Term Life Insurance Digest

There are a few different types of life insurance.  Within those different types, there are many different purposes for your life insurance.

The simplest form of life insurance is term life insurance.  Term insurance is most often used for mortgage protection, and with people that are younger.  It is purchased for a specific term.  At the end of the term, you can keep the policy, but the premiums are no longer guaranteed and will go up each year.

Whole life insurance is like term life insurance, except for the term and the price.  It is purchased to cover you for your whole life, and the term is guaranteed to stay the same until you die.

Universal life insurance is like whole life because it’s meant to cover you for your whole life.  It builds up cash value, and you can borrow against the cash value or withdraw it at different times in your life.  This type of life insurance is a little more complicated.  To get a policy that works right for you, you need to speak with an agent and have a clear idea of what you want.  They’ll direct you toward the correct policy.

Return of premium life insurance is normally a term policy that refunds all of your premiums at the end of the term.  It can be a good investment if purchased for 20 or 30 years, but normally isn’t worth the extra cost if only purchased for 10 years.  (It would make more sense to get term insurance and invest the difference, even if the return on the investment isn’t that great.)

Guaranteed issue life insurance is a type of life insurance where the issuance of the policy is guaranteed.  In other words, if you apply for the policy, you get it no matter what.  Most policies require underwriting, but this policy does not.  It is often the most expensive form of life insurance because it carries the most risk.

If you are like me, being able to get things done quickly and efficiently is a great benefit.  Life insurance tends to be one of those things that takes forever to get done.  It can be very frustrating.  What with the medical exam, getting the aps, the dmv records, the overall intrusive look into your life.  It’s not always something that is pleasant, and the fact that it can take anywhere from a month to four or five months just to get your policy is almost maddening.

The good news is that there are companies that make it very easy to get a life insurance policy.  The only drawback is that they cost more money.  So, if your time and peace of mind is more important to you than being hassled for months before the policy is in place, then I suggest checking out the no exam life insurance policies offered through Wholesale Insurance.  They work with multiple companies that make it very easy to get term life insurance.  One of the companies will even give you a policy within 15 minutes of applying (they may have to verify payment before it goes into effect).  So again, if you are interested in finding out how simple life insurance can really be, give the folks at Wholesale Insurance a call, and they will take care of you.