If you want:
- Build tax-free wealth
- Settle an inheritance without selling a family farm or business
- Leave a guaranteed legacy to your loved ones
- Provide long-term care to someone with special needs or a disability
then look at whole life insurance.
Although less complex than other permanent products, full life is still more difficult to quote online due to the explanations needed when looking at illustrations. If you are interested in whole life insurance, fill out the short form on our whole life page and an adviser will contact you and take some information to make you personalized quotes.
The agent will also discuss your needs to make sure whole life insurance is the best option. Of course, it̵7;s ultimately up to you, but, as we mentioned earlier, life insurance is often the best choice for families.
If you want lifetime coverage with flexible payments…
Universal life (UL) insurance is a product similar to whole life, but trades some of the accumulation potential for more affordable flexible payment options. When there is enough cash value to keep the policy afloat, premium payments can be reduced or even stopped altogether.
A policy owner should monitor a UL policy closely. If the cash value runs out, the policy may end if you do not pay excess premiums. In addition, the price of a standard UL policy may increase as you age if the rates shown drop or the internal cost of the policy increases.
There are many varieties of universal life insurance on the market. The products vary in terms of how adaptable the death benefit, length of policy, premium liability and accumulation of cash value are.
Contact Quotacy directly if you are interested in receiving universal life insurance quotes. An agent will get information from you to make personalized quotes and discuss your needs so you know you’re getting the best product for your unique situation.
If you want lifetime coverage and are willing to take some risks…
An indexed universal life (IUL) policy works in the same way as a standard universal life policy, except that it accumulates value through investments in a stock market index rather than the typical low-risk investments that most dividend-paying policies use to grow.
The advantage of buying an IUL policy as opposed to just investing in an index yourself is that there is a guaranteed 0% floor on your investment risk. If the stock market doesn’t do well, your policy won’t lose value, it just won’t grow.
Like anything related to the stock market, its growth is not something you can rely on 100%. Since the price is not guaranteed, there is the possibility that a long series of bad market activity could raise your premium and make your policy unaffordable.
Contact Quotacy directly if you are interested in learning more about IUL policies and to receive cost estimates. An agent will get information from you to make personalized quotes and discuss your needs so you know you’re getting the best product for your unique situation.
As you have read, permanent life insurance can be quite beneficial in the right situation. Permanent life insurance isn’t inherently a bad product, it’s just not the best option for some people.
If you are looking for simple income protection for your loved ones, term life insurance is by far the better choice. It’s affordable and can be customized to fit your budget and needs.
Getting life insurance through Quotacy is easy. Run as many quotes as you want without revealing any contact information. When you’re ready to apply, your dedicated Quotacy agent will be your advocate to ensure you get the best possible rate and keep you updated as your application moves through the purchase process. Once your coverage is in effect, Quotacy will be here for your future needs as well.
» Read more: Is whole life insurance better than whole life insurance?