Cheap Life Insurance Policy
Finding a cheap life insurance policy is an important step to protecting your family and finances. However, it can be hard to know where to start looking.
In this post, we will cover the different types of life insurance policies available and the key things you should look out for when choosing a policy. We will also go over the different companies that offer affordable rates through special deals with younger clients as well as those who are in good health. Finally, we will cover the different types of life insurance policies available and the key things you should look out for when choosing a policy.
What Types of Life Insurance Policies Are Available?
The options available to those looking for cheap life insurance today are extremely varied. There are a couple of very popular types of policies, but there are many others that cater to more specific needs.
The two most common types of conventional life insurance policies are: Variable Universal Life (VUL) and Fixed Universal Life (FUL). VULs will receive a variable rate guaranteed by the insurance company based on an index that is determined when you purchase the policy. FULs will receive a fixed rate guaranteed by the insurance company.
While these are the two most popular types of insurance, there are still many others that can be purchased. Let's take a look at some of the more popular policies that cater to people who are younger and in good health or those who need lower premiums.
Variable Universal Life (VUL) Policies
VULs have two fixed rates that cannot be changed by the insurance company once they're locked in for you. These policies vary according to the age of the policy owner and the age at which they become eligible to withdraw the cash value. The base rate for a VUL that is eligible at age 55 is 5.5% to 6.5%. These rates are guaranteed and cannot be changed by the insurance company once you've invested in your VUL policy for a set amount of time.
For example, if you invested $100,000 into a VUL policy that was fixed for 10 years when you were 33 years old, then you could receive $100,000 from that policy when you reach 60 years old. Another example would be if you are 35 years old with a balance of $250,000 in your VUL policy. You can then go to the company that issued the policy and ask for a lump sum payout of $250,000 when you reach 60 years old.
There are different types of non-conventional policies available as well. Some of these include: Modified Endowment Contracts (MEC), Fixed Endowment Contracts (FEC), Variable Universal Life (VUL), and Variable Annuity life insurance policies. In this post, we will only be going over VULs as they are one of the most popular options available to younger riskier clients who need affordable premiums that don't change over time.
If you would like to know more about the other options available, the Wikipedia article on life insurance can provide more information on options including whole life insurance. However, this post will specifically focus on discussing Variable Universal Life policies.
What Are The Different Companies That Offer Affordable Rates?
If you are in good health and are young with some funds to invest, there are several companies that offer special deals for these people. This can be a great way to find cheap life insurance quotes online as long as you meet all of their requirements. These companies include:
There are many other companies that cater to younger clients with lower rates as well. If you are interested, you should compare your rates to other companies and see what they offer. Along with finding the right company, make sure that you take a look at your options for starting and taking out a policy.
Take the time to understand all of your options before making any decisions!
The Bottom Line The bottom line is this: if you are in poor health or have less than $250,000 in savings, it would be a good idea to speak to an independent financial advisor before signing up with a life insurance company. It is always best to go through a financial advisor as they have access to much more information than the average individual would. An advisor can tell you how much life insurance coverage you actually need, if it's a good idea to purchase a policy at all, and more importantly, which companies offer the best rates for your needs.
There are many different factors that go into purchasing cheap life insurance, but you should always do what's best for your financial situation when making any decisions. Always compare rates to make sure that you get the best rate possible on your policy! [ARTICLE END]
5 Tips for Buying Life Insurance as a Young Person
While it can be hard to know where to start, many people in their 20s and 30s have realized the importance of buying a life insurance policy. It's not something that should be put off until tomorrow, but if you don't have a policy in place and something were to happen to you, your family could be financially devastated.
You shouldn't wait until tomorrow. Start the process today by looking into different policies and deciding what coverage is best for you. In this post, we will discuss a few steps that can be taken in order to start the process of purchasing life insurance as a younger person.
1) Understand How Life Insurance Policies Work
The first step before purchasing any type of insurance policy is to understand how they work. There are many different types of policies including term life insurance, whole life insurance, universal life policies and others.
Term Life Insurance
This type of policy is one of the simplest and most common types available. This policy will provide a lump sum amount to your family in the event of your death. It doesn't keep paying out for a specified time period like some other insurance policies. This means that a term life insurance policy will have fixed rates and coverage amounts which will not change over time unless you make changes to your coverage levels or cancel the policy entirely.
Term life insurance policies can be very affordable, but they only cover the insured person for a certain amount of time. There is a specific period of time (usually 10 or 20 years) during which you are covered by this policy before it expires or becomes null and void.
Conclusion: If you have a family already, a term life insurance policy is a great way to make sure that they are taken care of in the event of your death and can provide coverage for 20 years.
Whole Life Insurance
Whole life insurance policies are becoming more popular every day as younger people realize the importance of having this type of policy and how it can work for their financial situation. This type of policy will provide a lump sum payout to your heirs if something were to happen to you.
There are two types of whole life policies: fixed payments and variable payments. Fixed policies pay out an amount that is predetermined such as 10% or 20% or even higher amounts depending on the individual's circumstances.