Variable Universal Life Combines Mutual Funds And Life Insurance

Category: Finance, Insurance.

When it come to life insurance there are many thing your agent doesn t want you to know! By keeping you dependent on them insures them of huge commissions and overrides.

Especially where it would effect their bonuses and commissions. However the internet has become the consumers true equalizer when it comes to insurance. The best way to buy life insurance is to stay with the basics, with term life insurance. Being internet savvy could save you hundreds of dollars a year! Term life is the type of life insurance that only pays if you die. However, term life insurance is so inexpensive due to greater competition. Similar to automobile insurance in that you pay year to year and when you stop paying the coverage stops as well.

Also the internet has made it easier to compare company rates from company to company. Agents like to sell variable universal life and universal life. Insurance agents hate to talk about term life insurance because there is very little profit for them to gain. Variable universal life combines mutual funds and life insurance. Whole life used to be the most popular insurance sold since it builds a cash value and many use it as a savings avenue. Pitched as a great tax benefit if both are bought together but due to the huge sales commissions and continuing costs, it turns out to be a bad deal for the consumer. But whole life premiums are high and agents love this because of the high commissions.

You should buy coverage based on the years that you expect to work. A nonsmoker 25 yrs. old male would spend about$ 180 a year for$ 250, 000 worth of term insurance but a whole life plan would cost approximately$ 2, 00 If you decide to get term insurance I recommend level- term which basically mean that the premium is guaranteed to stay the same for the number of years that you choose. When you decide to shop for term life insurance I recommend Cheap term quotes or visit the insurance section of 2 Spend less! Also talk to an insurance broker like American Consultants Inc at 404- 767- 1072, if there are questions, either way will insure that you save.