Life Insurance Policy Rates – Tips and Advice

If you have a family then it is important that you get a good life insurance policy to cover your family in case you die. Although no one wants to think about their own death, it is an unfortunate fact of life that everyone needs to face. Everyone will die one die. Making sure that your family has coverage is very important part of insurance. Finding different life insurance policy rates is essential when you are looking to get insurance coverage.

People who are looking to cover their family with life insurance should consider getting a whole life insurance policy. These policies offer you coverage throughout the duration of your life and allow you to cash out of your option. The whole insurance policies do not expire after a certain period of time which can give you peace in mind that you will be covered. Another benefit is the cost of the insurance doesn’t increase you get older. You pay the same rate throughout the term of the insurance.

Individuals who are looking to get a short term insurance policy that will cover you should get a term insurance policy. Term insurance basically specifies a specific period where you are covered by your term plan. You can renew the plan after it expires but your premiums may increase. This insurance plan is good for people who don’t have a family that they need to look after. Go online and look up the best life insurance policy rates available. You should make sure you find a good insurance plan that has the coverage you need with the price you can afford.

How to Find Cheap Life Insurance Policies

Accidents are a very valid concern for everyone. They are the situations that arise at the most unexpected times and inconvenience each individual terribly. The damages that are caused by each accident are varied in their extent ranging from very minor incidents to devastating catastrophes. Accidents are not only of the vehicular kind, being caught in a freak rainstorm without an umbrella is also an accident of sorts. Preparing for every situation life is going to throw at you can be very difficult. There are certain situations that can occur that you never even considered would happen to you. But just because life has thrown you a curve ball does not mean you cannot go on living. In fact, life really waits for no one. That is the reason why we get insurances. These are contingency measures that we take to protect ourselves from serious expenses that may befall us.

There are several different types of insurances that you can get – life, home or building, car or auto, contents, etc. All these policies are designed in different ways to help you prepare for the future, just in case something was to happen to your life or your house or your car. Every individual needs to get a life insurance policy. It is to protect your family from having to deal with the financial loss that will be coupled with the emotional loss if you were to die. This is important especially if you are the breadwinner of the family. Your loss can be a major blow that your family will find emotionally very difficult to deal with. Do you really want them to be in financial problems too?

Getting life insurance is not as expensive as people might think. Yes, there are a number of policies that can be very pricey and have very high monthly or annual premiums but there are those that are cheap enough to be affordable for the average Joe. The way to get the cheapest premium on this sort of policy is to take quotes from all the different companies before you make your choice. In fact, if you hire an agent, he or she will make sure that you get the best policy at the cheapest premium. You can even avail certain discounts and offers that the agent may be able to get for you.

If a full policy is too expensive for you then you can even opt for a Term Policy. This is a policy that has a coverage validity for a specific term that can be anywhere between 1 year to 20 years even. These policies are way cheaper than the full type because they have a set expiry period. If anything happens to your life during this period then your family will be able to make a claim. Also, if you live past the expiry date then you will no longer be covered. Each of the policies has a number of different terms and conditions that you can get from the company or from your agent.

Life Insurance Settlements – Unlock the Cash From Your Life Insurance Policy Today

A life settlement, or the sale of a life insurance policy, is gaining popularity as a new opportunity for seniors to generate cash. By “cashing in” a life insurance policy, one can reap the rewards of an immediate cash payout without lapsing or surrendering the policy to the insurance company.

Faced with rising insurance premiums, increasing cost of healthcare and long-term care, more seniors today are choosing to sell their policies to third parties for a lump sum payment. Rather than let their policy lapse, seniors have the option of cashing out early and enjoying a higher quality of life.

Seniors can use the cash they receive from the sale to help pay for medical expenses, long-term care expenses, or everyday living expenses. Additionally, seniors are using the “unlocked” cash to travel, invest in a business or new property, or support their children and grandchildren. There are no restrictions or limits to how the cash may be used once the policy is sold.

How does it work?
Seniors who are over 70 and own a policy worth over $200,000 can sell their policy to an insurance buyer, otherwise known as life insurance broker or life settlement brokers.

By purchasing the whole, term, or universal life insurance policy, the buyer becomes the new policy owner. This means that the buyer takes over the premium payments and ultimately collects the full amount of the death benefit.

Who benefits?
As the policy holder, seniors may enjoy a higher cash payout upfront and the savings when the buyer takes over the ongoing insurance premium payments.

What’s the catch?
There is no catch. Settlements are legal and legitimate. Life insurance buyers are able to offer a cash payout because of the structure of their businesses and the financial market.

What should I know before considering a settlement?
The ideal time to sell a policy, otherwise known as taking a life settlement, is when:

1. The policy holder is over age 70
2. The policy is worth $200,000 or more
3. The policy holder is chronically ill, and/or their health is declining
4. Additional cash is needed to pay for cost of health care of long-term care
5. Policy holder is experiencing financial difficulties or needs additional funds to improve the quality of life
6. There is difficulty paying the premiums and are at risk of lapsing the insurance policy
7. The senior would like to remain financially independent

How much money can I expect to receive?
The lump sum payment will be determined on a case-by-case basis. It depends on a number of factors, including age and medical condition, the type and value of the policy and the premiums required to keep the policy active. A no-obligation appraisal of your policy can be requested before making the decision to sell it.

Any policy owner, including individuals, corporations, charities or trusts, may sell any insurance policy, including group and term policies.

What types of life insurance policies can be sold?
Universal Life, Whole Life, Variable Universal Life, Term, and Convertible Term Life policies, Joint and second-to-die policies are all policies eligible for sale.

How long does it take to get the funds once my policy is sold?
A general time frame is four to eight weeks to receive funds though the timing can vary. The buyers work to complete the process as quickly and efficiently as possible so that the money can be released to our clients as fast as possible.

Will I owe taxes on the money I receive?
Generally, the money received from selling the insurance policy will be tax-free up to the original policy’s tax-basis. Consult with a tax advisor regarding your specific situation.

How do I find a buyer for my policy?
Experts at http://www.LifeInsuranceBuyer are committed to achieving the highest value for their client’s insurance policies. Serving their clients with integrity and respect, Life Insurance Buyer offers free, no obligation, confidential policy appraisals for all qualified individuals. Contact Life Insurance Buyer at 1-800-LI-BUYER or 1-800-542-8937 to discuss your policy.