Have You Heard About This Life Insurance?

 

Have You Heard About This Life Insurance?

Looking for information on life insurance quotes and policies? Here is a primer on the insurance types you've heard of, and the ones you haven't.

Life, and the insurance policies to go along with it, are complicated. Sometimes even finding simple insurance quotes can be difficult, which is why we've decided to offer a primer on the different life insurance policy types out there. Below is some information on the policy types, the typical rates, and how to find the right one for you.

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Term Life Insurance

Term life insurance is called this because it covers you for a "term" or a previously agreed upon period of time. In general, these terms run from between five to 30 year, but policies are available for up to 40 years as well. One of the advantages of term life insurance policies is that they have fixed rates that won't increase during that term. But once the term is finished, you will have to find more coverage, and that will be rated at your current age, health, and risk, meaning you will end up paying more.

Term life insurance usually offers the most reasonable rates of all kinds of insurance but, as with all policies, they vary widely on a person-to-person basis. A healthy woman in her 20s, for example, is going to pay considerably less than an unhealthy man in his 60s. A healthy woman in her 20s that smokes will pay double or more the rate of a 20-year-old non-smoker. No matter the policy, however, you can contact experts at InsurEye to walk you through the rates and which policy will be the best for your life plan.

Whole Life Insurance

Whole life insurance is just that: an insurance policy that covers you for your whole life and offers some advantages that other kinds may not. In general, the premiums start higher, but you have access to a high-interest account for savings, and there is a chance of dividends if you own what is called a participating whole life policy.

Here's how it works: your insurance company has a high-interest account in which they invest part of your premium (after deducting for the policy itself and the policy fees). Every time you pay your premium, the balance increases on the cash value. In time you can leverage the cash value by borrowing against it or using it to enhance the policy. Note that you need a significant amount of money in the cash value account for any of these strategies to work, and it takes time to build up. When used strategically, however, this is an excellent long-range savings strategy.

Whole life insurance policies offer a large number of benefits and a surprising amount of stability, but the rates are considerably higher than that of term life insurance. In fact, the rates can be as high as 10 times to a comparable term policy but remember, a term policy does not come with many of the advantages of whole life policies and as you age, term becomes very expensive to obtain. If you buy whole life insurance when you are young, you will save on premiums over the span of your lifetime.

Variable Life Insurance

Variable life insurance policies are like whole life policies but with a little more flexibility. Like whole life, they are a policy for the rest of your life. The difference lies in the investment account. Unlike a whole life policy, your variable life insurance account operates more like a mutual fund where people's money is bundled together to work. This gives you more options for how your money is handled but also means it operates like an investment and is subject to variables in the stock market. While whole life insurance also has a cash value account that slowly builds, variable can offer better payouts as you move along.

As for rates, variable is just that: quite variable. This is why many people who want to choose this type of insurance rely on the expertise of an insurance professional like those at InsurEye. We can help you figure out the best variable policy and walk you through their many options so that you can figure out what works for you.

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