Life Insurance Quote – Unlocking the Secrets To Lower Premiums
The next time party guests stay past your bedtime, ask how they feel about obtaining a life insurance quote. Watch that they do not trip over your kitty as they run for the door! No one wants to discuss life insurance quotes. However, if you’ve got young kids or others who depend upon you, you must have it.
Millions of Americans do not carry any life insurance, and of those that do, their policies are not sufficient to take care of the financial needs of their loved ones. There is no reason for this since, if a person is in good health, it is possible to purchase sufficient life insurance inexpensively. According to the Insurance Information Institute, life insurance premiums have been decreasing annually at a rate of about 6% since 2001 and it is expected that they will decline another 5% in 2008.
A 45-year-old male non-smoker who purchases a $600,000, 21-year term insurance policy in 2008 will pay a premium annually of around $630 if he qualifies for a standard rate, estimates the institute. If he qualifies for a preferred rate, with stricter health requirements, he will pay about $350.
Economists for the institute tell us that life insurers have recently reduced their rates because people are living longer, extending the time between payments to survivors, and lowering the risk for insurers. Also, insurers have developed more sophisticated tools for accurately measuring the risks associated with particular lifestyles and medical conditions.
If you’re strapped for cash and just want to get a cheap life insurance policy, buy term insurance. You can obtain two types of life insurance quotes: term and permanent. Term provides a benefit only if you die during the period covered by the policy. Permanent life insurance remains in effect as long as you pay the premiums. Part of the premium goes into an investment account. You can withdraw some of that money or borrow against your policy.
Premiums for permanent life insurance are a great deal higher than premiums for term insurance. If your goal is to provide financial security for your children until they’re old enough to support themselves, a term policy is probably all you need. If you still need insurance at the end of the term, some insurers will let you renew your coverage, but you may have to undergo a medical exam to get the lowest rate. Permanent policies are appropriate for people who use insurance as part of an estate-planning strategy and want the policy to last until they die.
You can receive up to 5 FREE life insurance quotes from the major life insurance providers by completing our short 4-minute form at Life-Insurance-Quoter.com. Just a few minutes of time now could save you thousands of dollars in just the next couple years! We’ve established relationships with major insurers so no matter which one you choose, you’ll have a designated local agent to speak with anytime you wish. Visit us today and discover just how low your life insurance premiums can be!
- Daniel Wright