We usually want a cheap online life insurance quote when buying life insurance, don’t we? Nobody wants to pay more than a product is worth.
The important thing to bear in mind about life insurance is that each type of policy does something different.
Let us run down the different types and look at their cost before you request your life insurance quote. Let us find out which is really cheap and which is not.
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Cheap Online Life Insurance Quote
- Decreasing Term Life Insurance
When looking for online life insurance quote one cannot ignore the decreasing term life insurance policy. It is one of the cheapest policies available. This policy can be purchased for varying periods of time…depending on the reason for your purchase.
The premium is very inexpensive and it remains level throughout. It never increases or decreases.
The death benefit decreases in a uniformed manner over the duration of the policy until there is no more life insurance. This policy is usually used to pay off the balance of a mortgage if the insured should die.
If you have a mortgage on your home or plan to have one in the near future you should look at a cheap online life insurance quote for this type of policy.
- Increasing Premium Term Life Insurance
The premium for this policy increases every year but it starts out very low. This is very cheap life insurance…initially…and is usually sold to someone who needs to have insurance for a very short period of time. Each year the premium increases.
The older you are the more it costs. If you are looking for a cheap online life insurance quote you can’t get much cheaper than this. The death benefit stays level for the duration.
- 5 Year Level Term
This policy is also very cheap. Your search for a cheap online life insurance quote has brought to light another policy that is loved by many.
The premiums remain level for the entire 5 year period and so does the death benefit. this is also good for short term insurance needs.
- 10 Year Level Term
This one is very similar to the 5 year level term except for the fact that the life insurance coverage lasts for 10 years instead of 5. The premiums usually remain level, however, some companies increase the premium after 5 years.
The death benefit remains level throughout. Although this policy can be used for short term needs it can also be used for family situations if you are short of cash.
- 20 Year Level Term
This is the most popular policy for the term life insurance buyer. The first policy most people want details on in their hunt for a cheap online life insurance quote is the 20 year level term.
The face amount is level for the 20 year duration. The premium sometimes remains level for the entire 20 year period. Some companies increase it after 10 years. The premiums may be increased every 5 years thereafter.
This is usually used to protect the family in the event of the death of the breadwinner. Business people also use this policy to fund buy-sell agreements.
It can also be used for key employee life insurance. Request a cheap online life insurance quote for the 20 year term life insurance policy.
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