 |
Links |
| Home |
| California car insurance |
| insurance leads |
| Texas Health Insurance |
| workmans comp |
| California car insurance |
| Sitemap |
Whole Life Insurance Quotes
|
What is A Whole Life Insurance Policy
There are many types of life insurance polices that assure the policyholders of the transfer of risk. Term life insurance and whole life insurance are the two of most popular insurance polices. A whole life policy provides death benefit that is usually a level death benefit but sometimes, it can also be customized to provide an increasing death benefit.
There are two main types of whole life insurance policies known as par whole life and non-par whole life policies. Par whole life policies are aimed at generating dividends, which are a partial return of premium in addition to investment growth, if any. However, these dividends are not guaranteed and fluctuate almost every year. At the time of sale of the par whole life insurance policy, insurance agents present a projection of the dividend that will be generated by the policy in future. As the dividends are not constant, it is advisable to check these projections from time to time. Non-par whole life policies are different from the par whole life policies in the aspect that they have no dividends. This type of policy does not project the future cash values, but guarantees them.
There are many other types of classifications in non-par whole life policies according to their terms. These policies are whole life quick pay, whole life pay for 15 years, whole life pay for 20 years and whole life pay to age 65. Whole life quick pay is a guaranteed level premium policy with premiums payable for a very short period of time, which can be as little as 5 years. Whole life pay for 15 years and whole life pay for 20 years are guaranteed level premium policies with premiums payable for 15 and 20 years respectively. Whole life pay to age 65 years is also guaranteed level premium policy where the premiums are payable till the policyholder 65 years of age. For all these policies, death benefit is level and is paid up at the time the premiums stop.
Customers can choose from these various options in whole life insurance after performing an extensive research or taking the help of an insurance professional.
What A Quote Has To Do With Buying A Whole Life Insurance Policy
Buying a life insurance policy is a neither an easy nor a simple task. Many levels of life insurance professionals are involved in making a single life insurance policy sale. At a glance, it might seem that the life insurance agents or brokers are the one solely inundated with the task of selling a policy. Insurance agents and brokers are the ones who search and contact potential in order to convince them to select the products of their company. However, an entire army of insurance professionals such as back office assistants, underwriters, and customer service executives are there to support the sales. These support professionals not only lend their expertise and support for sale but they are also equally responsible for retention of existing customers.
There are many steps involved in choosing the best whole life insurance policy. The first step is when you request for a quote through a website that offers insurance consultation or approaches the agent directly. The insurance agent or broker then prepares an estimate and presents it to you. This estimate contains a measure of the approximate amount that the whole life insurance policy will cost you. It is calculated by considering various personal as well as professional factors related with the your life. These factors are hobbies, nature of work, lifestyle, medical history and family history. It is up to you now to accept or reject the quote, depending upon the rates and services offered.
After you accept the quote, the agent or the broker collects all relevant information and documents and sends to the underwriters for review. The underwriters then categorize you and fix a final premium for the life insurance policy, which or may or may not match the quote provided earlier.
After the insurance company has agreed to accept the risk on your behalf, it sends policy documents to confirm all the factors such as death benefit, term of the policy and premium in writing. As long as you pay the premiums regularly, the policy covers all the risks.
Comparison With A Term Life Insurance Policy
Whole life insurance and term life insurance are the two most popular types of insurance policies available in the market. Term life insurance is available in various terms, from one to one hundred
years, and the rate for each type of policy is different. While comparing rates, not only the terms but also the advantages and disadvantages of buying a whole life policy and a term life policy must also be weighed. It is possible to find affordable rates by conducting a research of the local life insurance market. This can be made possible by applying for quotes with various companies. This allows the customers to get the best insurance rates and decide on a policy that will best suit the their requirements.
Term life insurance policies are a type of insurance where a person is provided coverage for a certain specified period. The policy owners decide this period of the policy according to their requirements.
Term life insurance is a preferred form of insurance as this kind of insurance is available for very low rates, making it affordable for almost anyone. Insurance companies offer low rates by adjusting contract time periods, conversion credit during the first five years and transferable waiver of premium. However, customers in dangerous professions fall in to the high-risk category and therefore, are offered high rates by insurance companies.
Whole Life Insurance Policy Rates and Quotes
Whole life insurance is purchased to offer protection to people and their families against losing their income in case of unexpected death of the earner. The policyholders are required to make periodic fixed payments to the insurance company to keep the policy in force. The insurance company in turn promises to compensate the beneficiaries named in the policy in the unfortunate event of the policyholders death. The periodic payments are known as the insurance premium and are determined on the basis of several factors. Whole life insurance policy rates are offered on the basis of factors such as customers medical history, occupation, and age. There are various types of insurance and the customers can evaluate the coverage on the basis of their differing requirements. It is possible find a life insurance policy for all types of individuals such as people facing bankruptcy, requiring long-term care or even terminal illness in certain cases. Life insurance agents or brokers can also be contacted to help the customers find the best affordable and suitable insurance policy. There are certain riders and additional coverage options that may raise the rate a little, but can prove useful in the long term. Insurance agents can help immensely while making these crucial decisions.
Other
Articles |
||
