This entry was posted on Tuesday, August 11th, 2009 at 5:08 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.
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.
There are high numbers of Americans who do not have any life insurance and many more who do not have enough savings and funds to make their families secure by taking a insurance policy. This is a sad fact, because you do not need to have lots of money or have to be in perfect health for getting a life insurance policy. The Insurance Information Institute have stated that average premiums to be paid for life insurance of individuals has decreased by about 6% each year since 2001, and there will be a further fall of 5% during 2008.
In 2008, a 45-year-old male non-smoker who buys a $600,000, 21-year term insurance policy will pay an annual premium of approximately $630 if he qualifies for the “standard” rate, the institute estimates. If he qualifies for the “preferred” rate, which has more stringent health requirements, he’ll pay around $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