When most people start their complicated task of finding the best life insurance quotes online, they are mainly geared up for locating the lowest rates and having the most affordable premium they can find. Does the average consumer really know what type of life insurance he or she should purchase for their specific needs?
Most of the time the answer is no and they will bounce around from website to website wasting a lot of valuable time in the process. Knowing what is the best life insurance to buy for your specific needs is usually more important than finding the lowest premium. Our quoting system will instantly display well over 40 of the most trusted and highest rated life insurance companies.
Affordable Term life insurance is the first type of life insurance that comes to a consumers mind. There are other choices you need to consider before you apply.
Due to the heavily saturated advertising of Term life insurance on the internet, television and radio, most people don’t even consider any other type of life insurance products that are available on the market. Term life insurance is an excellent product and usually has the lowest premium but it might not be right for a consumer depending on his specific needs.
The most common Term product that comes to mind is the 20 year Term life insurance policy. Many people believe that this is the plan for them because of the advertising they have seen over the years. What type of life insurance you should consider? is the whole foundation of being properly insured. Keep in mind that Term life insurance can be purchased with a 5, 10, 15, 20, 25 and 30 year term period.
Not knowing what life insurance policy is best for you can be a severe problem down the road and can be actually devastating one.
I do not want to sound like an alarmist but here is a good example to show you what could happen and how this does happen to people throughout our country on a regular basis.
Example – John Doe is 28 years old and has just been married and just took on a 30 year mortgage from purchasing his first home. John’s wife tells him to purchase life insurance to protect his new financial liabilities which is good advice on his wife’s part. John gets together with an insurance agent and tells the agent he wants to apply for a Term life insurance policy and to be specific he tells his agent that he wants a 20 year Term life insurance policy.
John’s agent helps him apply and become approved and the policy now goes into force. Everything at this point seems great. There was never a discussion between John and his agent that the term policy would be great if his liabilities only last for 20 years. Also there was no mention that this policy is temporary life insurance which is good for a 20 term period and the policy terminates and John is without life insurance at age 48.
Continuing to pay on an expired term policy or using you conversion option can and will be expensive.
The good Term products have conversion rights and can be converted into a permanent Universal life plan but don’t plan on that, because the expense could end up becoming unaffordable for this to be a good option. Now we have John Doe and his 10 more mortgage years to go with the financial liabilities of a wife and children now also in the picture along with the other expenses like car payments and trying to save enough money for college tuition for his kids. John could go out and buy a new policy now at age 48 but his new life insurance premium will be much more expensive and that is if his health history is acceptable at this point in time.
Was purchasing the very common 20 year Term policy a good decision? Not in this case I am afraid, but it could be an excellent choice for others.
Purchasing the affordable 20 year term life insurance policy did not turn out to be a wise decision and John Doe now has a problem with no simple or inexpensive solution to choose from. The bottom line is everyone has their own needs for life insurance and this becomes more complicated when you are considering there is no knowledge of what the future has in store for us. This type of problem was easy to see on the radar screen and John should have had someone explain the types of life insurance products in better detail unless John was too stubborn to listen thinking that the agent was trying to oversell John a life insurance which would have been more that he needed.
An excellent life insurance portfolio for a young person would be a combination of affordable Term life insurance and the permanent Universal life insurance packaged together.
Combining a 30 year Term life insurance policy with a smaller Universal life policy will keep the client insured for the rest of his or her natural life with no dangerous gaps in coverage. It is usually better to go with the longest Term period possible and then cancel the policy if need be down the road. This surely beats the alternative of ending up uninsured because of the insurance expiring and leaving you uninsured at a financially volatile point in your life. Finding yourself uninsured with an extensive list of financial responsibilities could be a severe problem that can very easily be avoided with simple planning before you make your life insurance purchase.
Talk to an experienced life insurance agent and eliminate making any costly mistakes choosing the correct policy.
The first and most important step is to locate an experience life insurance agent that represents a full line of life insurance companies and can use the most appropriate carrier for your particular age and health history. Using the correct company is critical when shopping for life insurance. Trying to do this research is yourself without the assistance of a good agent is like looking for a high quality piece of jewelry without the aid of a good jeweler to help you. You will make mistakes because you are not trained in this field.
There are many types of low cost life insurance available on the market today with benefits such as “return of premium” life insurance and Term life insurance with “living benefits” which pay out benefits while you are alive. Our quote engine will display the best Term life insurance quotes from all the best life insurance companies. What type of life insurance should you consider? Review all the major types to show you what options if have.
If you are looking for the best and most affordable life insurance, start out by getting together with an experienced life insurance professional that can prevent you from making any mistakes. Their assistance is totally without any cost to you. If you have any questions and you would like any help, please feel free to contact us 7 days a week. Our service is free and without any obligation. Thank you for visiting our blog.
Here is our service area where we help people save money on their life insurance:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, District of Columbia