Life Insurance Types Offered Online
Should you purchase online life insurance?
More often than not when you go to a life insurance website you get an opportunity to receive quotes from many life insurance companies.
You then make a choice as to the amount of life insurance you want to buy and which type best suits you in your particular situation.
A very few give you the opportunity to buy your policy there and then. Some even let you print out your policy on your printer. Others call you and send an agent out to take care of the paperwork. Let us look at the types of life insurance policies involved.
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Online Life Insurance Plans
- Whole Life Insurance
Whole life insurance is one you can select when looking at life insurance online. This policy has a level premium from the outset. It never increases.
The death benefit is also level but can be more than you started out with depending on which dividend option you choose…assuming the company declares a dividend. Dividends are not guaranteed.
So you may start out with a $100,000 policy and choose the option of using your dividends to purchase paid up additions and as a result your beneficiaries are paid let us say $105,000 upon your death.
This is just an example, the actual amount will depend on the point of death and the amount of dividends paid by the company. You can request an online life insurance quotation for this policy.
Whole life policies have cash values which can be borrowed in case you have a need for immediate cash. You do not need to tell the insurance company why you need the money.
You repay in your own time and at your convenience. As there are many more advantages to the whole life policy it would be wise to get an online life insurance quotation on this one.
The life insurance companies have also modified this policy in many ways. Some are good and, in your humble servants opinion, some are not so good.
- Term Life Insurance
You should also ask for an online life insurance quote on some of the term life insurance policies when considering buying life insurance. The most popular policies are the 10 year level term, the 20 year level term and the 30 year level term.
They all have level death benefits for the duration and the good ones have level premiums also. They are fairly inexpensive and easy to obtain. The death benefit is usually paid in one lump sum but if you choose it can be paid in the form of an income.
These policies have no cash values or dividends but the premiums are much lower than whole life policy premiums. Get an online life insurance quote on this policy.
- Waiver Of Premium Rider And Double Indemnity Rider
In your search for the best life insurance policy online you might find it interesting to examine the waiver of premium rider and the double indemnity rider, more commonly referred to as the accidental death benefit rider.
If you should become disabled for a minimum of six months the life insurance company will pay your premiums for you even if it is for the rest of your life.
If you should die in an accident, for example an automobile accident, the life insurance will pay twice the death benefit to your beneficiaries.
Buying online life insurance is buying the same life insurance you would buy if you bad an agent come in and sell it to you. The beauty of this is that you have decided beforehand what you want and you go ahead and do just that.