When determining the best and most affordable life insurance policy, the best way to ascertain what each company offers is to engage in an online life insurance comparison. While there are a wide variety of insurance policies available, comparing policies can give you a better picture as to whether or not each company is meeting your needs.
To give you an example of the types of life insurance available, here is a list of the current policies you may wish to compare:
Whole Life; Fixed Term; Group Term; Joint Term; Whole Term; Annual Term; 10, 20 and 30 Year Term; Universal Life; and Long Term Care are among the many types of insurance policies available. While the list is long, these are just some of the policies you can check online. Let’s take a look at a few of these policies and engage in a life insurance comparison of our own.
An annual term life insurance policy can be automatically renewed at the end of each year, or term, and in which the premium usually increases. However, it does allow you to change your policy to a whole life insurance policy with no additional fees.
A term life insurance policy is beneficial not only because you can renew it, but can do so without providing additional information on your health. However, when renewed, the premiums will increase depending upon age and circumstances.
Conversely, a whole life insurance policy is permanent. You can opt to pay a premium which stays fixed as you age. In addition, a whole life insurance policy does have cash value, and if you wish to cancel the policy you will receive a lump sum.
A universal life insurance policy is more flexible in that you can change the death benefit every now and then. In addition, you can change the amount of premium payments as well.
Finally, there is the long term care insurance policy which is indeed valuable in that it protects you or your loved ones in case of catastrophic illness. It offers long term care in terms of providing assistance via skilled nurses who help with daily activities, and it provides for rehabilitation as well. The only caveat to this type of insurance is that it is paid by you or your family, and is not covered by traditional health insurance companies.
As you can see, there are a multitude of options available to you when you make a life insurance comparison. Indeed, there are so many types of life insurance, it would be appropriate to make a list and then call each company to ascertain which one offers you affordability and meets the needs of you and your family members.
This post was contributed by Damian Youell who is the lead financial adviser at NeedingAdvice.co.uk. He specialises in offering advice on Business Protection Insurance offering products such as Relevant Life Policies Insurance and Key Person Cover. Other areas of financial advice that he can assist with include Enhanced Annuities, Mortgages and Investments.