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There are many different types of life insurance. The kind of life insurance that is right for a person is highly dependent on what the person's needs are. The specific needs will also help determine the limits that should be purchased.
Such needs may be for providing for mortgage expense, present or future college tuition expense, or simply living expenses for a family in the event of death of one or both of the family income providers. Other reasons for life insurance can be to provide money for estate planning and taxes. The actual reasons will also help determine whether term life insurance, whole life or universal life will best suit the buyer.
When shopping for life insurance, the financial stability of the life insurance companies is an important factor that can not be overlooked. A buyer is purchasing a policy with the thought the policy proceeds will be paid at a date many years into the future. The life insurance company's ability to provide the policy benefits many years down the road is paramount, and the financial ratings of the company should be reviewed from time to time.
Term life is normally written for terms from five to thirty years. The coverage stops either with the death of the covered individual or the end of the term period. The policy should contain a "guaranteed renewable" clause meaning that the policy will be renewed each year as long as the premium is paid. With longer term policies it helps to have a policy that has a "guaranteed premium" clause so that rates do not increase during the policy term.
A term policy that has a "convertible" clause is desirable because it can be converted to a permanent type policy at any time without a medical examination. Buying a term policy at a younger age with a convertible clause allows for the owner to upgrade or convert the policy to a permanent form of coverage regardless of any medical issues that may have arisen since the policy was first written.
This can become a highly beneficial feature especially in the cases where the insured may have developed a medical condition that would either prevent him or her from obtaining a policy or the premium would be greatly increased. The convertible feature will eliminate the need for an additional medical examination should the buyer wish to extend coverage beyond the original term policy. One often ignored advantage or buying term life insurance is the side benefit of insuring your “insurability”.
Life insurance rates are based upon not only the length of time a person is expected to live, but also items such as gender, age, weight, smoking history, occupation, location, hobbies and medical history of the person being insured and their family medical history as well.
Term life insurance rates provide the cheapest life insurance premiums. Permanent or "whole life" insurance and others have an additional amount built into the rate for cash accumulation purposes. Whole life policies have a "cash value" provision built in that will normally increase from year to year and the "cash value" becomes available to the policy buyer to borrow against at some point during the policy period.
When shopping for life insurance quotes there can be wide differences in premium between companies, their underwriting guidelines and the policy provisions between companies. Each company offers their own formula for estimating what a client needs. Each company's life insurance calculator will provide a different amount of suggested limits for an insured.
Because of different policy provisions in each company's policies, picking the quote offering the lowest premium for the highest limit may not be the most cost effective approach to purchasing life insurance.
For proper family protection and estate planning needs, Driscoll Insurance and Financial Services has been helping Pittsburgh, PA residents since 1976. The life insurance professionals at Driscoll are experienced in analyzing the exact needs of their clients and devising a life insurance plan that is competitive, cost effective and complete in offering the best financial protection for their clients' families.
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