If you’re looking for information about life insurance quotes and policies, you’ve come to the right place. Here’s a rundown of the different forms of insurance you’ve probably heard of, as well as some you haven’t.
Life is complicated, as are the insurance policies that go with it. Finding easy insurance quotes can be tricky at times, which is why we’ve decided to provide a primer on the many types of life insurance policies available. Here’s some information on the many sorts of policies, typical rates, and how to choose the best one for you.
Term Life Insurance
Term life insurance is named from the fact that it insures you for a “term,” or a pre-determined amount of time. In general, these insurance have periods ranging from five to thirty years, however policies with maturities of up to forty years are also available. One of the benefits of term life insurance is that the rates are fixed and will not increase during the period. However, after the term is up, you’ll need to find new coverage, which will be priced based on your current age, health, and risk, which means you’ll wind up paying more.
Term life insurance has the most affordable rates of any type of insurance, but as with other policies, premiums vary greatly from person to person. A healthy lady in her twenties, for example, will pay a lot less than a sick guy in his sixties. A healthy 20-year-old lady who smokes will pay twice as much as a 20-year-old non-smoker. You can contact professionals at InsurEye to help you through the rates and which policy is ideal for your life plan, regardless of the policy.
Whole Life Insurance
Whole life insurance is exactly that: a policy that protects you for the rest of your life and provides benefits that other types of insurance may not. Premiums are generally higher at first, but you have access to a high-interest savings account and the possibility of profits if you purchase a participating whole life policy.
The way it works is that your insurance company has a high-interest account where they invest a portion of your premium (after deducting for the policy itself and the policy fees). When you pay your premium, the cash value of your account grows. You can use the cash value to leverage the insurance over time by borrowing against it or using it to improve it. Any of these tactics will only work if you have a considerable quantity of money in your cash value account, which takes time to accumulate. However, when used wisely, this can be a terrific long-term savings plan.
Whole life insurance policies include a lot of benefits and a surprising level of stability, but they are far more expensive than term life insurance. In fact, the premiums can be up to ten times higher than a comparable term insurance, however keep in mind that term plans lack many of the benefits of whole life policies, and term policies become prohibitively expensive as you become older. You will save money on premiums over the course of your life if you purchase whole life insurance when you are young.
Variable Life Insurance
Whole life insurance policies are similar to variable life insurance policies, but they have a little more flexibility. They are a policy for the rest of your life, just as whole life insurance. The distinction is found in the investing account. Your variable life insurance account, unlike a whole life policy, works more like a mutual fund, where people’s money is pooled and put to work. This provides you greater control over how your money is managed, but it also means it functions like an investment and is exposed to stock market fluctuations. While whole life insurance provides a cash value account that grows over time, variable life insurance might provide better payouts as time goes on.
Rates, on the other hand, are highly changeable. This is why many people seeking this form of insurance seek the advice of an insurance specialist, such as those at InsurEye. We can assist you in determining the finest variable insurance for you and walk you through the various alternatives so you can determine what works best for you.
InsurEye can assist you. Because life insurance policies can become quite complicated very fast, InsurEye was created. We’re here to help you figure out which coverage is right for you, whether it’s a simple term life insurance policy or a comprehensive whole life policy that will last the rest of your life. To discover more about life insurance policies and to receive accurate and honest life insurance quotes, contact us today.