Compare Policies And Companies
Do a life insurance comparison. Regardless of which type of life insurance you intend to buy you want the best available policy.
You therefore go and get what you hope is a fair comparison and make your decision based on the results.
Was this comparison really fair? Are you getting the best value for your dollar?
You may think that because you get the lowest rate you have the best policy. This is not necessarily so.
It is important to consider the premium outlay but there are other factors that can affect your policy that many people don’t think about.
These things can make a big difference to the owner of the policy as well as the beneficiary.
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Get The Best Life Insurance Comparison
- Term Life Insurance
Most people think, and may be rightfully so, that if they buy a term life insurance policy their heirs are pretty safe but are they getting the best premium?
OK, all you have to do is look for the lowest premium from a reputable life insurance company. How do you find out if the company is reputable?
There are organizations who specialize in keeping tabs on such life insurance companies. My favorite is the A.M. Best They never miss a trick. Stay in good shape or A. M.
Best will let the other insurance companies know about it and most importantly the public.
Sometimes I chuckle when I hear life insurance companies boasting about their A or B+ rating. The fact is that the higher ranked companies have A+, A++ or a A+++ ratings.
So you should try to get a fair life insurance comparison when searching for term life insurance premiums but you should consider the reputation of the life insurance company as well.
You want them to be there when you need them, don’t you?
You also have to consider the type of term policy. How long will you need the insurance? Most families need the coverage for at least 20 years. A 25 or 30 year term policy is even better.
- Whole Life Insurance
Everything that applies to term life insurance, as far as the safety of the company is concerned, also applies to whole life or other permanent life insurance policies.
It is important first of all to understand that whole life insurance costs more than term when you do your life insurance comparison. Term insurance is temporary insurance even though some of them go beyond 30 years if purchased at a very young age.
Whole life insurance is permanent insurance which you can keep for the rest of your life. Now isn’t that exciting?
When you die, regardless of the age and manner of your death, the face amount of the policy is paid to your heirs…child, wife, husband, business partner etc.
There are a lot more things to consider when you do a whole life insurance comparison. You need to think about your cash value and loan value.
You need to look at the performance of the life insurance company as far as dividends are concerned. Some companies have a track record of paying much higher dividends than others simply because they operate more efficiently than others…
You should look at the varying clauses in the policies…also consider the definitions of commonly used phrases like disability , contestable period, nonforfeiture values etc.
If at all possible examine all these things when you do your life insurance comparison. On the other hand, if you don’t have the time, leave that to the organization I represent. They will steer you in the right direction.
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