When is Term Insurance Most Appropriate & How to Find the Best Term Insurance Quote?
There is age old debate about term insurance or whole life insurance. And, there is no easy answer as no one size fits all. The best type of life insurance policy for you depends on your unique circumstances. There are many factors like your age, health, financial responsibility, other financial assets and your opinion about these various kinds of policies influence on the decision of buying appropriate life insurance policy. The purpose of life insurance is to provide cash for your family, your business or yourself. It can help create wealth when you have not had time to do so, and it can help protect your estate from taxes when you have accumulated a lot of money. Term insurance and whole life insurance have their own plus and minus. Even though permanent or whole life insurance has many advantages, but it may not be appropriate for everyone's personal financial situation. In a same manner, term insurance has many drawbacks but there are two scenarios where term life insurance makes the most sense and best term insurance quote helps you to get that financial security in most affordable dollars: Scenario 1: When you or business need a lot of life insurance coverage but do not have much discretionary income left over each month or cash flow. For example, if you are the main breadwinner supporting a spouse and children, you will need a significant amount of death benefit. This would be a fairly big outlay with whole life insurance. It is a worthwhile policy if you can afford it, but if you can't, you still need the coverage, so term insurance is the next best option. The best term insurance quotes will provide the maximum coverage for the lowest outlay of premiums. Same is true for your business, your business may need bigger life insurance policy for securing business loan or for buysell agreement but business has very tight cash flow â€“ term insurance is the way to go. Beamalife specialist will research over 100 life insurance companies to find the most affordable term insurance quotes. Scenario 2: If you cannot afford whole life quote but would like to secure your insurability, term life insurance is a terrific option. You will want to purchase a term life insurance policy with a company that also has a strong permanent life insurance product so that you can convert your term policy to a permanent or whole life policy and still maintain your age of insurability. Your age of insurability is the age at which you originally purchased the term insurance. This means that once you are able to afford permanent insurance, your premiums should be at the rate of your age & health when you purchased the term policy. Also, if you later pick up a serious medical condition, you are still able to convert your term life in to permanent coverage. So if you are young and healthy, now is the best time to purchase life insurance policy, be it term or permanent! When you die, there will be an emotional loss felt by those you leave behind, but beyond the emotional loss is the economic loss which will be suffered. If your death will create an economic loss for your family, your estate, your business, your community, your church or temple or mosque, your college, your school, or your favorite charity, you probably need some more life insurance. BeamaLife is doing for the Life Insurance Industry what Expedia has done for the travel industry. BeamaLife compares top 100 highly rated life insurance companies to find the best, cheap and most affordable term insurance quote. Our specialists will help you find the best coverage for your family while saving you thousands of dollars on your life insurance premiums. We do not work for any one insurance company, WE WORK FOR YOU. Please call one of our life insurance specialists at (877) 972-3262 to determine the right kind of life insurance for you and for your familyâ€™s financial security or complete term insurance quotes request form now.
Published on Sep 24, 2010
BeamaLife compares top 100 US life insurance company to find best, cheap and most affordable term, whole and universal life insurance quotes...