life insurance quotes

Life Insurance Quotes

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Questions...
1. Who needs life insurance?
2. How much life insurance do I need?
3. What should be the life insurance term?
4. What kind of life insurance should I consider?
5. How can I reduce estate taxes?
6. How much does life insurance cost?
7. Don't all companies consider the same underwriting factors?
8. How long does it take to obtain insurance?
Answers...
1. Any wage earner who is providing support for dependents needs life insurance. You will also need it if you are a key partner in a business, to pay off debts, and possibly to reduce estate taxes for your heirs.
2. Many financial planners recommend between 5 and 10 times your annual income. The real answer is you need a lump sum to fund an account, so that your dependents can live off the interest income for the time period you have in mind.
3. This depends on your situation. Perhaps you are paying for your childrens' college education, and you want your income to be available if you die. Similarly, your spouse may be depending on your income until he or she retires.
4. First answer the question of how much you need. Then answer the question of how much can you afford. If affordability is a problem, consider term insurance. If you have discretionary funds, you may consider permanent insurance, for instance to reduce estate taxes.
5. If you are wealthy enough to be concerned about estate taxes, then you might consider a second to die policy. But, wait until age 55 or so, as too many things can change. Get help from a financial planner.
6. Term insurance is the cheapest life insurance. Your cost will depend on your age, health, family history, and other underwriting variables. Choose your company carefully, as premiums can vary by hundreds of dollars.
7. Most companies consider the same core set of factors, but their treatment of them can vary widely. For instance, a person with cholesterol of 285 would pay $1,315 with one company, but only $730 with another company that considered the very low cholesterol ratio.
8. Some companies have required 6-8 weeks or more to issue a policy. You can reduce this significantly if you apply for the correct policy, based on your underwriting factors.


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