Dirt Cheap Life Insurance Rates, Lowest insurance Charges for Life Coverage, least Expensive First Year Premium

Best insurance policies:
• Renewable term policies provide insurance protection only.
• Cash value policies-whole life, universal life, variable life, etc.-also build a kind of savings account that can be borrowed against during the term of the policy. The savings are available if you ever give up the policy.
Key: Unless you're buying insurance as an investment or for tax advantages, you're better off with annual renewable term insurance.
Reason: Renewable term's current premium rates are lower than those of any cash value policy. Bonus: There's no penalty if you drop an annual renewable term policy.
Example: The annual premium for a $100,000 whole life policy costs a 35-year-old about $1,100, but the same amount of coverage with an annual renewable term policy costs $140. If the insured drops the whole life policy, the first-year premium difference is usually forfeited.
Unless your life insurance needs are temporary, buy an annual renewable term policy which is renewable to at least age 65-and convertible to a cash value policy to age 60. There are other types of term insurance, such as five-year term, but we don't find bargains in them. See life insurance for more information.

Beware: Agents don't want to sell you renewable term because they can make 5 to 10 times as much in commissions on cash value life insurance policies.
If you want to use your life insurance as an investment vehicle and plan to hold the policy for at least 10-15 years, buy a cash value policy.
Advantages over term: 1) You can borrow against it after several years, 2) if you cash the policy in after 10-15 years, you receive your premiums plus interest, and 3) interest earned on the policy is tax free, although the policy principal is taxable. However, if you're eligible for a tax-deductible IRA,* you should put up to $2,000 in the IRA before you buy a cash value policy. Reason: The Ire's principal and interest are tax deductible.
Compare any cash value policy you may purchase to cash value policies offered by the insurance company USAA Life. Because USAA has no agents, it pays no commissions and can therefore offer high cash values on its policies-and it charges only low penalty fees for early cancellation. (Other insurance companies pay commissions up front so it takes years for cash value to accumulate.)

To Dirt Cheap Life Insurance Rates, Lowest insurance Charges for Life Coverage, least Expensive First Year Premium- Top

Example: A USAA policy with a $2,000 premium is worth $1,700 after one year, compared with an agent-issued policy, which would be worth nothing in most cases.
Riders on insurance policies are similar to options on a new car. You pay a premium for special coverage or advantages on your policy. Most riders are offered to you because their profit margins are high for the insurance companies. You should avoid most of them.
• Waiver of Premium is the most reasonable rider available. If you become permanently disabled, the insurance company waives premiums due after your disability has lasted six months. If you compare rates of these riders, make sure you compare like benefits. Reason: Although prices are similar, coverage stipulations can vary widely among policies. Also: Double check to make sure your disability insurance policy and waiver aren't redundant.
• Accidental Death Benefit insures you for a higher benefit if you die in an accident than if you die of natural causes. The rider is incredibly overpriced and senseless. The breadwinner should already be covered sufficiently with seven times his or her annual salary.

• Cost of Living Riders increase your death benefit on annual renewable term policies to reflect rises in the Consumer Price Index. Drawback: You pay a hefty premium for the extra coverage. Better: Buy more coverage now and let inflation catch up.
• Guaranteed Insurability Riders allow the purchase of additional amounts of whole life insurance without evidence of insurability. The premium for this rider, which becomes useful only if you become ill or take on a hazardous job, is too high. Better: Once again, buy more coverage in anticipation that your financial success will cause your life insurance needs to increase as you get older.
• Revertible or Re-Entry Term annual renewable term policies enable you to reduce your premium after a period of years-if you can pass the underwriting test again. Major drawback: If you fail to pass, your rates are likely to jump.
• Joint Life Annual Renewable Term pays off when the first of the two insured persons dies. Separate policies are more flexible, particularly in the case of subsequent divorce. However, if the joint policy is cheaper than separate policies, it may be a good deal.
In purchasing a policy, if an extra premium is charged because of a medical condition, check out some other companies to see if they will give you more favorable treatment. Some companies may be more positive about your longevity.
Seek new quotes on your policy from time to time. Annual renewable term rates are always changing. If a competitor's rates have gone down, ask your agent about lowering your premium next time you renew. Related topics: best rated affordable life insurance for 35 year old, lowest insurance charges for life coverage, least expensive first year premium, lowest insurance charges for life coverage, what life insurance policy has least expensive first year premium.

Source: Consumer Information Center

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