Copyright 2005-2012, whole life insurance quote
With the convenience of the net, the process of purchasing variable life insurance, has become much simpler. The following steps will help take the mystery out of universal life insurance along with helping you get the insurance plan that fits your needs.
Decide what kind of life insurance to buy. Depending on the purpose, you may want Whole life, universal, term.
Do some personal assessment to determine the amount of term life insurance coverage you actually need. You can either compute an income multiple your annual earnings multiplied by at least 3 and preferably five or you can add up your outstanding bills and estimate your spouses needs.
Take advantage of our user friendly online advice to complete a profile and then either shop rates yourself from the online rate service or request a local agent to prepare rates for you.
While waiting for your whole life insurance cost rates to be prepared, you can check the ratings on several firm. You want a companies that is strong financially, has been in business a long time and that pays claims in a timely manner.
If you decide to meet with an service rep personally, be prepared to ask some pointed questions:
To what extent would that agent represent you?
Does the firm have insurance services that will last to age one hundred or even to 120.
Does the firm have radically higher rates for smokers
Does the firm require a visit from a paramedic? Some companies only require a paramedical exam and doctor's report on amounts of 100,000 or more.
Does the companies have an "easy issue" insurance plan that requires less medical underwriting and that pays without a two year waiting period?
What payment process does the organization use? Most require you to make the first payment and then authorize automatic bank draft for future payments.
Strongly consider using an agent. whole life insurance does not have standardized language from one companies to the other. If you try to do it alone, you could easily end up with something like "modified whole life insurance," a type of variable life insurance that has cash value and insures you to age one hundred, but also has premiums that increase at a predetermined frequency. If an agent misinforms you regarding a insurance plan, the firm is responsible. If you make that decision on your own, you bear the responsibility even if you don't understand the terms.
Once you have decided on a universal life insurance insurance policy and answered the questions for the application, all you have to do is wait. You still aren't fully committed. By law, you have a 30 day free look from the time your variable life insurance insurance plan is delivered to you. If you see something you didn't expect or didn't want, you can return it and have your first payment refunded.
Usually, a little planning, an open mind and an understanding of the process can virtually guarantee a universal life insurance insurance plan that will satisfy you and your family for many years to come.