Buy Term Life Insurance Online
Getting online insurance quotes is the easy part. You can follow through by purchasing your life insurance policy
Almost all life insurance companies will give you a quote online but only a few will qualify you and actually sell you the policy online.
Life insurance rates are being constantly lowered…even those of the whole life policy.
For those interested in buying life insurance now may be a good time to request online insurance quotes.
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May be you want to see how some of these insurance policies work:
Term Life Insurance Policies
Term life insurance policies have become quite popular in recent years mainly because of their low premiums. The life insurance companies have also paid attention to what buyers want and as a result have lowered premiums considerably.
They have created new term insurance plans and made the existing ones better. Here are descriptions of some of the better known term policies. You should get online insurance quotes on the ones you like.
- Decreasing Term Insurance
People just love this policy. Sometimes it is sold as a rider to another policy. It is mainly used to pay off the balance owed on a mortgage in the event of the homeowners death but it can be used for other needs.
If you own a house or just bought a house you should definitely request online insurance quotes for decreasing term insurance. You can buy this policy for varying periods of time for example, 20 years or 30 years.
The premiums are guaranteed level for the duration and are very inexpensive. The face amount decreases every year in a uniformed manner, thus the easy application of decreasing term insurance as mortgage life insurance.
- Yearly Renewable Term Insurance
The yearly renewable term policy is sometimes referred to as the increasing premium term policy. The premiums are very cheap for the initial years but because the premiums are always on the rise this could eventually turn out to be quite expensive insurance.
Your online insurance quotes will clearly illustrate that to you. The guaranteed death benefit is level and remains so for as long as you keep this policy. It is good for short term needs like covering an outstanding short term loan balance.
- The 5 Year Level Term Policy
This policy has a guaranteed level death benefit for 5 years and also a guaranteed level premium for the duration. This is also used for short term needs.
This need could be covering an outstanding loan or possibly the guarantee of the availability of cash for a college education. I like this policy for very short term needs. Ask for online insurance quotes on this one and pay special attention to the low premiums.
- The 10 Year Level Term Policy
You should also check this one out as many loans run for a 10 year period and this could be used to guarantee the repayment. The death benefit is guaranteed level 10 years and so are the premiums.
You should also get online insurance quotes for the 10 year term policy as this is also a very well liked policy and may fit your needs..
- The 20 Year Level Term Insurance Policy
I recommend the 20 year term policy more than any other term policy because the 20 year duration allows for much versatility. Don’t hesitate to get online insurance quotes and see how it will fit into many situations.
Although mortgage balances are always decreasing the 20 year term policy can be used to cover your balance owed. If many years pass and when you die the death benefit of the policy is more than the debt the difference will go to your beneficiary.
You can use this policy in a family situation as well, if you are the breadwinner, to provide a lump sum or income upon your death. Business people use it to fund buy-sell agreements or even for key employee insurance.
The death benefit is level and guaranteed. The premium is also level and guaranteed.
- The 30 Year Level Term Policy
This policy can be used in a similar manner as the 20 year term policy. The death benefit is guaranteed level for the entire thirty year period and so is the premium. Ask for online insurance quotes for the 30 year term policy.
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- Whole Life Insurance Policies
Whole life insurance policies can be used to do anything the above policies can do and considerably more. The face amount, or death benefit is guaranteed level for a lifetime.
That is for as long as you live. It does not matter how you die as long as it is not by suicide. The premiums are also level for as long as you live. The can never increase.
Let me repeat, it can do anything you can do with your term policy. When you get your online insurance quotes you will notice that the premiums are considerably higher than the term insurance policies.
- Cash Values And Dividends
Whole life insurance policies have guaranteed cash values and if the life insurance company performs well you would likely participate in the divisible surplus earned by the company. These are called dividends and are added to your cash value.
If you should need to take a loan on your policy or for some reason should surrender this policy the amount available is based on the cash value plus the accumulated dividend up to that moment in time. Dividends are not guaranteed.
There are many ways your dividend can be applied to your policy. Upon receipt of your online insurance quotes you should ask the company for an explanation of your dividend options.
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