Obtaining a Whole Life Insurance Quote

2007-03-08 10:33:40

( Insurance )



Life Insurance in General
Life insurance is an insurance that provides compensation to designated beneficiaries in the event of a person's death. Life insurance may be for a limited term or for a whole lifetime.

Term Life Insurance and Whole Life Insurance
Life insurance that is temporary in nature is called term life insurance. Life insurance that gives protection for a lifetime is called whole life insurance. Term insurance is usually granted without medical examinations of any kind, and is the cheapest life insurance available. It provides no savings, and no cash is paid back to the owner upon expiry of the term. Whole life insurance, on the other hand, will always return the face amount of the policy upon attainment of age 100 (a lifetime in insurance terms is 99 years), which is when the policy matures.

How Do I Obtain a Whole Life Insurance Quote?
A whole life insurance quote can be obtained by consulting a life insurance agent. The value of a whole life insurance quote will depend on various risk factors, and the face amount desired. Risk factors include age, occupational risks, social risks, and medical history. A thorough investigation into these risk factors is usually required before a final quotation can be given. However, preliminary quotes are usually available after some medical and personal information is given. A preliminary life insurance quote is never binding upon an insurance company. There is no escaping the need for medical examinations and interviews to determine the insurability of a person, and the corresponding premium.

Life Insurance Settlements
A life insurance policy is an asset that can be transferred or assigned. If you are in dire need of cash, you may opt to sell the benefits of your policy to another person. These transactions are called life insurance settlements. There are many kinds of life insurance settlements. There are viatical life insurance settlements, senior life insurance settlements, and simple life insurance settlements. A viatical life insurance settlement is the sale of a death benefit by a terminally ill patient, in return for immediately available cash. A senior life insurance settlement is the sale of a death benefit by a person over 65, also in return for immediately available cash. Simple life insurance settlements involve the sale of the benefits of a policy to an interested buyer. All these transactions usually involve sales at a discount, to give the buyer a future profit. They serve to provide immediately available cash at a time of critical need.


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