It is obviously of great importance that one gets expert guidance in deciding on which policy best fits one’s needs and budget, whether it’s term life, guaranteed life or single premium whole life insurance. Companies offering life insurance quotes are plentiful, but we at Insurance Care Direct can expertly guide you in protecting your loved ones and/or your business in covering those with whom you have an insurable interest. If you’re looking for whole life or term life insurance online quotes, please contact us at your earliest convenience for a no obligation consultation. Our licensed agents will carefully go over all of your life insurance options, provide a life insurance quote, and help you decide which is the best and most affordable for your current situation. We will also be there in the future as your needs change to either modify or replace your current policies as needed – guaranteed. Life insurance can provide peace of mind to you and your loved ones.
Getting The Best Life Insurance Quotes
Insurance companies can offer term life, whole life, and other guaranteed life insurance policies. Each type of insurance is different, but all life insurance policies have an insured (the person on whose life the policy is written), an insurer (the company that will pay in the event of the insured’s death) and a policy owner (the person or entity that will receive payment). The owner and the insured are often the same person, as one will often take out a policy on oneself to protect one’s family in the event of one’s death. One may take out a policy on another person if one has an insurable interest in another such as a family member, business partner or key employee. Premiums are determined by many factors, the primary ones being health (including use of tobacco products), age, and gender. Occupation and lifestyle including one’s travel into high-risk areas may be grounds for being declined for coverage. All such determinations are made by an insurance company’s underwriting department which utilizes Actuaries, those who statistically calculate the feasibility of the company profiting on a particular set of a client’s conditions and circumstances. The pool of clients is divided into risk classes where the class as a whole has to produce more premiums than the amount paid out in claims, lest the insurer operate at a loss and be unable to pay out claims as guaranteed.
Life Insurance Categories
The three major categories of life insurance are generally regarded to be temporary (term), permanent (whole life) and accidental death and dismemberment (A.D. & D.). All of these policies would be considered as guaranteed life insurance . The most popular type of life insurance is term, otherwise known as temporary or pure life insurance. A term life insurance policy has no cash accumulation value, covers a person for a specific number of years at a specific premium, and has a face amount, which is what the policy will pay in the event of the insured’s death. Some term policies are valued at an amount equal to one’s current mortgage so it would be paid in the event one dies. An important feature of term insurance is guaranteed renewability, which allows the insured to renew the policy regardless of any new medical conditions that would otherwise cause one to be uninsurable. Get online life insurance quotes on term life insurance today from Insurance Care Direct!
The next type of insurance is whole life. Insurance companies break these into three general types of whole life policies which stay in effect until either the insured’s death or until the policy owner stops paying premiums- standard whole life, universal life and endowments. Standard whole life policies have fixed premiums and accumulate cash values that may be borrowed against, although such loans obviously decrease the amount of the policy if not repaid. Such policies may be beneficial particularly if one would otherwise have difficulty in saving money. Universal life policies add several features to standard whole life- more flexibility of premiums and more specific internal costs and rates of return. Universal policies, however, have cash values which are not guaranteed and the policy may not be in force if the insured fails to make additional premiums to add value if interest rates are low. Endowments are a way to bestow money when the insured reaches a certain age. The cash value is designed to equal the death benefit at a certain date. The time during which premiums are relatively short and the maturity date is reached sooner as compared to other forms of whole life. This creates considerably higher premiums with endowment policies. Insurance Care Direct can explain more about thesewhole life insurance companies and their policies in greater detail.
Single Premium Whole Life Insurance Quotes
AD&D policies specifically cover death or dismemberment (loss of limbs, eyes etc.) by accident only. Such life insurance policies typically exclude certain high risk professions or activities and may be added at extra cost to standard life insurance policies. Traditionally referred to as double indemnity coverage, such a rider would pay double the amount of the policy if death is accidentally caused.
You can research whole life or term life insurance quotes . But, whatever type of guaranteed life insurance you may need, please contact Insurance Care Direct toll-free at 866-792-5976 to speak with one of our life insurance specialists and begin protecting your loved ones or your business today.