What’s The Price Of Your Life And How Much Life Insurance Do You Really Need?
What’s the price of your life?
You may have decided that life insurance is the best way to protect your family’s future.
But getting the lowest possible insurance premium, taking into account the right length of term and benefit amount, is not an easy process.
Premiums with life insurance quotes can vary enormously in some instances so it is worth shopping around.
Do I take term or whole life insurance coverage?
There are two basic options when shopping for life insurance which is a term or permanent policy with term life covering you for a specific period and permanent covering you for the whole of your life.
If you have short-term financial obligations such as a child’s education then term life insurance is usually more than ample and can offer good coverage for the least amount of money.
But if you want to create an inheritance and protect your family’s future for a much longer period then a whole life insurance plan is the best option.
Not all term insurance policies are the same.
Although all term insurance policies cover you for a certain amount of time there are different kinds.
Flat-rate (or level) coverage – The amount of insurance coverage is fixed at the time you take the policy out.
Decreasing (or mortgage protection insurance) coverage – The insurance cover amount decreases over the term of the policy and more often than not is designed to tie in with the outstanding amount on your repayment mortgage.
Family income benefit – This provides your loved ones with a regular income not a lump sum in the event of your death. But it is worth bearing in mind that these payments only last for the period of coverage.
Increasing term insurance  – Premiums and benefits will increase each year in line with inflation. This is usually an option for you if you want to ensure that your family can carry on in the lifestyle it has become accustomed to.
Convertible term insurance – This gives you the option to convert to a whole-of-life insurance policy with the same insurer at the end of your policy.
What will affect my life insurance quote?
Your age and state of health are the main factors determining how much you will pay for life insurance coverage. Generally the younger and fitter you are the less you will pay.
If you are a smoker you will pay more. But remember that life insurance premiums have fallen in the past five to 10 years so it may be possible to get a lower premium than the one you have now.
Things to consider before selecting a life insurance quote:
* Read the policy over carefully. Make sure you look at the clauses and exclusions sections in detail.
* Check to see what life insurance coverage you may already have (through work for example).
* Always have your Life Insurance policy written in trust. This means that in the unfortunate event of your death the money goes directly to the named person and also avoids the family having to pay inheritance tax.
* Are you likely to need critical illness insurance in the future? Then consider adding it now to the life insurance policy you’re arranging.
* Will the life insurance policy enable you to vary payments as personal circumstances change?
I don’t have the time for all this? Is there not an easier way?
With so many life insurance companies out there it can be very time consuming sourcing quotes from each individual provider to ensure you get the best deal.
We can help you compare costs by providing you with a free, online life insurance quote from some of the leading life insurance company’s in Richmond, Virginia.
The insurance industry is constantly evolving. Insurance providers are forever trying to refine the balance between cost and coverage. As competition gets stronger, companies are working harder than ever to bring you the best protection at a price you can afford.
Whether you are searching for Medicare supplemental insurance, annuities, life insurance or niche plans such as guaranteed life insurance, you need to be one step ahead of the game if you want to get the most out of your policy. This is where we come in...
| We are the Life Insurance Experts Our agents are expert in the field of insurance in Virginia. Did you know that some insurance laws and plan prices differ from state to state? We will help you get the best plan for your money, wherever you happen to live. No matter what type of insurance you are looking to buy, it is important to us that you get it right first time. This could save you a lot of stress - and possibly lots of money. | Servicing the Senior Market As a client, your needs are a priority. We offer several services for retired persons aged 65 and over as well as guaranteed plans for those who have been diagnosed with a pre-existing condition. Final Expense Life insurance is one of our most popular product categories, and rightly so. If you spend large sums on out of pocket burial expenses you can really benefit from one of these policies as well as enjoying substantial savings. |
Your family will always come first; you wouldn`t want them to have to bear the financial burden of your last days. No matter what your age, it`s always good to have a plan as to how you intend to cover these costs. Final expense insurance will pay for your funeral service and other associated costs.
Your standard of living is important to you. Should you be taken ill or suffer mobility problems further down the road, we want you to lead the most comfortable life you possibly can. Long term care insurance makes this possible. It also lifts the burden of care from those around you, improving the standard of living for everyone you hold dear.
We know about the benefits and pitfalls of group versus single insurance policies; employer sponsored health plans; term versus whole life and other insurance `gray areas` that customers often wish to better understand. Please don`t hesitate to call us with your questions, no matter whether you are a valued customer, a potential one, or if you simply need advice.
