How to Find the “Best” Life Insurance Policy

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How to Find the “Best” Life Insurance Policy

Just to be clear, there is no one “best” life insurance policy because there is no ideal one-size-fits-all life insurance. Each individual life insurance plan should be tailored to the person and the beneficiaries. A life insurance policy should be focused on using the most appropriate type of life insurance for the insured, looking at factors including coverage and life insurance premiums. That’s why TermLife2Go looks at multiple factors and insurers across the board. Continue reading or give us a call today for a free life insurance consultation.

When you’re thinking about all the different types of life insurance available, you should also consider the company you will ultimately apply with. We focus on the niche underwriting offered by each of the companies we work with.

For example, finding diabetic life insurance requires that you apply with the more diabetes-friendly companies. Failure to do so may result in higher premiums or being declined altogether.
What are your life insurance plans? Knowing what type of life insurance you need is only half the battle. The other piece of the puzzle is knowing which company offers the best value for that life insurance type.

Life Insurance Definitions

Life insurance can be a bit confusing, but once you have a grasp on the general terms, it’s easier to navigate the details of life insurance premiums and providers.

Policy: a legal contract between you and the insurer. It defines the details of the life insurance coverage, names the parties involved, and all the terms, fees, costs, etc.

Owner: the owner of the policy is the one who is entering into the contract with the carrier for the insurance coverage.

Insured: the person whose life the policy is on. The insured person is often, but not always, the owner.

Insurer: the insurer is the life insurance company who is offering the policy. The insurer is also known as the carrier, provider, or company.

Beneficiary: the policy owner names a beneficiary of the death benefit. You can name multiple beneficiaries, contingent beneficiaries, and even tertiary beneficiaries. Upon the insured’s death, the beneficiary would receive the life insurance proceeds income tax free
Death benefit: the death benefit refers to the lump sum payout form the insurer to the beneficiary when the insured dies. There are other options apart from a lump sum, including annual payments, monthly payments, or a lump sum and monthly payments. A death benefit can remain level, increase along with the cash value, or remain level with the return of premium, minus withdrawals.

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