First-Time Universal Life Insurance
Reader’s Question:
I’m looking to get my first universal life insurance policy for my work here in Georgia, I’m wondering how I should go about doing this?
Ayers
Savannah, GA
For many people, choosing a life insurance policy is a big deal, and it should be! With literally hundreds of insurance companies out there, you would want to make sure that pick the right kind from the right provider. Life insurance is a long term commitment so you want to make sure you get it right (so you won’t end up knocking yourself on the head ten, twenty or even thirty years down the road). So here are a few tips and suggestions to help you get that very first life insurance policy of yours there in Georgia:
1. Ask yourself why you need life insurance
Knowing why you need life insurance, whether for work as you stated or maybe to give you, and your family security for the future in the event of your untimely demise, would help you narrow down your choices and give you a greater chance of finding the life insurance policy best suiting your needs.
2. Know what kind of policy to get
If you are just looking to get life insurance coverage due to the nature of your job then Term Life Insurance would be best. This is a type of life insurance coverage that is much cheaper, simple and is meant to be kept for only a certain period of time.
3. Shop Around
The Web is a great resource for those looking to get quick, accurate life insurance rates to compare. You should at least get five quotes before considering a provider.
Cheap Smoker Universal Life Insurance
Reader’s Question:
Exams are a pain so I tend to smoke to keep bring down the tension afterwards. It’s the only time I smoke, I swear! Will this boost up the premiums if I get a universal life insurance policy in Stamford?
Zachary
Stamford, CT
Oh, Zachary, lots of people say the same thing about their smoking habits. A lot of my friends say that they smoke only when they drink beer or only after eating or only when they’re incredibly stressed out at work – but the one stick a day quickly develops into a one pack a day habit. It is a habit that various research have closely linked to lung diseases, particularly cancer; hence, it is a widely recognized health risk to be a smoker.
Nevertheless, I guess most life insurance companies in Connecticut do recognize the need to provide life insurance coverage to smokers as well as non-smokers. However, considering the proven health risks, it does tend to boost up premiums compared to non-smoker levels, particularly for whole life insurance policies. Since you’re considering universal life insurance, however, the variability of both premiums and returns from this type of life insurance may help shield you from the usually high premiums. You might want to look into equity-indexed universal life insurance and compare the terms and conditions with traditional fixed universal life insurance.
An efficient way to do this is to request for free online quotes from this site (just enter your zip code). You can then compare smoker life insurance coverage available to determine which one offers the best value for you. Just remember to be frank about you smoking habits so you get accurate quotes. Best of luck, Zachary.
Cheap Universal Life Insurance Rates
Reader’s Question:
I just got a new job and my mom’s been bugging me to get universal life insurance. Can you tell me, what is the difference between universal life insurance and whole life insurance, anyway? Is it the same as variable life insurance here in Bloomington?
Vanessa
Bloomington, IN
You have a very practical mom, Vanessa. Nevertheless, I think it’s good that you’re exploring all your options and not just looking at universal life insurance per se.
Now, to answer your questions. Whole life insurance and universal life insurance both provide permanent insurance coverage; however, whole life insurance involves a level premium which guarantees you a certain death benefit amount as well as cash values while universal life insurance policies involve more flexible premiums as well as potential for higher benefits. There are three basic types of universal life insurance – the interest-sensitive traditional fixed universal life insurance, the equity-indexed life insurance and the fully flexible variable universal life insurance.
Most universal life insurance companies in Indiana would probably be able to offer you both types of life insurance as well as any of the three types of universal life insurance. You must be careful, though, because different insurers would have different policy costs, terms and conditions. It is advisable that you shop around for a bit before you commit or sign a contract. I suggest that you request for free universal life insurance quotes online from insurers in Indiana. To do this, type in your zip code in the forms on this page. Compare and contrast so that you can get the best deal. I hope I was able to help clear up things a bit for you, Vanessa.
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