The Internet is the place to look for the best offers when it comes to selecting life insurance policies. In recent times, life insurance companies have flocked to the Internet, supplying online life insurance hunters with an extensive choice of life policies. The growth in the number of life insurance companies servicing life insurance policies has made a significant impact on life insurance premiums, bringing them down to record low levels. Today, you can get basic life insurance coverage for as little as $15/mth.
Besides choice and price, the Internet also offers convenience to people looking for life insurance policies. You can gather life insurance information and ask for insurance quotes at any time of the day. If it suits you to search for information on life insurance policies at five in the morning, then life insurance companies on the Internet are there for you.
Choosing between life insurance policies
There are four types of life insurance policies available from most life insurance companies. These are level term life insurance, level term life insurance with a critical illness, decreasing term insurance, and decreasing term insurance with a critical illness.
Level Term Life Insurance is the most basic type of four policies. It guarantees to payout upon the death of the policyholder should he/she die during the term of the policy. The premiums remain the same throughout the life cover, as does the amount paid out in the event of death. It is important to note that many level term policies have an upper age limit, after which the life company becomes free of its obligation to payout.
Decreasing Term Insurance, which is also known as mortgage life insurance, works a little differently to level term policies. These are shorter policies that are usually taken out over the same term as a mortgage and guarantees payout in the event of death during the time. However, unlike level term insurance, the amount paid out on a claim reduces in line with the outstanding mortgage balance, so ensuring that loved ones left behind are not in danger of losing the roof over their heads.
You can couple both level term life & decreasing term life policies with a critical illness product. If the policyholder becomes critically ill and is unable to return to work, the plan ensures that the holder and their family have an income for a specified period. Critical illness policies also come with life insurance payment waivers, so you don’t have to worry about your life insurance premium payments while you are in a critically ill state.
Whatever way works best for you, taking action to protect your family with the right amount of life insurance coverage is an essential part of your lifetime financial plan. Use the Internet to find the best offers when it comes to selecting your life insurance policy.