Arizona Life Insurance
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How can the many free online life insurance quotes available everywhere in the Internet help me determine the amount of life insurance that’s enough to meet my needs? I live in Phoenix AZ.
Juan Antonio
Phoenix AZ
With the help of free online life insurance calculators available everywhere in the Internet, you will be provided with free online life insurance quotes from various life insurance companies in Phoenix Arizona. This means, that you will have more than one life insurance quotation to study in order to make an educated decision in determining how much life insurance you will need.
In inquiring for free online life insurance quotes, however, you have to consider some basic things first. You have to determine what type of life insurance you will need and the amount you can afford to buy such insurance.
The rule-of-thumb that insurance agents share to their clients is that your life insurance should be around 7 to 10 times of your annual income. So if you are receiving an income of $24,000 yearly, you must have a life insurance coverage of $168,000 to $240,000 to financially protect your loved ones when you die. It is believed that when your loved ones receive the death benefits from your life insurance, they will invest these and the income they will receive from the investment will serve as a replacement to the income lost due to your death. However, this is going to be just a rough estimate generally applicable to everyone.
Getting the free online life insurance quotes that you’ll receive will give you a more precise assessment to determine how much life insurance will you be needing. The life insurance calculators available in various Web sites will help you collect the life insurance quotes that you need. All you have to do is provide the information needed which are related to your financial status, health conditions and medical history, among other things. The more you answer truthfully the information you provided in the insurance calculators, the more you will receive accurate life insurance quotes that will perfectly suit your lifestyle, budget and needs.
How does a universal life insurance policy differ from variable universal life insurance policy?
Connie
Phoenix AZ
If you want a flexible and permanent life insurance policy, you should purchase universal life insurance policy. The good thing about this policy is that as your needs change, the life insurance policy can also change to fit your current needs. With the universal life insurance policy, money is actually withdrawn, like a savings account, every month to take the administration costs and insurance charges. The more complex type is the variable universal life insurance.
Variable universal life insurance is a type of permanent life insurance. In this type, you can choose where to invest your money. The different opportunities to choose from are stocks, money market funds, mutual funds and bonds. With this type of permanent life insurance, your money will accumulate aside from the life insurance protection you will be getting. If you are planning to invest your money in variable universal life insurance policy, first thing that you must do is to carefully read the prospectus. Sales of this type of life insurance are accompanied by the current prospectus and the choice of investment, where you will find the detailed information on investment objectives, charges, risks and expenses.
I would like to know which would you recommend that I get, Term Life Insurance or Whole Life Insurance?
Mike
Scottsdale, AZ
Good Question,
The debate of whole versus term life insurance has been going on for quite a while. There is no absolute right or wrong in this debate regarding life insurance. It will always depend on your paying capacity and individual needs as a person. Both have their own benefits and their setbacks.
For term life insurance policy, you are insured from death and your beneficiaries will be given an amount of money if you die within the term that you are covered. Premiums are generally lower at the onset but increase as you renew the term life insurance policy. The downside of term life insurance, if you don’t die within the term of your insurance, you will get no cash values at the end of the term if you will not renew.
With whole life insurance policy, you are insured for the whole of your life. However, the premiums may seem costly for the first few years especially if you’re young, but as you climb the corporate ladder the burden will lighten as you will most likely be paying for the same premium for the whole of your term. Also another good thing with whole life insurance is, depending on the specifics of your policy, you may be getting cash values in the form of dividends in the later years, which you can get or use to pay your premiums.
My advice to you would be to talk to a term life insurance agent who can help you assess where you will benefit the most.