Term Life Insurance Quotes

Every day Americans across all state lines are searching for the best term life quote online.  Many people ask us, what is the best type of life insurance?  Should I buy term or permanent life insurance? “We often get that question from our clients who have been confused by main stream media.  Everyone has different priorities and goals when it comes to shopping life insurance.  It is our job to make sure our clients get the best policy, whether it be a whole, universal, or a term life insurance policy.  Our consulting group works thoroughly to ensure that we find the best life insurance product for you “said Vince Bagni, of Paramount.

TERM LIFE INSURANCE OR WHOLE LIFE INSURANCE

The three different types of life insurance on the market are term, whole life, and universal life insurance.  Each type has merit; it just depends on your needs and objectives.   Term insurance is a pretty basic concept.  Try to think of it as being very similar to renting a house.  You pay a specified premium for a period of time and in return are guaranteed proceeds from a death in that same time span.   The most popular term policies are going to be 10 year level term, 15 year level term, 20 year level term, and 30 year level term.  The premium stays the same for that period of time and typically the premiums are very affordable.   “Another type of term product that has become very popular is the ROP (return of premium) option.  This option is a return of the entire premiums paid to the company if the client is still alive at the end of the term.   This option is more expensive than regular term, but it can be very beneficial depending on the clients’ age”, noted Bagni.

Whole life insurance is a permanent option as its name suggests.  Whole life is a fixed level premium product that builds cash value and endows at 100 typically.   Most whole life is eligible for dividends that are declared by the company, based upon their success.   Some stock companies alternatively don't pay dividends.   Whole life insurance has guaranteed cash value and a guaranteed death benefit.   If dividends are paid, then it is over and above the guarantees.  

Universal life is another form of permanent life insurance that was created for its flexibility.  Unlike Whole life it has a flexible premium and has flexibility for an increasing death benefit or a level death benefit.  The premium has a minimum funding level, a mid point (referred to as the target), and the maximum or guideline premium.  To build maximum cash value benefit, a UL would be optimally funded near the guideline.  If the client’s goal is to create a lot of cash value and take advantage of the tax favorable treatment, then it makes sense to fund it near the guideline.  The key is to never fund it above the guideline and create a MEC (modified endowment contract) and lose the tax advantage.  For a client who cares about a permanent death benefit, but not cash value, then they would be more suited for guaranteed universal life insurance.  This is the minimum funding level of the UL to guarantee it is in force to age 121.  Hardly any cash value will be built, but it is the least expensive way to get a permanent death benefit. 

“To say one type is right for everybody would be a foolish statement.  Often times, people will own more than just one type to meet immediate needs and future needs.  It is important to consider these factors when looking at your life insurance program”, said Bagni. 

LEARN ABOUT UNIVERSAL LIFE INSURANCE PRODUCTS

Our consulting group, Paramount Life Insurance Online, http://www.paramountlifeinsurance.com/, is a place where consumers can get term life quotes or find a permanent life insurance product customized to their needs.  We offer a term life insurance quote engine where you can shop all of the top rated carriers quickly and easily online.  Get rates from over 100 of the top rated insurance carriers today.   “We want our clients to feel comfortable with the product they choose for their family.  We are here to offer accurate information and guide them to the product that make sense for them”, noted Bagni.