life insurance cost comparison
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2009 All rights reserved, life insurance cost comparison |
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If I'm not sure which kind is right for me, life insurance cost comparison |
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With the convenience of
the Internet, the process of acquiring life insurance, has become much
simpler. The following steps will help take the mystery out of universal
life insurance along with helping you get the insurance plan that fits
your needs. Decide what kind of whole life insurance to buy. Depending on the purpose, you may want Term, Whole Life, or Universal.
Do some personal analysis to determine the amount of term life insurance coverage you actually need. You can either compute an income multipleyour annual earnings multiplied by at least three and preferably five or you can add up your outstanding bills and estimate your spouses needs.
Take advantage of our user friendly service to complete a profile and then either shop rates yourself from the online rate service or request a local agent to prepare quotes for you.
While waiting for your life insurance cost quotes to be prepared, you can check the ratings on several companies. You want a firm that is strong financially, has been in business a long time and that pays claims in a timely manner.
If you decide to meet with an broker personally, be prepared to ask some pointed questions:
To what extent would that agent represent you? Does the organization have insurance services that will last to age 100 or even to one hundred twenty. Does the companies have radically higher rates for smokers Does the firm require a visit from a paramedic? Some organizations only require a paramedical exam and doctor's report on amounts of 100,000 or more. Does the organization have an "easy issue" insurance plan that requires less medical underwriting and that pays without a two year waiting period? What payment process does the firm use? Most require you to make the first payment and then authorize automatic bank draft for future payments.
Strongly consider using an agent. universal life insurance does not have standardized language from one firm to the other. If you try to do it alone, you could easily end up with something like "modified life insurance," a type of variable life insurance that has cash value and insures you to age one hundred, but also has premiums that increase at a predetermined frequency. If an agent misinforms you regarding a insurance service, the firm is responsible. If you make that decision on your own, you bear the responsibility even if you don't understand the terms.
Once you have decided on a whole life insurance insurance plan and answered the questions for the application, all you have to do is wait. You still aren't fully committed. By law, you have a 30 day free look from the time your universal life insurance insurance plan is delivered to you. If you see something you didn't expect or didn't want, you can return it and have your first payment refunded. Usually, a little preparation, an open mind and an understanding of the process can virtually guarantee a life insurance policy that will satisfy you and your household for many years to come.
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