If you cannot decide which policy to buy, take the help of your broker or the internet. However, there is no substitute to a knowledgeable and friendly broker. Although they are just a medium through which you buy a policy, their expertise is always valuable to guide you in selecting the right kind of policy. Unfortunately, sometimes for their petty gain they can also mislead you into selecting the wrong policy. Let us take an example.
A low cost life insurance policy such as a term life is best suited for insurance purpose. We all know that. Financial experts also will recommend only a term life because it can offer a large death benefit at a very low rate. Though, It may not provide any investment opportunity because their low rates cannot permit it. However, brokers often advise their clients to go for expensive policies such as a universal life for the simple reason that such policies offer larger commission than a low cost term life policy can. So be wise. Unless you are sure of the integrity of your broker, you should better undertake some research as well.
You will find plenty of articles on various kinds of insurance policies on the internet. Try to go through them carefully. Studying their quotes also will help you a lot. Today life ins quote is also available online and you can get the information without actually reavealing your identification. Many brokers allow you to do exactly that, although some may ask for your email Id or any other contact information before they allow you to receive quotes.
However, let us start with a short description of different types of life insurance policies. Know that there can be as many types of it as the underwriters can conceive and it is not possible to mention all. Nonetheless, here are some popular policies; be aware of their merits and demerits before you make any final selection.
Let us first begin with the term life insurance. It is a pure life insurance policy that doesn’t fetch you anything other than death benefit. The policy is valid for a limited term and offers a large death benefit at a reasonable rate, provided the insured dies within the specified period. If you can calculate the coverage term accurately, this is the best one for covering your life. However, it is not as popular as it should have been because of the wrong perception of the general buyers about the scope of a life insurance policy.
People expect their life insurance policies to provide an investment opportunity as well. The whole life, universal life, endowment policies, limited pay policies are some of the more popular investment polices. They provide an insurance benefit if the insured dies and the policy is still in force. If he feels that he doesn’t need the coverage any longer, he can cash them out. However, all these policies are variously priced because the investment potential they offer is also various. Receive their life insurance quote on line and study them side by side to be aware of their intricacies better.
However, when you buy a policy, do not concentrate too much on their price. You must think of their scope as well. A no medical exam life insurance policy, which is also variation of term life policy, may be expensive in comparison, but it also has the following advantages:
• You don’t have to go through a cumbersome medical exam and waste your time.
• It involves a simpler, less time-consuming process. You only have to answer some simple health questions online.
• There is no scope for interaction with agents and paramedics;
The coverage is generally extended within twenty-four hours and so there is no month-long waiting to endure. You apply today and if you qualify, your family starts receiving the coverage from tomorrow.
However, you should know that the medical test involved in traditional term life policies is of paramedical in nature. Such a test generally does not involve anything more than blood test, urine test, reading of blood pressure and pulse, measuring of height and weight as well as an in depth enquiry regarding your and your parent’s medical history. Yes, the process may seem cumbersome, but nothing insurmountable. That is why think twice before you opt for it. Remember, you will have to keep paying at such a high rate throughout the tenure; do you think avoiding a medical test is really worth such a high rate?
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance and term and low cost life insurance, visit his site today.
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