Life Insurance Rates
Best Life Insurance Rates
Life insurance rates have been at the center of much controversy in the
past and I expect they will be debated in the future as well. At the
center of the problem life insurance companies as well as their agents
try to project their rates as the best and, where they can, the lowest.
To get a true picture and a fair comparison we first of all need to
compare apples with apples. We need to look at the different types of
life insurance and get an appreciation of which life insurance rates are
supposed to be lower and why...
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With so many different
term insurance policies
and even some fairly new ones we can't just say
term life insurance rates
or conclude that term policies are the best.
With the return received in the form of
we cannot categorize
whole life insurance
as the most expensive. There are too many variables. Each person must
evaluate them and come to an informed conclusion. We have to decide what
fits our unique situations.
The person with a tight budget, who has little money to spend on life insurance, who needs a large
amount of life insurance
may be better off with
but s/he must decide on the type depending on his or her particular
On the other hand the person who has their investments well taken
care of and has a great amount of spendable income may choose to buy
whole life insurance in some form and use the cash value as a cushion in
case a sudden need for extra cash should arise. I am going to try to
list each type of life insurance policy, show you where they are most
used as well as make a comparison between term life insurance rates and
whole life insurance premium rates.
Decreasing Term Life Insurance
Increasing Premium Term Life Insurance
5 Year Level Term Life Insurance
10 Year Level Term Life Insurance
20 Year Level Term Life Insurance
30 Year Level Term Life Insurance
- Decreasing Term Life Insurance
One of the lowest term life insurance rates is the
decreasing term policy.
If you have a need for life insurance which will decrease over the
years then this type of life insurance may be for you. While the face
amount decreases the premium remains level.
This policy is more often
than not used to take care of the balance owed on a
in the event of the demise of the homeowner. Because it is very cheap
the buyer loves it. The bank or mortgage company love it too because
they are assured they will get back their money.
- Increasing Premium Term Life Insurance
If issued by the same life insurance company as the decreasing term, the
increasing premium term life insurance
policy starts out with life insurance rates quite similar. Although the
face amount remains level the premiums on this one increases every year
as the insured gets older. So it starts out very cheap but every year
becomes more and more expensive.
If you have limited cash this policy
can become quite expensive after about 5 years. In fact the life
insurance rates can be quite prohibitive if you keep it long enough. So
if your need for life insurance is very short term this policy can be a
very good one to buy.
- 5 Year Level Term Life Insurance
People, and businesses alike love to take out loans for short terms like 5 years. A
5 year level term policy
can be quite an effective tool when used to cover that loan. If the
insured should die while there is an outstanding debt this policy will
pay off that debt.
The face amount remains level for the entire 5 year
period and so does the premium. Let us suppose you have a grandchild for
whom you want to pay college costs. You know you will accumulate
sufficient funds over the next 5 years, but what if you died before you
got there. You could use
cheap life insurance
rates of the 5 year term policy to guarantee the fulfillment of your desire.
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- 10 Year Level Term Life Insurance
10 year term life insurance
rates are a little more costly than the 5 year term but it would be
worth the extra expense for those who need life insurance for a little
longer period of time. Here you are getting a level amount of life
insurance with a level premium for ten years. Let us say you are a
single parent with a 12 year old child.
You feel that all you need this
policy for is to guarantee that your
child will be taken care of
financially until s/he graduates college. You may have other life
insurance for other purposes. The 10 year term policy could fulfill your
need for your child's protection. It would be wise, in this case to set
up the proceeds to paid in
the form of an income
upon your death.
- 20 Year Level Term Life Insurance
It is not only the life insurance rates of the
20 year policy
that most people love. This is a level death benefit policy for 20
years. The premiums also are level throughout. Most people like the 20
This seems to be a reasonable time to plan with life
insurance for most people. If before the end of the 20 year period you
feel you will still need life insurance you can always convert the
policy even if you find yourself
- 30 Year Level Term Life Insurance
This one is becoming more and more popular as time passes. The
level life insurance rates are fairly inexpensive even though they are a
little more than the 20 year term. The death benefit is level.
ideal for a young recently married couple especially if they plan on
having children in the near future. 30 years is a reasonable time to
plan for life insurance coverage. You can always convert the policy if
you feel you will need life insurance after the
30 year term period
- Whole Life Insurance Policies
whole life insurance policy
comes in many forms but it started out originally to be basically an
endowment to age 100. As time went by the premiums were lowered and as a
result it did not endow anymore. You have a level death benefit for the
entire life of the policy.
If you should die at any point during your
ownership of this policy the life insurance company will pay the face
amount to your
either in a lump sum or in the form of an income.
The whole life insurance rates are higher than those of term insurance but it has what is called
If you should need to put your hands on some cash in a hurry you can
get it from your whole life policy after it has been in force for a few
These cash values together with the dividends can also be used to
prevent your policy from going into a
state of lapse
if at some point you are unable to come up with your premium.
This policy can be used for just about any life insurance need if you can afford the life insurance rates.
- Waiver Of Premium Rider
The very inexpensive life insurance rate for a
waiver of premium rider
may be added to any of these policies. If you should become disabled
you will find it worth the small cost as the life insurance company will
pay the premiums for you during your disability. You must be disabled
for at least 6 months.
- Accidental Death Benefit
You can also add the
accidental death benefit
to any of the above
life insurance policies.
If you should die in an accident the life insurance company will pay
twice the death benefit to your beneficiary. The price is a little more
than that of the waiver of premium rider.
All of the above should be considered when selecting the best life insurance rates for your family as well as your business.
Can you think of anything more important than your Family's Security?
What would happen to Your Family if you died? Would they be provided
for? Compare Quality Life Insurance Quotes from Quality Carriers and
Save. Click Here To Get Started
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