In this article, you will learn How to Find Life Insurance Quote Online.
We all know that there are a lot of sites who claim to offer Life Insurance Quote Online, and we may not know whether to trust these sites. But before anything, let's understand a few things about Life Insurance.
What is life insurance?
According to Wikipedia, life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).
Now, other factors that may trigger payment include events such as terminal illness or critical illness, but this depends on the contract. The policy holder typically pays a premium, either regularly or as one lump sum.
Types of life insurance
It is very important to understand the types of life insurance there is, and there are mostly two main types:
1. Term life insurance: This is a type of life insurance that is limited to a time period, let's take for instance 10, 20 or even more, and doesn’t build cash value. The only way for the beneficiaries to receive the payout is if the insured person dies within the term.
2. Permanent life insurance: This type of life insurance usually costs more than term but offers additional features like cash value that you can borrow against, which grows over time.
Life insurance rates
Life insurance rates depend on different factors which include age, health and the time period of the policy.
How to buy life insurance
Before you buy any life insurance, you have to determine how much life insurance you need. You can determine how much life insurance you need by checking some factors like, If anyone depends on you financially (this might mean you are a High-net-worth individual, Business owner, Stay-at-home parent etc.).
Also note that not all companies sell the same types of policies. It is best to read reviews on life insurance and to know the types of coverage you want before you begin comparing life insurance quotes.
Life insurance quotes online
Please note that this list will be updated with time, and there is no guarantee on using these services.