If you have ever heard of cheap whole life insurance policies, then you may be wondering what they are and how do they differ from standard life policies. Whole life insurance is actually a kind of permanent life policy which pays out a fully guaranteed death benefit to designated beneficiaries upon the policyholder’s death. Unlike ordinary term life insurances, however, this kind of policy lasts throughout your entire life as long as you pay your premiums. The lump sum received in case of death is also tax-free and may be used for any purpose, although the policyholder may use it for investment only. The following are some of the advantages of whole life insurance policies.
They offer better flexibility and choices compared to other insurance policies. Whole life policies come with extensive coverage options such as death benefits, cash value and premium flexibility. Policyholders can tailor the amount of their premiums according to their risk tolerance and financial goals. For example, while a Term Life policy may allow the policy owner to select a lower excess payment on death benefits, a Whole Life policy allows him to choose a higher excess payment on his cash value. There are even some Whole Life policies that allow the premium payment to be set annually, monthly or semi-annually. With an annual policy, the premium is adjusted each year to ensure the maximum benefit is attained.
Cheap Whole Life Insurance can be very useful for several reasons. One of them is that it helps one get started securely and accurately. In order to get started, the potential policy owner simply needs to get online and complete a short 1 minute review to find out what the insurance offers. At that point, they can decide if they want to get more information or decide to sign up right away. A 1 minute review provides policyholders with enough information to make an informed decision about their insurance coverage amounts.
Another reason to get started quickly is the one word change that many people are unaware of. In addition to being able to review the current prices and terms for different policies, potential policyholders can instantly alter them in their sole discretion. Most insurance companies allow individuals to change the cash value or death benefit at any time. That means, for example, that if they wish to add a child to their coverage, they can quickly make that change. If they want to drop their death benefit, they can do so without waiting for a paper application to be completed.
Even potential policyholders who have a good medical history and are in good physical condition should consider taking a brief medical exam before signing on the dotted line. Many insurance policies will require potential applicants to submit to a medical exam in order to obtain the appropriate death benefit or cash value. A medical exam is particularly important for people who have chronic health conditions that may disqualify them from getting an appropriate death benefit. However, there is no need to worry about having to undergo a medical exam if you get coverage without undergoing a physical exam.
After obtaining the necessary paperwork, it is time to contact your chosen provider. You can do this either by phone or online. Either way, the first step is to complete the easy application form. If you have already obtained a health insurance policy, most companies will automatically email you a hard copy of the application. Alternatively, if you have yet to find an insurance provider, simply fill out the hard form with your personal information and then return in-person or by mail.
Once you are finished with the application process, you will need to decide between the two types of cheap term life coverage that are available. Typically, Term policies give you temporary coverage and you will not receive an immediate cash advance. Most people prefer Term life coverage because it allows for considerable savings compared to the cost of taking out a loan. However, there are also some people who feel more comfortable paying regular premiums to ensure that their families have sufficient financial resources in case of an unexpected tragedy. In fact, most Term policies offer the same benefits as Whole Life Policies, with the exception of having lower premiums.
Once you receive your free quotes, you will be able to compare them side-by-side. The most important information that you need to have available includes your name, address, date of birth, gender, weight, height, and the health history of your family. From there, you will be able to compare the quotes and select one that best meets your specific needs. Be sure to check the rates from at least three different companies so that you can get the most affordable term policy possible. By following these simple steps, you can get cheap whole life insurance rates quickly and easily.