Life insurance is a vital consideration. While it doesn’t have the high visibility of health insurance, or the legal mandate of auto insurance, it provides essential safeguards for your family in the event of your death. In some cases, you might even be able to use life insurance quotes to build an investment portfolio and enhance your current financial situation.
We understand that choosing life insurance can be confusing. This is particularly true if you’ve never had life insurance before, or if you’re changing from a long-time provider. The landscape has changed, and there are many different options, choices and potential coverage items now. Life insurance companies have also changed how they assess potential policyholders, which only makes the process that much more frustrating.
Our goal is to take the confusion out of the process by ensuring that you have access to up to date, accurate, factual life insurance quotes. You can use the life insurance quotes we provide to compare the coverage you would receive from different companies on a side-by-side basis.
Before you can understand the importance of comparing life insurance quotes, it’s vital that you realize just how important life insurance is and the role that it can play in your life, and the lives of your spouse and children.
Let’s start with the basics – what does life insurance do? The simplest situation would look something like this:
That’s the process in a nutshell, but it glosses over some pretty important considerations that speak directly to the value of buying life insurance in the first place.
You Leave Debt Behind: Perhaps the single most important reason that you need life insurance is the fact that when you pass away, you leave your unpaid debts for your spouse or children to pay. That home loan? It doesn’t vanish just because you’ve passed on. That car loan? The bank still expects it to be paid. Those credit card balances? They’ll need to be paid, as well.
If you die without a life insurance policy, it means that your spouse or children will be responsible for making those payments. Combine that with the fact that your income will be eliminated, and it can create a very difficult financial situation. In fact, it is entirely possible that your surviving family members will not be able to meet the new financial obligations.
That means repossession – your family’s car or home could be taken away in this case. Life insurance helps prevent this frightening possibility from becoming a reality.
Your Children Need Support: Parents want to provide their children with financial protection and support for as long as possible. You want to make sure that your child can complete college and get the education needed for success in the modern world. You might want to go further, by providing them with some of the financial backing needed to start a business, or to weather the storm if they lose a job and are unemployed for a time.
That’s natural, but how will you accomplish those goals if you pass away unexpectedly? Without your income, where will your children get the money needed to pay for college? How will they afford all the costs associated with starting a business? How will they deal with being laid off due to a bad economy or corporate downsizing?
Life insurance provides you with the means to support your children in all of these ways, and in many others.
You Can Create a Lasting Legacy: In too many cases, parents are unable to do much beyond leaving their few possessions to their children. You might be able to leave a few heirlooms, or an automobile. If you are among the very lucky, you might be able to leave a home to your children, which they can then sell and then divide the profits among the survivors, although it won’t go very far when divided.
Life insurance provides you with a way to do much more than this. You can leave a lasting legacy that supports your children, grandchildren and others – whomever you name as beneficiaries, actually. The amount of your life insurance policy’s death benefit is the key here. The larger the death benefit, the larger the legacy that you can leave to your heirs.
You Can Add Additional Protections and Benefits: Life insurance offers a wide range of advantages, and the death benefit is just one of those. For instance, if you purchase whole life insurance rather than term, you have a financial asset that actually builds value over time. You can access that value down the road in order to achieve a number of different goals, including:
In some cases, you might decide to cash out. Surrendering your policy to the insurer or selling it outright can allow you to tap into the equity that you have built within the policy. You can then use that money for anything you might need, although you do sacrifice the protection of a life insurance policy in this instance, so it is important that you make an informed decision regarding the sale or surrender of your policy.
As you can see from the discussion above, there are plenty of benefits to comparing life insurance quotes and then purchasing a policy. The problem is that there are many, many different life insurance companies out there, and they are not remotely the same. Not only do you need to compare life insurance quotes from different companies, but you need to compare those policies to your needs, goals and overall life situation, and then choose the right type of life insurance in the first place (term or whole/permanent). Of course, that means spending a great deal of time finding insurance companies, and then obtaining and comparing life insurance quotes in the first place.
We know it can be a struggle to find the right coverage, settle on the right coverage amount, and sort through all the options available. Our life insurance quotes make things much simpler. With our life insurance quotes, you can:
It’s all well and good to know that using life insurance quotes is the best way to find the ideal protection for your family. However, it’s also important that you know how to us life insurance quotes to make sure that you’re getting exactly the security your loved ones need and nothing that they don’t. This requires that you know how to read life insurance quotes, and important key factors to look for in those quotes.
Your Needs: Before doing anything, it’s important to establish your needs. This will determine exactly how much life insurance you’ll need to purchase in the first place, which will affect the cost of your premiums, and a great deal more. Not sure how much you need? It’s a difficult question to answer for most people, but we can help. Our expert team has years of experience working with clients just like you to determine the level of protection needed, and then comparing life insurance quotes to find the right insurer.
Whole or Term: Again, the type of life insurance policy is important. Whole life insurance can be anasset. However, whole and term policies do not work in the same way, and they do not benefit the same people. Make sure that you choose the right policy for your specific needs. Term life insurance is usually the better option, but in some cases, whole life insurance is the best choice, particularly if you are a high-income earner.
It’s Not All about Cost: Yes, cost is a major factor in your decision. However, it should not be the only one. You’ll want to look beyond the immediate cost of the policy to other factors, such as whether there’s a physical and medical evaluation necessary, whether the company has a history of denying claims, the insurer’s reputation for service, and a great deal more.
The Price Quote: When comparing life insurance quotes, it’s important that you’re comparing apples to apples. Realize from the outset that life insurance quotes are not always provided on identical grounds. For instance, one life insurance provider might quote you on three months, while another might quote you on six months. Obviously, the second would be a larger number, but when you break everything down, it might be the more affordable. You should also compare the following areas to make a truly informed decision:
Still not sure that you can compare life insurance quotes accurately? We can help. Our team is happy to provide you with the assistance needed to not only obtain quotes from leading life insurance providers, but to compare your options so you can make the best decision for your unique situation.
As you can see, using life insurance quotes provides you with the means to make an accurate, informed comparison of the products and coverage offered by insurers. However, not all quotes are created equal. We are independent and unbiased – not tied to any life insurance company. That independence gives us the power to ensure you always have access to the most accurate quotes to ensure you can make an informed decision.
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