Here is a quick comparison of premiums between term life and guaranteed permanent life insurance products. To create these quotes, carefully selected, highly competitive carriers are used. This table below is able to offer some clarity on what to expect from various guaranteed life plans.  I offered these options to a real client of mine. See the rounded premiums below.

A quick comparison of life insurance rates

As a rule, always keep the affordability in mind before taking a life insurance policy.

When you see an ad on TV promising hundreds of thousands of dollars worth of life insurance for a ridiculously low price, you need to keep in mind that they are only throwing a bone at you to call them. These ads only promote a 10-year term plan for those in perfect health (super preferred risk class). Obviously, the low premium quoted makes it look like a breeze to buy life insurance. There a lot of good life insurance advisers out there to serve your best interest. It is important to talk to them in detail before taking a life policy.

A bulk of our business is over the phone and on the internet (email etc.) By now, we almost mastered the art and skill of serving our clients in multiple states. It is always easy to serve more effectively those who help us help them; don’t mind spending a few minutes talking over the phone. However, if you are certain that you only need a term life insurance plan, InsureInMinutes.com is specifically designed to serve someone like you.

FOUR BASIC RULES OF LIFE INSURANCE

  • Premiums always remain level during the duration of a term in term life plan.
  • Universal life and whole life plans are usually custom-designed to suit your need and affordability.
  • All quotes are subject to underwriting, age and state availability.
  • Always ask for optional riders that may enhance the value of your life insurance policy.

CONCLUSION

You, your loved ones, your needs and your wishes, all hold unquestionable value. While serving you, we never forget that.

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family protection through life insurance

Sometime back a potential client in average health called me from New Jersey. At 41, he had suffered through a history of high blood pressure and depression for quite a while. A non-smoker and otherwise in good shape, this family law attorney got married a couple of years back and now his wife was pregnant with their first child.

He wanted a guaranteed lifetime of life insurance coverage of $1,000,000 on himself. At the same time, he did not want to pay premiums for the rest of his life. I offered him had a 30-year term, a 30-year return of premium term, a universal life insurance plans without cash values with the last premium to be paid at age 65; and participating whole life insurance with cash values (pay only till 65).
Of course, I looked into multiple insurance carriers to find him the best options. Here is what I found. His 30-year term was for $228 monthly; return of premium term for $446; universal life plan (pay only till 65) for $850 monthly; and whole life for $1,786 monthly. A 30-year term for $228 monthly premium made the most sense to him at this point in life.

But his heart was set on a policy with a lifetime of coverage. He also wanted to come back in a few years when his practice would begin to do better and convert the term policy into a permanent life insurance plan.  This is where it becomes tricky. Since there are always multiple insurance carriers fighting for your business, it is not always a good idea to go with the one that offers the lowest premium. In his case, for a few dollars more, I found him an A+ rated solid carrier with excellent options to convert in future.

The lowest premium term life insurance policy may not be the best option for you.

In my experience, most people who buy a term life insurance policy do it because they could not afford the higher premium of a permanent policy. Since our needs and affordability change over time, it is always a good idea to talk to your insurance advisor before accepting a life insurance carrier. You want to make sure that if you cannot purchase a lifetime of coverage today, you do have reasonable options to pick one in future.

CONCLUSION

Since most of us do not live beyond the age of 120, a permanent life insurance policy guarantees a financial cushion or in many cases a financial legacy for your loved ones.

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