In buying insurance plans; it would not be enough that you will only get yourself familiar with the available options. You ought to identify your needs too. This is important as you will base many decisions depending on your requirements. If you already have a list of what your plan should be able to do for you, you can have an idea which plans you should include in your list. You could then narrow that list down until you get to choose the one to buy.

After you have settled on your needs, next in your agenda is the term vs. whole life insurance face off. Below are a few comparisons between the two.

– Term life offers protection that lasts only for a certain period of time. It varies and ranges from 1 to 30 years while the whole life gives lifetime coverage. The problem with non-permanent plans is that you can’t get a single penny in the event that you outlast them in most cases. There is no chance it will happen in the other alternative.

– Another drawback of term life is that it doesn’t accrue any interest at all. It offers nothing more than the protection. Whole life plans pride itself in one advantage, the cash saving facility where funds can be withdrawn by the policy owner should a financial emergency arises.

– What makes term policies a champion though especially among the average Joe\’s is its low premiums. They are indeed affordable even to those who are in the poverty line. Because of the provisions of whole life policies, it cannot be enjoyed with low rates.

Another interesting policy under the permanent plans category is universal life insurance. This has been getting more and more popular as it combines the advantages of both whole and term plans. For one, it offers protection that lasts a lifetime in a rate that is a little lower. In addition, it has cash saving facility. But the greatest benefit of this policy is its flexibility. You practically have the say on how and where you will invest your money from the account that accrues cash. What’s more, there are flexible payment schemes that you can choose from so you can adjust your income flow.

Make no mistake though; as good as the above mentioned advantages may sound, it has drawbacks as well. This plan can be very fragile. There are lots of risks that you have to take and you have to deal with them well. Otherwise, you would suffer from losses or worse, your plan may lapse. You have to make the correct decision and know when to do it. The market where you will invest the funds which will come from your account that accumulates cash can be very volatile every now and then.

Contrarily, if you want affordable rates as well as fixed return, you must opt for a term life insurance. It is true that such policies doe not offer any investment opportunity, but the rates are such that you should not expect that either. In fact, the rates under a term life are so low that you can easily build up your asset simply by investing the difference. However, to get the policy at affordable rate, you must meet certain criteria. Tobacco use, for example is a big no! You will be charged at a very high rate if you use tobacco in any form.

At the same time, you must not try to hide the fact that you take tobacco. The presence of nicotine in your blood or urine sample will give that away. That is why most smokers opt for no exam policies, but that is not really the wisest thing to do. Some carriers have taken out smokers life insurance exam policies; you can try them instead. Since these policies have been especially conceived for smokers; they take up each case separately and charge accordingly.

Of course, the no exam policies too have their use. The best advantage of such a policy is that you have a hassle free policy purchase and every transaction can be completed online without any face-to-face interaction. If you indeed want to buy life insurance policies online term life insurance online is the best available option. You apply today; if you qualify, your family starts receiving the coverage from tomorrow. It is as simple as that.

You need not to be reminded that you should observe prudence in buying plans as your family’s financial security and the money that you worked hard for might be in jeopardy if you commit the mistake of buying the wrong policy. Your plan should meet all your needs or you would be missing the whole point of purchasing. Consult reputable insurers and/or trustworthy insurance agents and brokers if you have questions that need to be answered.

If you want to find out more information about affordable life insurance, you should visit David Livingston\’s site today where he shares a lot more information on how to get the best policy to suit your needs. Go here now to get more details www.equote.com/life-insurance/no-medical-life-insurance/.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information, visit his site at http://www.equote.com/life-insurance/universal-vs-term-insurance/.

Author Bio: If you want to find out more information about affordable life insurance, you should visit David Livingston\’s site today where he shares a lot more information on how to get the best policy to suit your needs. Go here now to get more details www.equote.com/life-insurance/no-medical-life-insurance/.

Category: Finances
Keywords: online term life insurance online, term vs. whole life insurance , smokers life insurance exam