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Universal life is permanent life insurance that will never terminate. It is an excellent policy design that is not temporary like term insurance. Universal Life will never end as long as you keep paying the premiums. It will last the rest of your life offering permanent protection. It does cost more that term, but it should be considered before you apply. Most people have never heard of this excellent policy and just jump into purchasing a term policy. It can also be combined with term to make an excellent life insurance portfolio. Most agents never take the time to mention universal life insurance as an option to their clients.

A health classification is a very important factor that helps determines your rates. The better the health class, the lower your rates will be. Examples of classes would be Preferred Best, Preferred, Standard Plus, Standard and so forth. Getting low rates will depend on being approved with a good health class. You can read our health classification blog post for more information.

How long a term life policy stays in force will depend on what term period you apply for. Many people choose to short of a term period and then regret it later. The policy will terminate while the individual still needs life insurance. The normal term periods usually start at 10 years and go to 30 years in length. Banner Life now has a 35 and 40-year term product. Our term life insurance blog post will explain more in detail. Choosing the correct term period takes some thought and planning to make the right choice.

Life insurance rates like other forms of insurance never ever vary between agents. I am referring to the products of the exact same life insurance company and plan design. Insurance company actuaries set and publish the rates. All rates are regulated by law in each and every state by their Department of Insurance. Check out our blog post that will explain this in detail. Many people believe that agents set and control the rates which is a complete fallacy.

Living benefit term life insurance policies offer many benefits for the insured while he or she is alive. These policies can offer terminal, critical and chronic benefits. Just for example, if an individual has one of the living benefit policies, they can receive up to 90% of the face amount if they encounter a heart attack, kidney failure, Cancer, stroke and other critical medical conditions. These policies cost about 15% more but offer much more value than a conventional term policy. Take a moment to read our living benefit blog post to learn more about them. Over 90% of life insurance applicants are never informed these policies even exist.

Life Insurance rate bands are discounts for life insurance as you move from one tier of face amounts to another. For example, if an individual wants a $200,000 term policy. It will normally cost less to buy a $250,000 policy due to the fact you fall into a different rate band. In other words, the life insurance was discounted because of buying in bulk so to speak. Working closely with rate bands can save you a lot of money. Take a moment to read our life insurance rate band blog post for more information. Most consumers are never informed that rate bands exist or can save them money.

Return of Premium life insurance can be an excellent product for the person who wants all of his premiums returned. If you purchase a return of premium term policy and you outlive the term period. You will receive all your premium dollars back from the insurance company in the form of a nice check. The ROP rider does cost more but it can be worth it to consider. Most life insurance buyers are never informed of this product. This is a product you should be aware of and consider as a possible option.