Where to Buy Life Insurance

Life Insurance is one of the best investments in these tough times. Everyone should have life insurance, especially in the current economic scenario where a breadwinner's sudden death may cause untold financial stress to a family, even while they are grieving the loss of a loved one.

So where does one buy life insurance? There are several options, as detailed below:

Your local life insurance agent

Insurance agents are well known access points for policies. They are easy to contact, and most people know of someone in their neighborhood who is a life insurance agent. While agents are mostly good and honest people, they typically work with just a handful of insurance companies. More often than not, an agent will try to sell you a policy from among companies, because he gets a commission for doing so. This is all very fair, but because he deals with just a few insurance companies, he may not be able to give you a policy that best suits your requirement. So while agents are within reach and the preferred choice for those who rely on a personal buying experience, they may not be the best choice for you.

An advisor from a life insurance company of repute

Many people on the lookout for best life insurance policy approach insurance companies directly. The phone book or the yellow pages will have their numbers, and you can phone them up and make an appointment either at their nearest office or at a place convenient to you, like your home or office. This is a time consuming process because life insurance should always be bought after shopping around, and making individual appointments with each insurance carrier will probably take you weeks. Also, companies will hard sell their own policies, and are likely to offer a biased consultation.

Buying at the Workplace

Many employers offer group or individual life coverage to their employees. You must check with your employer about the details of the plan they offer. If your employer provides life insurance, take time to evaluate it and work out if it is enough. Why should you do this? Most work place life insurance policies have a coverage value of 2 - 3 times your annual salary. While this is free (often provided at the employer's own expense) it may not really be enough coverage. Many insurance advisors recommend that your life coverage should be as high as 10-15 times your annual salary because your family will fall short of finances otherwise. Also, what would happen to your policy if you changed jobs?

Consider these points, and if the life coverage is not enough, either buy a fresh independent policy or a supplemental policy of your own through your workplace.

There are many advantages of opting for an insurance policy through your work place under a voluntarily paid arrangement. You can get an insurance policy more easily, and your premiums will be discounted because of bulk efficiencies for the insurance carrier.

Buying online

These days a prospective term insurance buyer can easily overcome the drawbacks of buying through an agent, or buying directly through an insurance carrier by simply shopping around on the Internet. There are several term insurance agencies online that offer free, unbiased insurance quotes, and even help you to calculate your coverage amount through their free term insurance calculators. They run your information (that you have to submit to them via an online form) through hundreds of insurance companies they represent, and can give you a list of the ones that best suit your requirements almost instantly. If you are stuck on figuring out the coverage amount you can always have a one-on-one phone or personal meeting with one of their advisors. Because they operate online, these insurance agencies are able to economize on their operational costs, and because they deal with hundreds of companies, you can be sure their advice is unbiased and honest.

While choosing an online insurance agency, make sure you go with one that is accredited by the Better Business Bureau to ensure quality and reliability. Remember that an online agency of repute will only deal with insurance companies that have a good track record. When you receive your quotes and zero in on a term insurance policy, make sure that the insurance carrier is financially strong, and has a rating of A or higher that is awarded by reputed rating service companies such as Standard and Poor's, Moody's, Fitch and Weiss.

Over the Phone or by Direct Mail

We have all come across direct mail offers for life insurance, as well as commercials from life insurance companies that invite you to call their toll-free numbers. A number of companies sell insurance in this manner. They usually sell term insurance. While the offers may look good, it is recommended that you order your life insurance through these sources only if you are well-versed in the topic of life insurance and are assured the company has a good reputation.

To conclude, it helps to go to an unbiased, honest source to do your life insurance research, compare policy quotes, and buy a life insurance policy. In doing so, you are assured of being covered by a reputed insurance carrier, at the most economical rate.

The Four Types of Life Insurance

Life insurance, at its core, is a means to protect the financial security of one's survivors. It is generally thought of as a way to provide income replacement for a wage earner's survivors in the event of death. Life insurance is purchased from an insurer by making regular payments of premiums during the life of the insured. Upon the death of the insured, designated beneficiaries receive a financial benefit.

Although all life insurance policies maintain those consistent characteristics, there are different means to achieving the same end. Four distinct types of life insurance policy have been developed and are in common usage.

Term Life Insurance

Term life insurance is probably the most basic form of life insurance. Term insurance is purchased for a specific period of time (the term). The length of the term can vary considerably. There are term policies that are effective for well over twenty years, whereas some only involve a one-year term. A regular premium is paid throughout the term. If the insured dies at any point during the term, the designated beneficiary receives the death benefit. If one survives the term, however, there is no payout and the policy simply ends.

Whole Life Insurance

Whole life insurance has a long history and maintains great popularity. The cost of premiums is guaranteed for the entire time the policy in place. As premiums are paid, the insured accumulates a cash value for the policy, with the insurer determining the interest rate applied to that cash value. One may either "cash out" their whole life policy, or maintain it so that benefits are paid to survivors upon the policyholder's death. Whole life insurance policies were long "the norm" in the insurance industry.

Universal Life Insurance

Universal Life Insurance is considered a more flexible approach to life insurance. The required regular premium amount can vary as long as the policy has a cash value in excess of the policy's costs. The insured can alter the policy's future payout while the policy remains in force, making it a flexible insurance solution for those who may have more complicated or rapidly-changing needs than can be addressed with term or whole life solutions.

Variable Universal Life Insurance

Variable Universal Life Insurance takes the flexibility of universal life coverage and adds to it by providing investment choices. The policy's cash value is not based simply on an interest rate determined by the insurer. Instead, the policy's value is based upon the performance of various investments. The insured allocates his premiums among a series of investment options with a variable universal life insurance policy.

Although all insurance policies do share common characteristics, the four different types of insurance policies have some marked differences. Each type of insurance policy has advantages and limitations. For some, a simple term policy will more than suffice to meet their life insurance needs. Others may benefit considerably from a more full-featured insurance policy that includes an investment component and the ability to alter the nature of benefits and the premium.

Everything You Need to Know About Life Insurance

Life insurance is a type of protection that can be bought and insures the buyer in the event of death. The risk that is assumed by the insurer is the risk of death of the insured. Life insurance is a very good purchase in order to protect a family, especially if you are the sole breadwinner. Additionally, life insurance can help pay for funeral costs and therefore ensure that your death will not be a financial burden for your family.

It is important to understand the process of life insurance in order to truly grasp its value. A life insurance transaction has three parties: the insured, the insurer, and the owner of the policy (the insured and owner of the policy are often the same person). One of the most important parties involved with life insurance is the beneficiary. The beneficiary receives the policy proceeds upon the death of the insured. Only the owner of the policy can change the beneficiary. If the beneficiary is an irrevocable beneficiary, then any changes in beneficiary must be agreed to by the irrevocable beneficiary.

In order to solidify a life insurance plan with an insurer, the insurer must evaluate the insured's lifestyle. The insurer evaluates the risk of insuring the customer. Some insurance companies will not grant insurance to people with serious health issues, or extreme lifestyles. Insurance companies charge differing amounts for life insurance based on the risk evaluation. Part of the risk evaluation is a health evaluation. There are for categories for people seeking life insurance: Preferred Best, Preferred, Standard, and Tobacco. Having no family history of illness or early cancer, and being extremely healthy and active can result in a Preferred Best rating. Depending on lifestyles, and family histories, a person is slowly moved down the ladder. It is easy to move down the categories but almost impossible to move up a category.

Life insurance is a legal contract that has terms and conditions. In the event of the suicide of the insured, most insurance companies will declare the policy null and void. Insurance companies are entitled to know the circumstances of the insured's death and can decide whether or not the policy should be nullified if there is suspicion of suicide. A death certificate must be shown to the insurer to prove the death of the insured.

As with any insurance policy, life insurance takes a substantial amount of time to mature. Once matured, the "face value" of the policy is given. A policy matures upon the death of the insured, or when the insured reaches a certain age. Depending on the policy, the insured can make differing amounts of payments over time. As with all insurances, failed payments result in the termination of the insurance.

Life insurance is a very good thing to have because it protects your family's financial well-being. In the event that you were the sole worker, life insurance can pay your family your salary for many years. Best life insurance policy can also cover the costs of funerals and therefore your death won't be a burden on your family.

Life insurance - Save Your Life

Life is very uncertain and unpredictable. We leave the house in the morning without knowing if we will be coming back or we sleep at night without any clue if we will get up in the morning or not one can ever be sure about what is going to happen in the next moment. Life is very uncertain and everyone needs to be sure that after they are gone their family is secured and safe at least financially and this is the main reason why insurance is very important.

Insurance is not going to save your life but it will always gives you a financial aid to your family after you so that your family is safe and they do not have crises. Dying suddenly in an accident, by unexpected illness or even of natural causes can happen at any time. Best life insurance policy helps your loved ones pay the mortgage, bills, even college costs, after you’re gone. It also provides tax-free cash to pay estate and death duties. Nothing can replace you in their hearts, but planning ahead with life insurance can make things easier for those you leave behind.

A person works for his or her family and if their future is secured that will be the best way to have a peaceful way of going. Discussing about dying is never fun and never comforting but one should always think of their family’s comfort after they have passed. Life insurance is the most important type of insurance which everyone should take. One should always have a backup of financial aid so that their family will not have to suffer and they could use the financial aid secured by the insurance for time being at least which will give them time to settle down. Life insurance is very important.

How to Get Cheaper Life Insurance

Applying for and buying the life insurance policy is just like buying any other thing. Many insurance companies have come up with different types of insurance policies. However, it only adds to woes of people, who get even more confused as how to get a life policy, what policy to choose, and so on. If people follow certain tips, they can locate an ideal plan that is perfectly suited to their needs.

Before applying for life insurance policies, people need to obtain information about the different types of plans and options available. There are four types of insurance policies. These include term life insurance plan, permanent life insurance plan, whole life insurance plan and universal life insurance plan.

People need to understand the benefits and features of the best life insurance policy. Apart from this, insurance buyers need to talk with their friends and relatives who have purchased such plans recently. Next, people may log on to Internet and obtain free life quotes from comparison web sites.

Buyers just need to obtain an online questionnaire form, choose the type of desired life insurance policy, and fill the details in it. After filling the questionnaire, click submit tab. And, within few minutes or even seconds your results will appear.

It provides comparison charts of various top insurers. People need to compare the quotes of different insurance companies and select the one that offers coverage at affordable premiums and rates.

Process of Applying For Life Insurance:

After selecting the desired quote, individuals can either approach the insurance agent or apply for the policy online. If people wish to apply for life insurance, they need to approach the local insurance agent. The insurance agent then hands over the insurance form to them. Insurance buyers need to fill the form and attach certain documents along with it.

It may include photocopies, address proof, income proof, bank statements, job offer letter, credit report, date of birth proof, health report, and so on. People need to fill in accurate information, because insurance companies verify these documents. After verifying the documents, insurance companies offer life insurance policies to the insurance buyers.

This is how individuals may get life insurance policies by approaching the local agent. If insurance buyers wish to save time, they may apply for the policy online. For that purpose, they just need to fill the online application form and submit it.

The company's web site then forwards the application form to the particular insurance company. That company then sends its agent to the buyer's residence or house. The agent gives the application form to the individual, which he or she needs to fill in. The rest of the process is same as discussed above.

Moreover, it will become difficult for people to obtain life insurance policies from other insurance companies too. Therefore, see to it that, the details entered in the application form are true.

Life Insurance Policy for the Entire Family

Insurance basically means the assurance and life insurance means that the assurance of the cover amount which is given to the family members of the insured after his life. Life insurance is a contract between an insured who is the insurance policy holder and the insurance company. In this life insurance the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

There is a contract which is signed between the insurer and the company and on the basis of the contract the policy holder is supposed to pay some amount of premium which is decided by the company as per the amount for which the person is insured for. The premium amount is paid at the regular interval which is also decided by the company and when there is a sudden death of the policy holder the amount which the policy holder was insured for is given to their family whose name is nominated in the contract which is signed by policy holder at the time of taking the insurance.

There are many things which are seen and mentioned before signing the contract. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum which is decided as per the contact. Other expenses (such as funeral expenses) are also sometimes included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured event so a person should make sure to go through the entire contract and be clear if there is any doubt. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion. Find more information click here at  life insurance policy.

Best Term Life Insurance Policy

Term life insurance, as a concept is fairly easy to understand as opposed to understanding what term life
Most of the various life insurance policies today offer a variety of options but term life insurance is one of your best options as it offers you maximum flexibility. It is however true that all sorts of options are more readily available with other kinds of insurance solutions. Still, despite the simplicity and limitations, term life insurance is yet a more sensible and of best utility among a large spread of customers.

For those individuals who require a temporary life insurance protection, a term life insurance policy is best. Term life insurance is best to fill a gap like when the case is such that an individual is not protected under any life insurance policy due to whatever reasons. Under such circumstances the term life insurance is best as it can still protect the necessary financial interests of the concerned family. If you are looking for a best life insurance policy coverage for just a short period, then too term life insurance is best opted for.

By and large term life insurance is best suited for young working people who have families. You can easily find the best term life insurance quote for you by making use of the Internet. However when you do get around to searching for term life insurance quotes online you must keep certain points in mind like for example the premium that is to be paid, the term of insurance, the rate, authenticity of the company and so on. You will find affordable term life insurance schemes by searching for life insurance companies that have websites with complete details. By comparing the policies offered by different companies you can settle upon the best term life insurance policy for you.

insurance is the best for you. It is very important that you give long and good thought to what term life insurance would be suited to your best interest. Term life insurance remains in effect for only a limited time that has a predetermined span of time. An individual who holds a term life insurance pays a standard premium only during the specified term of his life insurance policy. In the event of the death of the insurance holder during the term, the death benefits directly end up going to the beneficiary.

Understanding Your Life Insurance Policy

Although Life insurance policies may not be something that everyone wants to discuss, these are things that need to be taken care of early in life so that no one ends up in jam when things come down to the wire. Life insurance policies can be a healthy and helpful idea to make sure that everything and everyone is taken care of in the occurrence of your death whether it was planned or took you by surprise.

When people choose to purchase a best life insurance policy, they usually do this for a number of reasons. The most common reason is because they want to protect their family from financial burdens once they are dead. Although this may seem morbid, this is one generous way to make sure that your family is protected and taken care of which is usually the number one worry on someone's mind. The next most common reason that people get life insurance policies is because of the ability to sell it in case of any accidents or need of financial funding of some kind. If a person in their older age becomes sick with an illness of some sort that will most likely end in death, there can be various medical expenses that can cause lots of financial hardship on both you and your family. If you get a life insurance settlement, this leaves more of an option for people to be capable of taking care of all of the medical expenses.

As far as life insurance policies go, there are two main kinds of policies that you can purchase for you or your family. The first kind of life insurance is called a Term Life Insurance Policy. This type of policy can be very complicated if you don't understand all the terms of the policy. Term life insurance policies are defined as a policy where there will be a death benefit payout only if the person being insured dies during the term of the policy. If the person happens to die after the ending of the policy then the policy is considered to be expired and there will be no benefit from the policy. These policies can be helpful because they usually have lower premiums. One of the problems with these is that if they person lives past the expiration, renewing the policy will be at a higher premium because of the age of the person. The older the person gets the higher and more expensive the policy will be.

The next type of life insurance policy is a permanent life insurance policy. This type of policy, also known as whole life insurance, basically provides insurance for a person over their entire life so that their policy never expires. The problem with these types of policies is that they tend to be more expensive than the regular term life insurance policies because they never expire until the person dies when there will be a payout. The other issue with these types of policies is that as the person insured gets older, the premiums of their insurance will increase because the risk of dying increases.

Health Insurance - Tips to Help You Choose the Right Policy

Choosing the right health insurance policy involves finding the lowest price amongst the policies that meet your needs as to network and coverage. Choosing the lowest price is of course very easy. Determining whether the health insurance plan's network of doctors meets your needs is only a little more difficult. Choosing best health insurance policy that covers you well can be complex.

Choosing the Health Insurance Plan with the Right Network

Most companies have websites that will list the doctors and hospitals that participate in their plan. The right plan will have your doctor on their list or at least doctors who serve your home area. If you travel it is important to find a plan that covers you well in other geographic areas as well.

Choosing the Health Insurance Plan with the best coverage

Health insurance contracts may be the most complex of the insurance policies purchased by the average family. Understanding how your health insurance policy will pay for your medical bills can be difficult. Fortunately most of the brochures and outlines of coverage that you may receive from a health insurance provider will have a similar structure.

They will have sections similar to the following: What is Covered? Health Plan Exclusions and Limitations What is Covered?

This section will detail what medical procedures your health insurance policy will cover. The policy should have a phrase like "reasonable and customary" or "usual, reasonable and customary" or something similar when describing how much they will cover.

Solid health Insurance policies will not have a long list of procedures that they will cover listed on the policy. The long list seems impressive because the list takes up a lot of space.

Term Life Insurance: Is It Right For You?

The truth of the matter is that you DO need life insurance, and there really is affordable coverage out there to meet your needs. There are two main types of life insurance, whole life and term life. The less expensive of the two is term life insurance.

What is Term Life Insurance?

When you buy best term life insurance policy, you're purchasing a policy that will provide protection for a certain period of time. A 'death benefit' is paid only if the person insured dies during the term of the coverage. Most insurance companies have set coverage period lengths you can choose from. These coverage periods could be as little as one year at a time, but most often are offered in five or ten-year increments.

As the policyholder, you get to decide who will receive the benefit payment in the event of your death. You should know, though, that some states and insurance companies have requirements concerning who can or must be designated as the beneficiary. For example, certain states require that your spouse be the beneficiary if you're married, and some insurance companies will not allow you to name your pet as the beneficiary (too bad for Fluffy, you won't be setting her up with a golden doghouse and steaks for life!). However, within limits, you can leave the benefit to anyone you like or to your estate to be divided up according to your will.

The biggest downfall of term life insurance is that you have to die before your family gets anything out of it, because the benefit is only payable when the policyholder dies. The policy itself has no cash value, and you can't borrow against it like you can with whole life policies. Another negative aspect of term life insurance is that it becomes more expensive as you get older. And, speaking of age, you don't have the right to continue the policy regardless of your age the way you can with whole life.

You might be familiar with term life as a benefit that employers offer to their employees, but that doesn't mean you can't purchase an individual policy for yourself. On the contrary, many insurance companies offer individual term life coverage. The only trick is to determine what type of term life insurance is best for you.

What Kinds of Term Life Insurance are Available?

There are three different kinds of term life insurance. Each of them has unique aspects that make them the best choice for certain situations. The three types of term life are:

Depreciating Term Life: Depreciating term is used as a means to cover a mortgage loan in the event that someone dies prematurely. The amount of the benefit goes down, or depreciates, as the amount owed on the mortgage is paid off (a slow and painful process...). This is an excellent option if you're concerned about your spouse's ability to pay the mortgage payment after your death. The popularity of these plans has waned because level term life policies are generally cheaper.

Level Term Life: Level term policies are available in increments from five to twenty years. These policies are a good choice for anyone who needs relatively cheap coverage for a longer period of time than just a few years. The cost of the policy will be a bit more expensive than annual renewable policies for the first few years, but will then stay level for the term of the policy. Most insurance companies offer policies that once issued, premiums remain level regardless of the insured's health status.

Annual Renewable Life: Annual renewable life policies must be renewed every year, but they're a good, inexpensive option if you just need a few years worth of coverage to cover a short-term expense, such as college tuition for a child (which is only slightly less painful than paying the mortgage!).

Who Should Purchase Term Life Insurance?

Term life insurance is an excellent option for anyone who simply cannot afford the higher premiums required by whole life insurance.

One popular use of term life is to help young families to cover expenses if one of the parents passes away. Couples who are just starting out and have young children may be unable to afford expensive whole life policies, but it's not wise to leave one spouse without a means of covering financial burdens if the other should die--especially in today's two-income world. The benefit can help the spouse to pay the mortgage or care for the children on his or her own.

Another good reason to purchase term life is to cover your business debts. If you're the owner of a small business and have taken out a business loan, you may want to consider purchasing a term life policy to pay that loan in case you die.

What Options Should You Look For?

Just like the car sitting in your driveway, life insurance policies come with options (and just like the options in your car, these options may raise the price of the policy). Term life options that may be available include:

Conversion: This option allows you to convert the term life policy to a whole life policy at the end of the policy's term.

Automatic Renewal: Some companies offer an automatic renewal of the policy without requiring a medical examination.

Premium Waiver: Your insurance company may allow you to waive, or not pay, the premiums if you become disabled. The policy remains in effect just as if you were paying timely premiums.

Accidental Death Coverage: If your death is the result of an accident, the benefit paid increases, and may even double.

Regardless of your situation, there is a life insurance coverage out there for you. Take the time to request quotes and speak with insurance professionals who will be able to answer your questions. The time you spend finding a policy that meets your needs could save someone you love a lot of hassle and worry when you die.

Life Insurance Policy Benefits

Life insurance companies are often regarded as organizations which make money out of the business of death. The significance of life insurance in the lives of innumerable people however cannot be understated. It can be a lifesaver for dependents and loved ones of a policy buyer. Death offers no second chance but life insurance can help to provide financial security to the survivors.

Most individuals buy life insurance policies to secure the future of their dependents in case of their demise, whether premature, accidental, or due to sickness. Life insurance offers a certain guarantee of financial security for the dependents in the event of the policy buyer's demise.

The dependents of the policyholders are given this sum if the premiums have been given in time. However, in modern times life insurance can be used as an investment option, as a security for loans and for other requirements as well. The best life insurance policy purchased discreetly with due caution can be modulated to attend to the various needs of a policyholder.

Life insurance has become significant in a world where social security benefits, pension plans, and family savings become inadequate to answer the financial requirement of the entire family, cover health costs or to retain a certain life style, in case of the demise of the breadwinner.

There are various insurance plans that offer policies to sick individuals who are unable to get insurance anywhere else, although the premiums are high. Insurance companies generally hesitate to insure individuals with high mortality risks. Smokers, diabetics or obese individuals are often insured with double or triple the premiums paid by non-smokers or non-diabetics.

The major kinds of insurance policies are term life insurance and permanent life insurance. There are various variations within these. A term life insurance policy provides death insurance for a specified duration. The initial premiums are very low but get more expensive with each passing year, and in the long run they come to be more expensive. These are generally suitable for young people with short-term requirements like a house loan, a car loan, or educational funding.

The beneficiary amount is given only in case of death of the policyholder in that specified period. The renewal of term policies or conversion to permanent is more expensive.

There are no dividends or cash values gained through this policy, which is purely protection-oriented. Whole life insurance provides security. Initial premiums are substantially higher than the actual price of the insurance, but the premium is later on much lower than for term life insurance. The initial high premiums are used to level out the premium later, and applied to cover the entire life.

Whole life insurance offers dividends and cash values on maturity. Endowment insurance is a variation of term insurance that can be used for purpose of saving, or getting additional income during retirement. Universal life insurance is an offshoot of whole life insurance where the buyer has the flexibility to choose the kind of premium.

Variable life insurance is popular because the premium money is invested in various funds so that it has a potential to reap dividends. Variable universal life insurance accommodates the advantages of both the universal and variable life insurance. Single-purchase life insurance enables an individual to buy the policy at once. Survivorship life insurance is done jointly by two individuals.

There are various kinds of other insurance plans with numerous variations offered by different companies. Apart from consulting experts in securing the best policy suiting your individual needs, one should weigh the options, consider the kind of coverage required or insurance needed, the ability to pay premiums, and the duration of the requirement.