Affordable Coverage

Affordable life insurance policies can be found through a search on the Internet, including term and whole life plans. Term contracts provide coverage for a certain period of time in case of the signer's death. They may range up to 30-years. After the end of the time, some contracts may be renewed yearly, but premiums will change. These plans may also be converted into whole life through an affordable life insurance policy. Whole-life contracts not only provide that coverage, but also offer cash value during the lifetime of the holder. The insured amount is fixed, but interest rates affect the cash value. If interest rates go up, then cash value does as well and vice versa. One advantage of this type is that it is possible to borrow against the cash value or even redeem it for cash before it matures. Some contracts offer a 30-day guarantee. If the policyholder changes his mind about the coverage within the 30-day period, then a full refund is guaranteed. Universal contracts through affordable life insurance policies offer flexible premiums and adjustable death benefits.

Renewing term contracts may involve a medical exam in order to obtain an agreeable premium. This will offer lower premiums than other plans' coverage, but it will not offer cash value benefits. Features available through an affordable life insurance policy may include: a children's option through term coverage; a waiver of premium option, in case of disability; and an accidental death benefit, if chosen. Applying for plans over the Internet will provide free quotes. The applicant answers a few questions and receives almost instantly competitive quotes from several companies for affordable life insurance policies. Some companies offer a guaranteed term policy without requiring a medical exam. These usually include a 2-year delay before full benefits take effect.

Some plans may pay the insured's dividends with the dividends being paid at the end of the year, providing there is a surplus. Dividends may be received as cash, used to reduce premiums, or accumulate interest. If desired, the insured may use dividends to purchase additional insurance. Use wisdom when seeking affordable life insurance policies. "He that getteth wisdom loveth his own soul: he that keepeth understanding shall find good" (Proverbs 19:8). We never put our trust in anything we purchase, because no matter what happens, we know that God is in charge. He is our true source of wisdom. We apply for affordable life insurance policy to protect our loved ones, but keep our trust in God.

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