No load Life Insurance. Don’t you think it is about time that insurance marketers come straight with the buying public and stop using these fancy terms like no load life insurance to market their product?
The simple fact is that there is no such thing. There exists some products with a lower front end load than others but the costs are built in some place in the premium whether it be at the front end or the back end…
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No Load Life Insurance, Myth Or Reality?
The insurance companies have to make money, if they are not covering their costs they go out of business. They have administrative costs, clerical costs and a myriad of other costs to consider. If the applicant needs to have a medical done to qualify for the policy it costs the life insurance company money…and of course there is the agents commission…that can be quite a load on the front end of an insurance premium.
There are very few organizations that you can buy life insurance through without an agent. One would think that all these companies would have a premium that is much lower than the premium charged by companies that have agents…sadly that is not so. In some cases the premiums are lower but not as low as they aught to be…as a result their profit margins are very high.
Low load policies do exist but there is no such thing as a no load life insurance policy. There are companies that will sell you a policy directly on the internet…that eliminates or reduces the agents commission considerably.
If any physical information should be uncovered that could put the company at risk of paying a claim too soon…a medical examination would be requested. The life insurance company has to pay the doctor to check you out. Life insurance companies have to build some sort of load into their policies.
Life insurance is a necessity for most everyone. Term life insurance premiums are the lowest you can get. If you want to accumulate some cash…look at a universal life insurance policy or a variable universal life insurance policy.
The premiums are usually higher than the others but there is nothing wrong with whole life insurance if purchased from a A.M. Best and successful life insurance company.
Ignore the no load life insurance talk. No such thing exists.
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