Whole Life Insurance Or Term Life Insurance?

Whole Life Insurance Or Term Life Insurance?
By Timothy Rohrer

Whole life insurance when compared to term life insurance is becoming increasingly popular for the first time in several decades. In the wake of the financial crisis, individuals have become increasingly concerned with receiving a good value for their consumer dollar. While each type of life insurance has certain benefits and is more or less appropriate for different needs, whole life does more to offer permanent protection.

The Basics

At the most fundamental level, a whole life insurance policy serves as an investment account that slowly builds value over the course of one's life. Monthly premiums tend to be higher than for term policies, but these policies build value and can never expire. As one works towards the maximum benefit amount, you make investment allocation and can see the rate at which the cash value of the policy grows.

In contrast, a term policy will carry a typically lower monthly premium, but provides a set death benefit to an insured person up to a certain age. The very real possibility that the policy holder will outlive the policy means that after a lifetime of contributions, you may have to buy a new policy as you age with a significantly higher cost - the older you are, the more a term policy will cost.

The Winner

For years, as the world became more disposable, individuals were gravitating toward term policies because they provided immediate protection for a low cost. There was little concern as to what happened after the upper bound was reached. As the financial meltdown has signaled that permanence should be valued, for the first time in decades, the growth of whole life policies is outpacing term policies.

The most appropriate choice may be different for every person's circumstances, but checking quotes on each option is the most prudent decision. Be sure to check around on various sites as quotes can vary drastically from one place to another.

For more information and to get the lowest rates possible on term and whole life policies, visit http://www.quotelifeinsurancerate.com

Article Source: http://EzineArticles.com/?expert=Timothy_Rohrer

Whole Life Insurance Or Term Life Insurance?

Certain Options Available With Term Insurance

Certain Options Available With Term Insurance
By Patrick G Huddlestone

You may not realize it, but there are different options and extras that are available with your life insurance policy when you decide to opt for level term insurance. Many people think that level term insurance is something that comes with no basics at all, but the truth is that are some things that you will need to consider before you decide to go ahead and purchase a policy.

Sometimes discussing these different options may seem a little confusing, but if you know what you want you can build a very specific policy to fit in with your lifestyle and your needs.

For example, if you are someone who is worried about coming down with a critical illness and being unable to work, then you can add this coverage to your term insurance policy.

This is an important addition that you can put into your insurance to make sure that even if you are unable to earn money or work during an extended period of time while you are critically ill that your family will have the money that it needs to remain afloat and to keep the bills paid. However, this is something that you will need to make sure that you put into the policy when you write it as it could be denied at a later date.

Another option that you can get on your level term insurance is a premium waiver, which is an option that will also make sure that your insurance does not lapse because of an inability for you to pay your premiums if you should happen to suffer an injury or have an illness and are unable to work.

This is a way to make sure that your insurance remains in effect even if you should suffer a problem with an injury or illness that is not necessarily "critical," but is serious enough that you are unable to work to earn money. You will need to make sure that you read through this policy option so that you know exactly what the specified period of time is that the payments will be covered.

You will also want to make sure that you read through the policy information so that you can find out what coverage is offered. This is something that is going to vary between policies and between companies. So the best way to make sure that you are getting the coverage amounts that you need is to carefully go through the coverage options.

If there is something that you do not understand or if you think that you need more information to make an informed decision, then you will want to make sure that you directly contact the insurance company to find out more.

Any time that you are looking into a level term insurance policy then you will want to make sure that you fully understand the policy that you are signing on with and what your different options may be. If you have any problems or concerns then do not be afraid to ask the insurance company, they can often work to fit a policy around you.

Article Source: http://EzineArticles.com/?expert=Patrick_G_Huddlestone

Certain Options Available With Term Insurance

Term Life Insurance Quotes Give You Details About the Policy

Term Life Insurance Quotes Give You Details About the Policy
By Delnaz Thompson

If you have a low budget and want to buy an affordable life insurance policy then term life insurance policies are the best options. But it is not quite sufficient to get lower term life insurance rates; rather you have to ascertain that the policy that you are taking will be sufficient to meet your purpose of buying the policy.

If you are unsure about the terms and conditions of various life policies then you might take the help of a broker or an underwriter. They being more accustomed to the present rates will be better equipped with all the information that you need before getting a policy.

As the main purpose of an insurance policy is to assure financial security for your loved ones hence before buying a policy makes sure that the policy amount that you take should be sufficient to fulfill the needs of your family after you are gone. Apart from the rates of life insurance policies it is important to get the quotes for the policy that you have decided upon.

For that you can get the quotes from an insurance agent or you can avail the quote services over the net. this process of getting online quotes is quite easy and you will have to give certain information over the website and the quote services will get you multiple quotes from various companies which you can compare and decide the best quote.

Understanding the financial aspects of the policies are important so that at a later stage in the term you do not feel inconvenienced. As the term life insurance policies offers only death benefits, hence the beneficiaries can claim the benefits only if the insured person dies within the stipulated time of the policy. The policy holder should be careful that the premiums are paid regularly or else the policy lapses which again can be revived by paying some additional amount.

The time of the policy should be so decided that it covers the life of the insured person. Taking the term policy for a short term will not be of any help as the beneficiaries will not gain anything form such a short timed policy.

Term life insurance rates are decided in such fashion that affordability aspects remains a major focus in them. Affordability is the key aspect of term life insurance rates. These rates are completely modified at those occasions when the term of a policy ends and you are renewing it once again to have life coverage of yours. The best option is to buy term policies for a specified fixed term period decided after proper planning that is sufficient and you don't need to renew it anymore - henceforth you don't pay higher term life insurance rates.

To understand the policies better and also for better investment options you can get the quotes for different policies. The quotes will provide you detailed information on all the aspects of the policy. You can also take the help of an agent or an underwriter who will be able to give the break-up of the premiums and the benefits due under the policy scheme.

You can choose a broker who has a multiple carrier profile so that he can suggest the best option to you. He will be able to guide you where to invest and how it will give better benefits and so on. The term life insurance quotes are also available over the net and you can get it very easily just by answering a few questions.

Keeping such crucial factors in consideration the policy buyer shouldn't compromise in selecting term life insurance quotes. They should be drafted after complete planning. Most importantly involvement of experienced and knowledgeable underwriters and brokers is important.

You can't expect to have best term life insurance quotes if the primary information you provide is not accurate. Single wrong information of yours and concealing something that could have offered some input into the quote may change the scenario completely and the term life insurance quotes prepared would hardly have any impact.

If the quote is not clear enough to you then you can take the help of an insurance broker or an agent. Better still, you can choose brokers who deal in more than one carrier. This will enable you to get an approximate idea of how the policies from different companies are going to cost you. Then you can compare and settle for the best policy. Before buying any policy, make sure that the payment options and benefits offered suits you.

Nowadays the insurance companies are coming up with many insurance options that are term life but can act as investment options also. You will have to keep track of the latest policies that are being offered in order to avail the best deal. For further details on the policies you can contact the customer care desk.

They will give you the quotes, which you can compare and decide whether it is the best offer or not. As the main aim of taking a policy is to give financial stability to your family hence it should be taken at an early age to get the maximum benefits and at a very affordable price.

To get the most competitive life insurance, check out Delnaz Thompson's site. She specializes in the different cheap life insurance. Visit her site for more information.

Article Source: http://EzineArticles.com/?expert=Delnaz_Thompson

Term Life Insurance Quotes Give You Details About the Policy

Long Term Care Insurance

Long Term Care Insurance
By E. Tunis

With the country deep in a nasty recession, it should come as no surprise that new statistics show roughly 64% of those soon to retire won't have enough money saved to maintain their lifestyles.

When you retire, you have expectations of being able to do pretty much what you want to do. But what if you don't have enough money to do that? What if your standard of living dropped instead, to a level you never imagined was possible?

If you don't have medical issues, things might be just dandy. However, with the advent of better technology, we are living longer. Living longer may well mean some type of long-term care. While this may be a reality, there are a lot of couples that are not prepared financially to pay that kind of expense out of their pockets. This is where long-term care insurance comes into the picture.

While you might get tired of hearing that insurance of any kind is easier to buy when you are younger, that's the truth; it is easier. Sure you wonder if it's worth the expense when you are in your 40s or 50s and in pretty good shape.

Even if you are in relatively good health, thinking in advance is a smart thing to do for your future and that of your family as well. The other hard core truth is that if you wait too long to buy the kind of insurance that you need, you might not be able to buy it.

Here are a couple of statistics that will get your attention and get you thinking. They're from the American Association for Long Term Care Insurance who reveals that virtually 70% of all those who apply for long-term care insurance who are 45 to 54 get accepted.

Those in the age bracket of 65 to 74 don't always get accepted, and the approval rate plummets to about 40%. Policy costs also double for those 65 and over; that is double the cost of what it would have been had you applied when you were 55.

It never hurts to think that you will always be healthy and never need long-term care, but to be blunt, that is honestly not a very realistic point of view. Other studies have indeed shown that just about half of us will need some form of long-term care.

Sure you might think that long-term care insurance is expensive and you might not need it and besides, you have a higher chance of being hurt in a car crash or your home going up in flames. That well may be true, but you "do" have insurance for both of those events, so why not have insurance for the possibility of long-term care? It only makes sense and protects you later when you need it the most.

The American Stroke Association says that about one-third of stroke victims become permanently disabled and that one-third of stroke victims are under 65 years old. Those under 65 would not have had the chance to finish stashing money in their retirement fund before losing their ability to work. Think about this - the costs of long-term care.

On average it runs about $75,000 a year with one in five Americans needing care for at least a year and about 3% requiring care for more than five years. Some patients with dementia will need care for longer. There is no way your family will be able to afford those costs.

On the other hand if you did buy long-term care insurance early and paid $100 a month, that total at the other end when you really needed it would far outweigh any retirement savings or financial reserves you may have at your disposal.

Which chance would you rather take? Not having long-term health care and being unable to afford it? Or having long-term health care and knowing your care will not be a problem for you or a burden to your family. These are tough questions and ones that should be discussed with an expert insurance broker. They won't sugarcoat what you need to know and will tell you precisely what would work for you for the long-term.

Article Source: http://EzineArticles.com/?expert=E._Tunis

Long Term Care Insurance

Long Term Disability Insurance Explained

Long Term Disability Insurance Explained
By Ken S

Long term disability insurance is important and everyone should have it. Like life insurance, disability insurance is used to protect the livelihood and lifestyle of your family. In the case that you get unexpectedly sick or hurt and are unable to work, a long term disability policy will make sure you and your family can survive.

For example, if you get sick or are involved in an accident, you may have medical insurance that will cover your medical bills while you receive treatment. But what if that sickness or accident makes you unable to work for a long period of time while you are recovering?

Who will pay your mortgage (or rent), car note, utilities, groceries, children's tuition, and other expenses that keep you and your family living from day to day? This is when long term disability insurance kicks on. If you do not have any long term coverage, your family could be in for a serious financial struggle.

What Does This Coverage Mean?

Generally, "long term disability insurance" refers to coverage that will be paid out for more than 6 months. When you are eligible, these policies pay you up to 80% of your wages. This could mean the difference between keeping your household together and losing your house.

How Long Is The Payout?

The length of the payout will depend on the coverage you choose. Some long term disability insurance policies will pay just 3 years. Others will pay up until age 65 (no matter how many years you are from age 65 at the time of eligibility). Either way, at age 65, policyholders are expected to apply for standard government social security benefits.

How Long Will The Policy Be In Effect?

Some policies can never be canceled. This means as long as you make your monthly premiums on time, the insurance company cannot ever drop your policy. You may also be able to purchase a policy that is "guaranteed renewable". This means that your policy will be renewed and your premium cannot be raised as long as you are current with your payments.

There are different policy options (including short term options) that allow for various amounts of coverage in order to keep your premiums at an affordable rate. Having long term disability insurance is a great way to ensure that your family will not have to endure a catastrophic financial situation in the event you are unexpectedly unable to work due to illness or injury.

You can get disability insurance in most states and it is easy to apply for. Take a minute to get a free quote. You will find that the rates are affordable and the benefits are priceless.

Ken S., Founder

LowRateSearch

© 2010

Article Source: http://EzineArticles.com/?expert=Ken_S

Long Term Disability Insurance Explained