About Budget Life
The following term life insurance companies head up the Budget Life Top 15:
Ohio National Life Assurance Corporation,
Genworth Life and Annuity Insurance Company,
The Penn Mutual Life Insurance Company,
Genworth Life Insurance Company,
Cincinnati Life Insurance Company,
Security Mutual Life Insurance Company of NY.
We use a third party database of the best term life insurance companies to rank
in terms of lowest life insurance rates. We can also provide whole and
term life insurance quotes online.
Term life insurance rates have been dropping steadily in response to increased competition.
Term life insurance is a commodity, and improved access to online life insurance quotes
information, such as
at this Web site, is making it even more so. Whether to use life insurance as an
investment is a separate decision; but for the lowest life insurance cost, which is term insurance,
why pay more than you have to?
Budget Life also lets you
obtain term life insurance quotes from independent agents. A life insurance
agent who uses our database can ensure that you receive the lowest life
insurance rates, rather than just a quote for one life
insurance company. Term life insurance quotes are commodities, so
be sure to get the best term life insurance rate.
Some can also provide
life insurance underwriting for
impaired risk life insurance. To evaluate all of your underwriting factors, contact us about
life insurance quoting software.
About Life Insurance
Paying for life
insurance hurts! But few can do without it. The key is to buy life
insurance only for losses that you can not replace, such as your income.
Avoid narrowly defined life insurance
policies that only cover specific loss of life, such as
accidents, plane crashes or cancer. You're better off with
insurance for any loss of life for a small increase in premium.
Don't skimp on life insurance.
But remember that people with no dependents may not need life
insurance policies at all. To estimate the amount of a life insurance
policy, use our life insurance calculator.
Most life insurance consultants estimate five to ten times your annual income.
Smoker life insurance
costs two to three times as much as non-smoker.
Jane Bryant Quinn advises how to find the best
term life insurance quotes in
When Your Term Life Insurance Expires. Budget Life uses the Term4Sale database recommended
by Ms.Quinn for term life insurance comparisons.
Make sure your policy has an option for
accelerated death benefits.
This option will enable you to access your life insurance policy if you contract a terminal illness.
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Term or Whole Life Insurance?
Term life insurance,
also called temporary insurance, covers a person against death for a
limited time, the term. For example, the term might be until
children are grown, or until college is paid for, or until
retirement. You pay for the policy period and at the end of the
term, the contract or policy expires. If no claims are made
against the policy during the term, you don't receive any
benefits after the policy expires, just like auto or homeowners
insurance.
Whole life insurance,
also called permanent insurance, is permanent and does not expire
(assuming you continue to pay the premiums). It provides coverage
similar to term life insurance, but it also provides an investment
vehicle. A portion of the premium goes for life insurance,
while the rest goes into an investment account. This
account can be an interest bearing account or a variable
(stocks and bonds) investment account.
Which is better (our opinion)?
A young family with large financial obligations is
usually better off with a term life insurance policy. The substantially
lower premiums enable them to purchase sufficient coverage to
protect against loss of income. Any discretionary investment
funds can be placed in other vehicles (mutual funds, money market
accounts, etc.) that are likely to generate returns similar to or
better than a life insurance policy. Whole life insurance is
often purchased by people for tax and estate planning
purposes. Recently, some advisors have started recommending
life insurance as an investment.
You should consult with your financial advisor.
Choosing an Agent
Almost all life
insurance companies sell their products through agents, rather
than directly to the public. Some companies use
"captive" agents, who can only represent one company.
For insurance with a competitive life insurance company (such as those
featured at this site) you will use an independent
life insurance agent, who is free to
represent several companies. Whether you need term life insurance or a whole life insurance quote,
your agent can help you find the best life insurance policy.
You should first obtain online
life insurance quotes, including for
Canadian life insurance,
before making a decision.
More Life Insurance
Some life insurance companies now offer
no-exam life insurance with
a few health questions and no medical exam. Check out our
life insurance video for more information.
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