I need a life insurance policy?

Question

I am wanting some information about life insurance policies and how they differ. Are some better than others? Anyone here have any experience with this topic. Are there some policies that are not specific about how you die and they will pay? Just curious since I want this to be simple. Thanks for any help.

Answer 1

Life insurance is not specific about how you die except most of them do not pay in the first two years if you die of suicide.  After that they pay for any death.  Some unscrupulous salesmen sell accident insurance and call it life insurance; it only pays if you die from an accident, but more people die of heart disease than accidents.

You can buy a variety of policies from the same company; most major companies offer level term, decreasing term, whole life, and various modifications of whole life such as LPU-65 or endowment at 65, which pays you the sum insured if you live to age 65.  I think the best life insurance to buy is whole life with possibly a decreasing term rider.  I have a whole life policy.  Check premiums from 3 or 4 companies and also look at how much cash value will be available at age 65.  Premiums vary some.  Your premium will be lower if you let them automatically deduct the premium from your checking account once a month, but don't do that if you frequently have less than $100 in your checking account.

Some people say buy term and invest the difference, but most people won't invest the difference, they spend it.  If you figure the cost of term to age 85, it is just as much as whole life.  A good life insurance salesman can explain to you why it works that way.  Also most whole life policies have a disability waiver, which means if you become totally disabled, you don't have to keep paying premiums on your policy.  Term polcies don't have that.

Answer 2

Life policies do differ, but not as much as critical illness policies. The question you really want answered is "Will it pay out?"

I would suggest using an experienced broker, who will be able to search the whole of the market and get the most applicable policy to your personal situation. As your health, occupation, hobbies etc can all affect the premium, this is the best route.

Answer 3

Duff has your answer. Primerica Financial Services comes to your home and explains the differences in life insurance products and takes the time to suggest the changes or add ons that you would need.

I like the one on one part of their customer service. You do not get a policy over the phone and then the fine print later. The agent brings your policy back to you, goes over it and answers all your questions. You then sign it for the final ok. No surprises.

Answer 4

Yes, they are very, very different company to company.  That's why the tool on my site about 10 different types of policies from about 150 different insurance comopanies.  Feel free to use it as it asks no personal information.

http://insurancepickle.com/life-insuranc...

Answer 5

there are many insurance company in the market those provide insurance policy,before taking any policy you must read some company"s policy and premium detail and credibility of the company than only go for taking any policy in my opinion L.I.C is good one

Answer 6

Whether or not some policies are "better" than others is going to depend on your individual circumstances.  What are your main concerns?  Do you have children you'd want taken care of financially if you passed away?  Do you have debt that will need to be paid off in the event of your death?  If so, is it installment debt that will be paid off at a certain time like a mortgage?  What type of budget do you have?

There are two main types of insurance: Term, which is relatively cheap over a set period of time (5, 10, 20, 30 years, etc) but after that set period of time the cost goes up (sometimes a lot) and if you ever cancel the policy or can't afford it anymore, you have nothing to show for it.

Then there's permanent insurance.  There are many types of permanent insurance (whole life, universal life, variable universal life, etc) and they tend to be more expensive, however they are designed to last your entire life, or until age 121 if you're still alive.  Depending on the type of policy you select, your premium may never change or you may have a flexible premium, but the premium should never drastically increase.  Also, a portion of your money will be held in a subaccount within the life insurance (think of it like a savings account) which will earn interest or may be invested in the stock/bond market.  This way, if you ever need the money, you can access it or if you cancel your policy you at least get this money in return.

Both of these types of insurance will cover any type of death with the exception of suicide during the first 2 years of the policy.  I would suggest staying away from an accidental death policy because it won't do you any good if you were to develop terminal cancer.

Both types of insurance are good, but they meet different needs.  I would suggest that you find a local insurance agent (get some recommendations from friends or family if you don't already have an agent) and just ask him to educate you and help you decide what type of policy is best for you.  Everybody's situation is different and therefore everybody may need a different policy.  Good luck, life insurance is a great product to have and I hope you get well taken care of.

Answer 7

if u need life insurance policy then visit

http://theinsurancegroup.blogspot.com

Answer 8

Life insurance help by expert at

http://www.insuranceter.com