Take a moment to examine what is involved in getting a variable life insurance quote. Check out the procedures and requirements for getting a quote and subsequently a policy.
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Variable life insurance is permanent life insurance for those people who have some money to invest. This is like buying stocks with a whole life insurance policy attached. This type of insurance gives you the opportunity to choose the type of investment portfolio in which your money will be invested. You can have your money invested in securities such as stocks, bonds, money market etc. You therefore have the tremendous opportunity to make huge profits on your money while it accumulates tax free. When you get your variable life insurance quote you will see that you get to choose the investment in which your money goes. As a result you also bear the risk. You should do your research before you ask for a variable life insurance quote.
The variable life insurance policy has a guaranteed death benefit which is based on an assumed interest rate. This interest rate varies from company to company, but is usually about 4%.
Your money is invested in a separate account, in other words, separate from the life insurance policy. You decide how much of your money is applied to life insurance and how much goes toward investment. You can choose stocks, bonds, money market or other investment instruments, with the intent of gaining the highest yield available.
Your variable life insurance quote must be accompanied by a prospectus. This should be carefully read. These policies are regulated by the Securities And Exchange Commission, and the Commissioner Of Insurance of the particular State. The agent must have an NASD, National Association OF Securities Dealers, license in addition to his license to sell life insurance.
The agent you deal with regarding your variable life insurance quote will show you that you can take a loan from your variable life insurance policy, however, there are certain things you need to think about before doing so. A policy loan reduces the cash value of the policy and also the face amount. Let us assume you took a $25,000 policy loan from your policy. Before the loan the cash value was $50,000 and the face amount of the policy was $500,000. After the loan the cash value becomes $25,000, and the death benefit becomes $475,000.
Now, you decide to repay the loan. Your cash value reverts to $50,000 plus, whatever the cash value increase was while you had the loan, but, the death benefit may or may not revert to the original $500,000. You see, this depends on whether or not you are insurable at that time. If you are not insurable the death benefit would remain at $475,000, plus, any paid up additions earned on the policy during its lifetime. If you are insurable the death benefit would revert to $500,000, plus, the paid up additions. This is just one of the many reasons why you should read your prospectus, carefully, when you get a variable life insurance quote.
It is important that you bear in mind that there is no guarantee on the investment portion of your policy. The cash value fluctuates. In other words it goes up and down depending on the performance of the particular investment fund. If you enjoy watching the market then a variable life insurance quote may be good for you.
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