Term Life Insurance VS Whole Life Insurance

Term Life Insurance VS Whole Life Insurance comparison. 

First and foremost, we buy life insurance to provide them to our families in case we pass away unexpectedly. Another consideration when looking at life insurance is term insurance vs. whole life. What you choose depends on your circumstances, wants and needs.

Term life insurance is the insurance that pays the face value of the policy to the beneficiary when the insured dies during a set amount of years. With term insurance, you’re covered only during the life of the policy, while you’re paying the premiums.

Whole life insurance includes investments that can increase in cash value. Some people borrow against their whole life insurance policy. When you die, your family also gets the face value of the policy. It is designed to cover you for your whole life. These policies charge you a fixed premium each year that’s higher than term insurance.

Pros and Cons of Term Life:

• Lower premiums - it is usually the least expensive policy.
• Full payout - the beneficiary receives the full amount of the policy if you die within the term.
• Term limit for policy - it's for a set duration of time, often ranging from 5-30 years. Once the term is up, renewing will increase the cost.
• No cash value - you won’t build up cash that you can borrow against down the road.

Pros and Cons of Whole Life:

• Stable premiums – there's no increase in your premium and continuing to pay your premiums, your beneficiary will receive the benefits upon your death.
• Cash value - you gain interest as the cash value increases.
• Higher premiums - it is usually higher than that of term life insurance, and that can stop a lot of people.

In the end, many benefits are valid to each type of coverage, as well as distinctions. One thing is certain: Make sure you have coverage that’s adequate for you and your family.

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Protective Life Insurance

Protective life insurance was established by its founder and former Alabama Governor, William Dorsey Jelks, who started in 1907. Jelks' commitment to Protective's customers, shareholders, and employees remains today the focus of the Company's leadership as they believe that serving people begins with being worthy of their trust.

Protective Life Corporation provides insurance and investment products to consumers across the United States. You should consider Protective Life Insurance, if you are in the market for a life insurance policy.

Life insurance products are dealt through the Life and Annuity Division and West Coast Life Division and under the banners of three companies: Protective Life Insurance Company, West Coast Life Insurance Company, and Protective Life and Annuity Insurance Company. Product categories include: Fixed Annuity, Variable Annuity, Fixed-Index Annuity, Term Life Insurance, and Immediate Income Annuity.

Protective Life Insurance ratings are as follows:

• A.M. Best: A+ (Superior, 2nd highest of 15 ratings)
• Standard & Poor's: AA (Very Strong, 3rd highest of 21 ratings)
• Fitch: AA- (Very Strong, 4th highest of 22 ratings)
• Moody's Investors Service: Aa3 (Excellent, 4th highest of 21 ratings)

Most basic estate planning and development has a major attachment to protective life insurance. Most of them can offer a non-taxable income death benefit, which can exceed the amount of premiums being paid by a client.

Often, whenever an estate tax is concerned, a protective life insurance policy is best and ideal, especially if someone else owned it. You may also request a binding trust to be the primary owner and beneficiary of your protective life insurance policy. Also, you may include in the list of your policy's beneficiaries your children who are above 18 years old.

Now we can say that finding the right protective life insurance company is one of the best decisions you could ever make. It's always important to keep your family covered.

Mass Mutual Life Insurance

Mass Mutual LifeInsurance Company (MassMutual) is one of the industry leaders in life insurance and life insurance products. It was founded in 1851 in Springfield, Massachusetts, and is also known as. The company is a mutual life insurance company where any profits are paid as dividends to their policyholders not to shareholders. Since 1860, this company has paid dividends every year to their participating policyholders.

Mass Mutual Company has changed slowly over a long period of time. By doing so has subjected a complete metamorphosis: from personal insurer to financial giant with $234 billion in assets. It serves over ten million clients and provides them with mutual funds, money management, trust services, retirement planning products, life insurance, annuities, disability income insurance, and long-term care insurance.

Scale is one element of MassMutual’s efficient operations. Since 2003, total assets under management (AUM) experiencing double-digit growth annually and reaching $505 billion as of year-end 2007. As of 2008 MassMutual has 4,300 employees in Springfield and 1,900 in Enfield, CT.

Recently, the MassMutual Financial Group started its multimedia "Good Decisions" market campaign that was designed to confirm clients and consumers during times of economic and financial turbulence.

Its strategy for the future was centered on innovation and new product development, global expansion, and customer satisfaction.

Principal Subsidiaries: C.M. Life Insurance Company; Cornerstone Real Estate Advisors Inc.; MassMutual International Inc.; David L. Babson & Company Inc.; Antares Capital Corp.; MML Bay State Life Insurance Co; OppenheimerFunds Inc.; MML Investors Services Inc.; The MassMutual Trust Company, FSB.

Principal Competitors: Northwestern Mutual; New York Life Insurance Company; Prudential Financial Inc.

Also its mutual ownership structure is a source of pride and its advantages such as: there are no conflicts of interest between policyholders and shareholders; the receiving of dividend payments by policyholders; and immunity from the merger trend and "hostile takeover" bids that could disrupt or diminish service.

Life Insurance without Medical Exam

Life insurance without medicalexam has not one, but many advantages to its credit, but most of the individuals do not get acknowledged by this. Many insurance companies advertise that they provide life insurance no medical exam, especially online. These no medical exam policies are available with a wide range of affordable plans, no waiting period for coverage, consistent premiums that don’t increase over the life of the plan, and return of premium options for term policies.

Most of the time, life insurance without medical exams provided come under term life insurance policies that are less expensive with a premium.

Young and healthy people can easily qualify for life insurance no medical exam. But while submitting the information or answering the questionnaire about your health always tries to remain truthful and honest to avoid denying your coverage. Also, people who had lost hope to invest in a life plan due to their ill health and ailments, are surely qualify for the life insurance no medical exam plans.

Usually these types of policies are more expensive. That’s because the insurance company is relying on you to provide information about your health and any medical conditions or history, and that entails risk on their part.

No medical exam life insurance coverage is a good option because it is quicker. Life insurance that involves medical exams takes longer to process. Without this extra step, companies can speed through your application.

Really, the best thing you may do is comparing quotes that the major insurers offer you. If you think you can qualify for a cheaper rate class, and decide that the premium difference is worth the effort, it is worth it to go through the full application process. However, if the rates will be almost the same, it can be a big relief to skip the physical.

Life Insurance for Seniors

Life insurance for seniors becomes very vital as a preparatory tool for something unexpected in the future. It insures your beneficiary and makes whole family be financially secured in case something bad happens to you, such as an unexpected death, especially if you are a breadwinner or the head of the family.

Senior life insurance is intended for older people specifically those in their senior years. During the times, it takes effect when people need it most in their latest years in life. Senior citizens are allowed get hold of this insurance until their 85th birthday. There is no term expiration for it.

Most people have usually coverage by a life insurance policy through their employer, or they had a term life insurance policy. But once you retire, change careers, or your term policy expires you aren't most often able to get any coverage.

There are two types may be most suitable for seniors

• Funeral insurance – it doesn't usually ask any medical questions, so it's suitable for seniors who might have a number of health issues. The acceptance age for it is slightly high (up to around age 79).
• Term life insurance – its policy is often cheaper than funeral insurance as more medical questions are asked. The cost of term life insurance for seniors depends on several factors such as age, sex, smoking status, and health.

Insurance companies are presenting many sorts of policies ranging from whole life and term life plans. A whole life insurance policy is a plan that will cover a person for life. The policyholder can cash out the policy, borrow against the policy, or the beneficiaries can get a settlement at the time of death. But the term life plan is a policy that is purchased for a specified length of time. This is a death benefits only policy that will only pay out in case of death during the term of the plan.

Level Term Life Insurance

Level term life insurance is a type of life insurance that offers consistent coverage over a specified amount of time. The face value of a level term policy stays the same for the duration of the period selected. Life insurance terms are ranged from one year to 30 years or more. Most commonly, however, level term coverage extends for 10, 15, or 20 years.

When you choose a level term life insurance policy, you select the sum insured (the amount you want paying out) and the policy term (the duration of cover). The sum assured is guaranteed at the outset and unchanged throughout the term of the life insurance policy.

Advantages of Level Term Life Insurance

The main advantage is that it is guaranteed to never increase, so you can budget for exactly what the premiums will be based on the plan duration. Also, a set term enables you to have the coverage for exactly as long as you need it.

Disadvantages of Level Term Life Insurance

One disadvantage is that this type of insurance only pays out about 1-2% of the time, so it is known as “renting” life insurance. Also, many people choose term life periods that are much too short and then the insured may face a very expensive decision when the term is up.

When deciding how long you need the policy to be in place, take in mind how long your children will be dependent upon you and when other financial benefits that will help support your spouse will kick in. You needn't pay to have coverage for longer than necessary, while you want to be sure to get coverage in place for long enough to keep your loved ones protected. Cost is also impacted by risk of death--age, risky behavior such as smoking, and health can all affect the pricing.

Banner Life Insurance

If you come to get life insurance, then make sure that you are working with the best companies available. There are so many different options to choose from, but Banner life insurance is one very affordable and reputable option.

Banner Life founded their company in 1949, and has been offering affordable solutions for life insurance to customers for three decades. There are varity of different reasons to consider working with Banner including their longstanding history and reputation that they have within the insurance community. This company is very personable and noted for its top-rate customer service.

Banner has affordable insurance policies for your needs. Policies it can offer you are in 49 states and the District of Columbia. It has not invested in the collateralized debt or loan obligations that have gotten many companies into financial trouble. Its portfolio is strong with over 99% of its investments in investment grade instruments. The assets of this fine company equal 119% of liabilities showing its financial strength. With an AA rating from Standard and Poor's, its financial strength cannot be questioned. It can be counted on to give you the best in life insurance coverage.

Banner is passionate about keeping their promises to take great care of their policyholders' investments. This is due to their impressive financial position at the end of the year 2008 when they had collected 379 billion dollars worth of life insurance cover and 4.6 billion dollars in assets. In the United States, they were placed eleventh for new policies issued the same year.

Banner provides a variety of products and services that most people need to have. They endeavor to keep their premiums down without losing the quality they have been supplying to their customers through the years. This company is that you can depend on to get the insurance coverage that you are looking for when you need it most.