Sunday, 24 March 2013

best life insurance policy to buy

best life insurance policy to buy : Choosing the best life insurance for your situation can be daunting.  With so much conflicting information, this article will go over the differences so that you will be better informed and can choose the right policy.

Many people avoid investing in life insurance simply because they imagine the costs as being too high for their budgets. Fortunately, there are a wide variety of insurance policies available for every set of needs and budgets. A lot of companies will give you an instant term life insurance quote on their website for free. Insurance providers provide death benefit payouts ranging from as little as a few thousand dollars all the way up to a few million. Most providers offer more affordable term life insurance policies—term policies have low premiums and payout death benefits for the duration of a specific period.


If cheap life insurance with low premiums isn’t a priority, the majority of life insurance providers feature coverage plans that accumulate cash value over the life of the policy. With global, universal and whole insurance it is possible to configure lucrative benefits packages that payout death benefits and can be cashed out or borrowed against like equity.

What to Look for in a Life Insurance Policy

Policy Benefits
All insurance policies are different. We evaluated insurance providers largely on the variety and flexibility of the life insurance policies they offer. From five year term life insurance to variable universal policies, our leading picks for life insurance providers provide comprehensive coverage for every set of needs.

Pricing and Premiums
Premium payments are going to be different with different providers depending on risk factors such as your health, lifestyle, age and occupation. In general, insurance providers receiving a high score on our site gave more lucrative term life insurance rates than competitors regardless of age or lifestyle.

Additional Services
Life insurance is a must, but there are many other services we expect to see available in addition to, or as an alternative to, life insurance. Annuities, retirement planning, estate planning, mutual funds and plans tailored for small business are services we expect from the best providers.

Customer Support
Red tape and poor customer service are the last things a grieving family member wants to deal with. Our top picks for life insurance provider boast excellent customer service, approach claims in a timely and professional manner and go out of their way to meet customer expectations.

The Best Life Insurance Policies ?

Term Life Insurance
Term life insurance is typically the best policy for most Americans since it allows you to have the most amount of coverage for the lowest price.  Some of the most outspoken advocates for term life are the popular financial advisors you see on TV; Susie Orman, Dave Rasmey and Clark Howard.  The strategy with term life insurance is to buy term and invest the rest yourself.  Most people have their major obligations for a certain period of time 10-30 years.  After a certain period of time, usually the mortgage is paid down or paid off, the children are grown and your future income won’t need to be protected in the same capacity as it does today.  Term life insurance will be the best solution if this describes your situation.

Term life insurance lasts for a designated period of time.  The term period for most companies range from 10, 15, 20, and 30 years and the rates do not change during this time.  Also, there is no penalty for cancelling the policy early.

Whole Life-Universal Life
Whole life insurance is a policy that remains in effect for the policy holder’s entire life. Generally speaking, the policy will remain active as long as the owner continues to pay the policy premiums.  Due to the cost, this type of policy is more optimal for estate planning and for other instances where permanent coverage is needed.

No-Exam Life Insurance
Life insurance that does not require a health exam is going to cost you a lot more than if you did the exam.  This type of policy is ideal for someone who doesn’t have the time to do the medical exam and doesn’t mind paying the extra premiums.  These clients typically need a policy in a hurry to cover a divorcee decree or they may be worried about doing the physical.  Also, do not mistake no-exam life insurance for no-underwriting.  The underwriting on a no-exam policy is very strict and not as favorable as if you did the health exam.

Accidental Death
Accidental death policies only pay out the death benefit you if you die as result of an accident. Typical classifications of accidents include but are not limited to: auto accidents, poisonings, falls, fires and chocking. Deaths from natural causes such as heart disease, cancer and old age are not covered under an accidental death policy.  This type of policy is good if you are traveling, have a dangerous occupation, and have medical problems that will exclude you from getting traditional life insurance.  It’s typically cheaper than term life since the policy only covers accidental deaths.

Wrap Up
Since life insurance is going to be one of the most important financial purchases you ever make to protect your loved ones, choosing the right policy is paramount.  Don’t let an overzealous agent talk you into buying a policy that you don’t need just so he can receive a larger commission.  Work with an experienced agent that will have you and your family’s best interest at heart.

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Disclaimer : The information on this website does not constitute recommendations to buy or sell any goods or investment assets, Investing can be risky, please note that it is your own evaluation of the risks and potentials that you base your investment decision on.

16 comments:

  1. When buying life insurance, keep in mind that your hobbies can have a significant impact on the size of your premiums. If high risk sports like scuba diving, race-car driving or parachute jumping are activities you frequently engage in, then you will likely pay higher rates to get insurance coverage. While many are tempted to hide their activities, be aware that accident claims can be denied when participation in such sports is not disclosed.

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  6. term life insurance policies—term policies have low premiums and payout death benefits for the duration of a specific period.
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  12. Very nice post. Just loved those points to look for in a Life Insurance Policy. I would also like to add child plans in the best life insurance policies.

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