Permanent Life Insurance - Best Life Insurance Quote

Business partners, two-income families, and owners of closely held corporations have usually relied on whole life insurance policies to insure against each others' deaths. Several new types of insurance policies may offer even cheaper alternatives.
Next-death plans. With these policies, two or more individuals can be covered with permanent, cash-value life insurance that pays death benefits on the first participant to die and then, sequentially, on the others covered.

Premiums are based on the actuarially weighted average age of the participants. Premium savings are generally 15 % to 55% compared to the cost of separate whole-life policies covering each person individually. When a participant dies, premiums are recalculated and new policies automatically issued.
The per-person cost decreases as the number of participants increases. Point: Consider including your spouses and children, but keep in mind that by doing so you may buy more insurance than you need.
The predominant next-death coverage is marketed by First Colony Life Insurance Co. of Lynchburg, VA, and its subsidiary, American Mayflower Life Insurance Co. of New York.
Multiple life. In this plan, a term policy covers two or more lives and provides either a fixed amount of protection or a decreasing amount. The first variety, known as level-term coverage, is similar to next-death plans, but it is based on a five-year renewable term policy.

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Since participants will be older upon each renewal, premiums increase each five years. If two or more members die in a common disaster, benefits will be paid on both. However, if all the members die, total benefits will be paid as though all but one had died.
Advantage: The premium saving over comparable separate term policies is about 15 %, depending on average age of the participants.
For a specific purpose, where less coverage is needed as years pass, companies offer decreasing-term multiple life. Under this variation, insurance can be bought for 10-, 20-, or 30-year periods. The amount of protection decreases annually until 80% of the insured period has elapsed. From then on, the coverage is 20% of the original.
Analysis: Consider more than just premiums themselves in choosing a policy. In many cases, the type of partnership arrangement will determine coverage. To back a debt or to protect children's dependent years, a decreasing-term policy may be best. A family, however, would also have lifelong needs. Tax implications and cash-flow objectives may also be deciding factors.
Reminder: Because these less costly insurance plans mean smaller commissions to the agent, many tend to ignore them. If they're not interested in talking about them, persist
 

Source: Consumer Information Center

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