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?
What do you understand by Variable Life Insurance?
Variable life insurance, is one of the insurance products that happen to offer an incredible amount of flexibility; very similar to the whole policy that universal insurance can offer.
For variable life insurance, the actual whole life insurance part of these policies involves one particularly good benefit, and that is the guaranteed payout that one receives as the policy has been issued. On top of that, it is permanent, a kind of insurance that doesn’t need to be renewed, as well as being available for the most part to the buyer his or her entire life.
Just like actual term life insurance, your premium has part of it invested so that you’ll gain more value and capital over time. This cash value is then something the company can borrow against so that if the buyer needs money before they die, they can get it.
The most beneficial advantage is that these particular investments are tax-exempt. This way, any money that you personally invest into the premiums, as well as the cash value, will appreciate but won’t be taxed until you get to the point where money gets taken from the policy or the policy is finally collected.
The benefits of competition within the insurance industry
While they are relatively new in the world of insurance, it is now a new edge for every insurance company to have knowledge of competition in the area. Now, as a consumer, you have a chance to look for the best insurance policies, and you are now able to benefit from this competition by getting some of those optional policies and get a much better bang for your buck.
If you decide that you want to use this for an investment tool, then understanding the policy is going to be more important than anything else. First of all, just because your policy increases in its value, your policy is always going to be connected with the stock market and your cash value in the policy can go down.
Most of the time, a buyer is willing to accept that kind of a risk, and especially since history shows us that, overall, the stock market goes back up even if it takes a hit. On top of that, buyers get to choose what exactly you invest your money in, depending on the group you work with, and then you can always suggest a different investment strategy if you feel things aren’t working.
One of the other things to know is that if your cash happens to lose all, or even a significant amount of the value, the death benefit portion in your policy is still available for collection.
What are the best ways to research available policies?
Now that there are so many different options for insurance policies out there, you need to know how to investigate the different possibilities for insurance. There are quite a few terms and buzzwords being thrown around these days as well, so it can certainly be confusing. Your best bet is to utilize the numerous resources out there to find the information you need in order to make the most informed situation.
First of all, the internet is always a gold mine for information, but you have to make sure that, when you look for information on life insurance, you take your time. The fact is that scams are easily found all over the World Wide Web, and the last thing you want to do is get stuck with misinformation that hurt you.
A great way to avoid those scams is to make sure you look for information on websites that aren’t actually affiliated with an actual insurance company, as you want unbiased information. Look for the websites out there that specialize in informing you, as those are the ones you want to stick to and use as resources.
Agents for life insurance companies are a wonderful source for information in themselves, but you need to be careful, as they are there to sell to you their policy, and not necessarily the policies of others. While quite a few of them know exactly what they’re talking about, they’re also incredibly skilled at making a sale, and that means picking a mark like you who wants to know about the policies and putting on the charm.
If you are the kind of person who tends to be an easy mark when dealing with salespeople, then certainly consider making sure that visits with this agent are not at your house, and are on your own turf. Also, don’t forget that for every reputable agent, there is some shyster waiting to dupe you and take your money.
Quite a few agents out there are more than willing to help you understand what variable life insurance is, and answer your questions, including discussing the actual options you have.