable policy, you pay an annual premium that stays the same for the first five years and then the rate increases for the next five years.
The reason that level term insurance is more popular than decreasing term insurance is that the amount paid to the beneficiary remains the same throughout. With decreasing term insurance the amount of the payout decreases each year of the policy, which means that if you pass away about a month before the end of the term, there is no money left in the policy to pay to your beneficiary.
Term life insurance is one of the types of life insurance policies you can purchase. This type of life insurance will only pay the amount of the policy to your beneficiary if you die during the term specified in the policy, which could be between one and thirty years depending on the length of term you choose. It is the simplest form of life insurance in that you choose the amount of life insurance you need and make the annual premiums for each year of the term. If you are still alive at the end of this term, then this policy is no longer valid and you have to take out another policy for another term.
Within term life insurance there are two types of policies - level term and decreasing term. Level term is the most commonly purchased policy because it pays out the same amount when you pass away at any point during the term. The term lengths you can choose from are:
• yearly, which means you renew the policy on an annual basis
• 5 year renewable term
• 10 years
• 15 years
• 20 years
• 25 years
• 30 years
• a policy that lasts until you reach a specific age, which is usually age 65
Of these, the 20 year term life insurance is the most popular. Your age is a determining factor though, because if you take out life insurance at age 65, very few insurance providers will provide you with a policy beyond the age of 80, so this would shorten the term.
When choosing a term life insurance policy, a renewable policy is really something that you need to look for. With this type of policy, when the term ends, you have the option of renewing it for another term. This is important because by this time you may have medical conditions that would make it hard, if not impossible, to take out a new policy. When your policy is renewable, you will be able to renew it without any problems in spite of these medical conditions.
The premium that you pay for term life insurance depends on several factors. Your age is one of these factors. The younger you are when you purchase a policy; the cheaper it will be because there is not big likelihood of you passing away at an early age. Your lifestyle also factors into the cost as well. If you smoke, drink alcohol excessively or take drugs, your premiums will be higher than that of a person who does not.
You will have to pass a medical check by a doctor to ascertain that you are in good health as well, unless the company offers no medical exam life insurance. Your occupation will play a part if you work in a field classified as dangerous, such as working in a mine. This is because there is a greater possibility of you being killed on the job.
The premiums will remain level for the length of the term. In a renewable policy, the premiums increase at the time of renewal. For example, in a five year renewable policy, you pay an annual premium that stays the same for the first five years and then the rate increases for the next five years.
The reason that level term insurance is more popular than decreasing term insurance is that the amount paid to the beneficiary remains the same throughout. With decreasing term insurance the amount of the payout decreases each year of the policy, which means that if you pass away about a month before the end of the term, there is no money left in the policy to pay to your beneficiary.
Tuesday, November 25, 2008
Life Insurance
A proper financial plan can mean the difference between leaving your loved ones well-positioned financially and leaving them to cope with debts and an inadequate income.Life insurance can help create financial security for you and your family. If you should die prematurely, it can be used to:
Pay final expenses and any debts
Provide an income for your family
Ensure your family has the resources to maintain a comfortable standard of living
Leave a legacy to your favourite charity
While you’re still living, some life insurance policies can:
Build tax-advantaged savings you can draw upon as needed for personal or business opportunities
Supplement your retirement income or provide for long-term care or home care for yourself or a family member
Ok. Read the article bellow:
Life Insurance Quickguide
Life Insurance Quickguide: Cheaper Life Insurance
Cheap Life Insurance: What It Is - And How to Get It
By: Kade Phillips, contributing writer at kanetix.com.
What is cheap life insurance?
Life insurance or life assurance is basically a contract between an insurance company and the life insurance policy owner. Cheap life insurance is a policy that has been obtained at a very good price, and is not necessarily an indication of a lack of quality. Under a life insurance policy, the insurer agrees to pay a sum of money upon the occurrence of the death of the policy owner under certain circumstances. In return, the policy owner agrees to pay a stipulated amount of money to the insurance company at regular intervals, which is called a premium. Insurance companies each have a slightly different view of the risks involved, and therefore calculate the premiums differently. This is one of the reasons why there can be quite a difference in price between insurance companies for essentially the same product.
Cheap Life Insurance – An affordable life insurance policy can be a smart financial decision
Life insurance is a unique form of insurance that offers notable advantages. It makes provisions for, and ensures the financial protection of your loved ones in the event of your untimely demise. Apart from this fact, an affordable life insurance policy can also help you to develop and achieve your own personal financial goals. Certain kinds of life insurance can allow you to be in a position to utilize more of your assets during your retirement. There are many different types of life insurance policies, however, not all of them can be classified as cheap. The more benefits, and protection they offer, the more expensive they typically are. But all life insurance policies follow a common trait of functionality: On the occasion of your death, the life insurance company pays an agreed upon amount to the beneficiaries (the people that you have named to be the receivers of the money). Also, the named beneficiaries in your insurance policy, may receive the payment(s) free of income tax. This is often true of cheap term life insurance policies. Some affordable life insurance plans also grant cash benefits while you are living. In this type of life insurance, a part of your premium is transferred to a cash reserve and this amount builds on a tax deferred basis. This money is called cash value and you can have access to this capital. You can use the cash value to support education costs, enhance retirement cash flow and many other purposes. A cheap life insurance policy can be the foundation of an ideal financial plan, and ‘Term Life Insurance’ is typically the way to get the protection you need at the most affordable price. By focusing on cheap life insurance, you are not only making a smart and caring financial decision for your family and loved ones, but also making certain budgeting and money management decisions. Through cheap life insurance, you can ensure protection for the people you care most about.
Choose a reliable and affordable life insurance policy
When you’re looking for cheap life insurance, it’s important to choose the right insurance provider and not simply rely on price alone. The primary intention for choosing life insurance is to provide protection for your loved ones, and a cheap policy offered by an underperforming life insurance company may not meet your expectations as you had intended. Financial resources and financial goals act as the decisive factors when choosing a life insurance policy. Term life insurance has proven to be a highly affordable type of life insurance policy, and is often much easier to purchase - sometimes requiring no medical exam. A term life insurance policy provides protection for a fixed duration of time, which is why it is called a “term” life policy. The premiums tend to be lower for a term life insurance policy since it does not build any cash value. If you possess greater financial resources, a whole life or universal life insurance policy can offer excellent options for life insurance, with a build up of cash value which can be kept for retirement or passed on to your heirs. But typically, cheap life insurance is obtainable through a term life policy.
Get free life insurance quotes to compare prices and providers
If you’re searching for cheap life insurance, comparing term life insurance quotes through Kanetix.com is a fast and easy way to compare quotes from different insurance companies, and the providers we have selected can help you to select a cheap life insurance policy to meet your exact needs. Kanetix.com is committed to providing a range of options to help enable cheap term life insurance for you and your family. We do this by enabling free access to life insurance quotes from the top-notch insurance companies. Kanetix.com will help connect you with the insurance companies that specialize in the right coverage at the right price for your needs. We invite you to compare competitive rates from highly rated insurance companies almost instantly through our online facilities. Compare providers and prices today, to determine the best course of action going forward. Click on: cheap life insurance to get started.
Cheap Life Insurance: What It Is - And How to Get It
By: Kade Phillips, contributing writer at kanetix.com.
What is cheap life insurance?
Life insurance or life assurance is basically a contract between an insurance company and the life insurance policy owner. Cheap life insurance is a policy that has been obtained at a very good price, and is not necessarily an indication of a lack of quality. Under a life insurance policy, the insurer agrees to pay a sum of money upon the occurrence of the death of the policy owner under certain circumstances. In return, the policy owner agrees to pay a stipulated amount of money to the insurance company at regular intervals, which is called a premium. Insurance companies each have a slightly different view of the risks involved, and therefore calculate the premiums differently. This is one of the reasons why there can be quite a difference in price between insurance companies for essentially the same product.
Cheap Life Insurance – An affordable life insurance policy can be a smart financial decision
Life insurance is a unique form of insurance that offers notable advantages. It makes provisions for, and ensures the financial protection of your loved ones in the event of your untimely demise. Apart from this fact, an affordable life insurance policy can also help you to develop and achieve your own personal financial goals. Certain kinds of life insurance can allow you to be in a position to utilize more of your assets during your retirement. There are many different types of life insurance policies, however, not all of them can be classified as cheap. The more benefits, and protection they offer, the more expensive they typically are. But all life insurance policies follow a common trait of functionality: On the occasion of your death, the life insurance company pays an agreed upon amount to the beneficiaries (the people that you have named to be the receivers of the money). Also, the named beneficiaries in your insurance policy, may receive the payment(s) free of income tax. This is often true of cheap term life insurance policies. Some affordable life insurance plans also grant cash benefits while you are living. In this type of life insurance, a part of your premium is transferred to a cash reserve and this amount builds on a tax deferred basis. This money is called cash value and you can have access to this capital. You can use the cash value to support education costs, enhance retirement cash flow and many other purposes. A cheap life insurance policy can be the foundation of an ideal financial plan, and ‘Term Life Insurance’ is typically the way to get the protection you need at the most affordable price. By focusing on cheap life insurance, you are not only making a smart and caring financial decision for your family and loved ones, but also making certain budgeting and money management decisions. Through cheap life insurance, you can ensure protection for the people you care most about.
Choose a reliable and affordable life insurance policy
When you’re looking for cheap life insurance, it’s important to choose the right insurance provider and not simply rely on price alone. The primary intention for choosing life insurance is to provide protection for your loved ones, and a cheap policy offered by an underperforming life insurance company may not meet your expectations as you had intended. Financial resources and financial goals act as the decisive factors when choosing a life insurance policy. Term life insurance has proven to be a highly affordable type of life insurance policy, and is often much easier to purchase - sometimes requiring no medical exam. A term life insurance policy provides protection for a fixed duration of time, which is why it is called a “term” life policy. The premiums tend to be lower for a term life insurance policy since it does not build any cash value. If you possess greater financial resources, a whole life or universal life insurance policy can offer excellent options for life insurance, with a build up of cash value which can be kept for retirement or passed on to your heirs. But typically, cheap life insurance is obtainable through a term life policy.
Get free life insurance quotes to compare prices and providers
If you’re searching for cheap life insurance, comparing term life insurance quotes through Kanetix.com is a fast and easy way to compare quotes from different insurance companies, and the providers we have selected can help you to select a cheap life insurance policy to meet your exact needs. Kanetix.com is committed to providing a range of options to help enable cheap term life insurance for you and your family. We do this by enabling free access to life insurance quotes from the top-notch insurance companies. Kanetix.com will help connect you with the insurance companies that specialize in the right coverage at the right price for your needs. We invite you to compare competitive rates from highly rated insurance companies almost instantly through our online facilities. Compare providers and prices today, to determine the best course of action going forward. Click on: cheap life insurance to get started.
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