Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Best Life Insurance
What is The Best Life Insurance Policy for You?
What life insurance policy is the best life insurance policy for me? This is a question that many people ask themselves when they are shopping for life insurance. The answer to that question is not simple. There are many options and many price ranges for life insurance today and finding the one that is the best life insurance depends on your needs and the price you are able to pay for your life insurance policy. The first step to take when finding out which life insurance is the best life insurance policy is to find out what each policy offers and how much it costs. Knowing the terms used in the life insurance industry will help you with your investigation.
Term life insurance is a type of life insurance that is the best life insurance for many, and is probably the most popular. Term life insurance is a contract with a life insurance company. You pay an unchanging premium for coverage for a predetermined amount of time. These policies do expire but usually they are renewable when the policy does expire. They are easily the least expensive of life insurance policies available, which makes term life insurance the best life insurance for many.
Whole life insurance is life insurance that you have for the rest of your life. There is no expiration date for this type of life insurance. Part of your premium is invested for you by the life insurance company, which gives you the advantage of having your policy accrue additional value over time. Premiums remain the same for the entire contract. While whole life insurance is relatively much more expensive than term life insurance, it offers complete coverage and the security most people are looking for, so this type of life insurance may be the best life insurance for you, especially if security is the most important concern for you.
Universal life insurance is quickly gaining popularity. Many people consider universal life the best life insurance available because of its potential as an investment product. Any funds above the minimum monthly premium are put in to a cash account that the life insurance will invest for you. You do not have a choice of where your money is invested but it is usually invested in a conservative fund that protects you from extreme market fluctuations.
In addition, any money put in to the cash account can also be used to adjust your premiums. You are also able to borrow against the value of the cash portion of your universal life insurance, which give you the added advantage of having a safety net in time of emergency. Because of its flexibility and potential as an investment, universal life insurance is the best life insurance for many people considering buying life insurance.
Variable life insurance is a life insurance policy that is even more flexible than universal life insurance. As with universal life insurance, there is a cash value account that is set up and can be invested. The main difference is that with variable life insurance you have much greater control over where your money is invested. This gives you the added advantage of being able to change your investment strategy to make the most of the condition of the stock market. With this type of life insurance policy there is a greater potential for reward but there is also a greater risk of your policy losing value. This type of life insurance policy is best used as a long term investment as the stock market has traditionally always gained value over the long term. For those who want more control of their finances, variable life insurance may be the best life insurance for them.
There are many other options and variations available in the life insurance industry today and finding the best life insurance policy for you is not an easy task. You should use all the resources at your disposal when trying to find the best life insurance for you specific life situation.
Answering the question, what is the best life insurance for me, is a question that involves many different factors. When considering which life insurance to purchase it is important to take in to account your health history, your personal needs, and your financial resources.