Life Insurance Quotes Made Easy

There are many kinds of life insurance policies that can be purchased online. These cater to different sets of needs on the basis of budget and coverage. Go through these policies in detail to obtain the best life insurance quotes. Assess them properly. Each type of policy has it its own pros and cons, so a detailed study could provide clarity when it comes to selecting a suitable life insurance policy.

The Internet is a rich medium through which you can attain highly competitive life insurance quotes at attractive rates. First analyze the profile and needs of your own family and decide on the budget you are ready to allocate for your insurance policy.

With so many types of life insurance quotes available, it is crucial to first be able to distinguish one from the other before comparing their prices. Once you have done that the process is quite simple. Go online and fill in a simple form after which you will be contacted by local agents. They are part of a nation wide network of insurance professionals. They will offer you free insurance quotes at highly competitive prices and you take the process forward from there on.

Types of life insurance quotes available.

Term Life Insurance:

This form of insurance policy is aimed at providing the investor with temporary coverage and is one the cheapest forms of policies available in the market.

Whole Life Insurance:

This form of insurance policy offers permanent coverage to the investor at guaranteed premium rates. This means that the rates do not change over a set period of time with a cash value accumulating over the life of the policy.

Variable Universal Life insurance:

This form of insurance offers a much greater cash value than whole life but requires the insurer to indulge in some investment options. While risky, these can be a worthwhile option for people who are good at making meaningful investments.

Lets now look at the three types of insurance policies in greater detail.

Term life Insurance vs Permanent life Insurance

Pros of Term Life Insurance:

This is one of the cheapest forms of insurance policies available. A 45 year old person in good overall health can get a policy for 30 years coverage as part of a million dollar deal. The costs for this would be approximately $200 a month.

This kind of policy is easy to understand and not very complicated unlike other types of insurance products. You can easily go online and check for life insurance quotes. Contact an agent referred from one your family members or colleagues to pick a suitable policy of your choice.

A temporary form of cover has both negative and positive aspects. The positive being that it can provide financial help to your dependents. As your children grow older or your spouse heads in to retirement, they are less dependent on your income to survive. This makes it ideal to buy term insurance fora 30 year period when you have a newborn child in the family.

Cons of term life insurance:

The temporary nature of insurance also has some negative aspects. At the end of the term the investor will not receive anything in return for the premiums. That means you have to arrange for an alternative form of policy to address your various requirements. It is harder to buy a comprehensive insurance policy as you grow older. The body becomes more prone to sickness and you may require medical attention more often.

Whole life insurance Pros and Cons:

Whole life insurance offers the investor permanent coverage. It is one of the simplest forms of permanent coverage and has fixed premiums along with death benefits. Your cash value would continue to accumulate and the premiums are fixed. This makes it easier to plan your finances properly on a long-term basis.

One of the drawbacks of this kind of policy is that the premiums cost more than term life. The investor cannot be guaranteed of receiving dividends. Withdrawals from your policy can reduce the death benefits paid out to your beneficiaries.

Universal Life Insurance:

These offer greater flexibility to the insurer in terms of choice and scope than term and whole life policies. This form of permanent coverage allows the investor to make changes in policy with regard to premium rates, the timing of payouts, limits and death benefits.  The insured can increase or decrease premium rates or cash value and can still be guaranteed protection based on the changes made.

This form of policy is more complicated than whole life. Factors such as the growth of cash value are assessed on a periodical basis. This means that in the event of a market downturn the performance of your policy could suffer. The investor may also have to pay higher premiums.

Variable Universal Life Insurance

This kind of policy is similar to Universal life insurers but with certain investment options. This form of permanent coverage offers greater flexibility with regard to premiums, death benefits and cash flow. You can also choose to invest your cash in other funding options with the guidance of qualified investors. There is a lot of potential for growth but it can also be a risky venture during market downturns.

Comparison of life insurance quotes

All these types of insurance policies bring different sets of strengths and weaknesses to the table. Every customer must go through each policy thoroughly before deciding on what works best for them. Once you have decided on the type, go online to get comparisons the various life insurance quotes. Also make it a point to talk to several agents and have all your queries clarified to. Speaking to several agents offers greater clarity of the entire process and makes you better equipped to purchase the best policy in the market.