What is the Best Life Insurance Coverage?

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Best Life Insurance Coverage
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It can be a very overwhelming feeling when it comes to deciding what the best life insurance coverage is for you. With all the different coverage options how do you decide on one from another? This is a common concern to most people when they start their search for life insurance coverage.

We want you to know that at Top Quote Life Insurance you are not alone in your search for life insurance.

With a little time spent reading this article, we will break down the three primary types of life insurance, term life insurance, universal life insurance, and whole life insurance.

By familiarizing yourself with what each one of these types of life insurance coverage can provide you, we believe you will have no problem picking the best coverage that fits your needs. 

When you are able to pick the best life insurance coverage for your needs, getting the best quote for the coverage will be a cinch.

Term Life Insurance Coverage

Term life insurance coverage is one of the most popular types of life insurance coverage since it fits most individuals’ needs. Most life insurance agents will agree that it is the best life insurance coverage when it comes to price.

As its name suggests, term life insurance coverage provides a guaranteed death benefit throughout a specific period of time, beginning with the initial policy date.

Term life insurance coverage commonly comes in fixed premium contract lengths of 10, 15, 20, 25 and 30 years. Depending on what coverage length you decide to go with, your premiums are guaranteed not to change.  In other words, pay one premium every until the end of the term coverage.

When a term life insurance policy comes to the end of its fixed premium period you will be given the option to continue coverage under the same policy. Continuing coverage under the same policy is generally very expensive after the fixed premium period has expired.

Another option that comes standard with most term life insurance policies is the option to convert a portion or all of the death benefit to permanent life insurance.

We often recommend doing this only if your health has declined since the purchase of your term policy as premiums for this coverage can be a bit expensive.

Out of the three types of life insurance coverage, term is by far the cheapest. Term life insurance is a perfect choice of coverage when your needs are high and temporary.

Temporary needs may include replacing a loss of income for a spouse during working years. Income for college education for your children. Income to replace mortgage debt.

Universal Life Insurance Coverage

Universal life insurance coverage or often referred to as guaranteed universal life insurance (GUL). Universal life insurance is similar to whole life coverage minus the expensive premiums and dividends aspect.

Universal life insurance also offers a lifetime of protection, but at a cheaper cost than whole life insurance. The premiums for this coverage are cheaper because you are basically paying for the cost of the insurance spread out over an entire lifetime.

So why is it cheaper if you are paying for coverage spread out throughout my lifetime? Well, take away the savings account and dividends aspect.

Unless you are paying more than the required premium, universal life insurance does not gain nearly as much as a whole life insurance policy can.

Universal life insurance focuses on lifetime protection at a fixed rate. Many life insurance agents referred to universal life insurance as permanent term life insurance. The term insurance will eventually end, but universal life insurance is forever and has a forever fixed rate.

Another great feature of universal life insurance is the flexibility of the coverage. If your policy has cash value, you may be able to skip payments and the insurance company will draw the payment from the cash value to keep the coverage inforce.

Universal life insurance policies have come a long way since the 1980’s & 1990’s. Universal life insurance policies have received a bad rap because they never had the guarantees that they do now.

With guaranteed no-lapse fixed premiums and special features like a return of premium and long term care riders now with universal life insurance, we highly recommend this coverage when seeking lifetime life insurance coverage.

Whole Life Insurance Coverage

Whole life insurance coverage is the perfect coverage for someone who is looking for a lifetime of permanent coverage.  Whole life insurance will allow you to lock in a fixed premium, as well all the possibility to make some fairly decent dividends or cash within your policy.

Out of all three of the life insurance coverage options, whole life insurance is the most expensive. The younger you are when you purchase whole life the better.

Life insurance, in general, is always cheaper to purchase when you are younger rather than later in life, especially whole life.

You may ask yourself why purchase whole life insurance if it’s so expensive? By purchasing whole life insurance think of it as a savings account with higher interest rates than what your bank can offer which can lead to some very nice cash values.

Another reason for paying higher rates for whole insurance is because you are paying for the coverage, in advance, over a lifetime. The increased cost of the insurance at your later years is spread out evenly throughout your life resulting in a fixed premium.

As stated earlier, whole life insurance policies have the opportunity to gain dividends. Dividends can be used to reduce your premium, pay for paid-up life insurance coverage or used to borrow money from the policy just like getting a loan from a bank.  It is important to know that dividends are not guaranteed.

Whole life insurance can make for a great life insurance option for either children or adults.

Quotes for Getting the Best Life Insurance Coverage

Top Quote Life Insurance specializes and offers term life insurance coverage, whole life insurance coverage and universal life insurance coverage.

For an instant quote from all of our top life insurance carries please feel free to give us a call (888) 777-7574, send us an email with your request or simply use our instant quote located to the right of your screen.

Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.

Not only does he strive to provide you with the best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

AL: 790866 AR: 14358927 AZ: 14358927 CA: 0K29801 CO: 531038 CT: 002536246 DC: 3000281706 DE: 3000190912 FL: W383615 GA: 3089339 HI: 482421 IA: 14358927 ID: 646048 IL: 14358927 IN: 3100885 KS: 14358927 KY: DOI-986908 LA: 758187 MA: 2045330 MD: 3000011601 ME: PRN252004 MI: 14358927 MN: 40427014 MO: 8428106 MS: 10519253 NC: 14358927 ND: 14358927 NE: 14358927 NH: 2434852 NJ: 1562332 NM: 14358927 NV: 3299018 NY: LB-1484031 OH: 1117369 OK: 100293583 OR: 14358927 PA: 740709 RI: 3000183893 SC: 14358927 TN: 2383399 TX: 1969337 UT: 648983 VA: 987464 VT: 3426230 WA: 947010 WI: 14358927 WV: 14358927

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

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Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574