Straight Life Insurance Is Simply A Different Name For Whole Life Insurance

Straight life insurance was one of the favorite and most bought life insurance policies. Everyone wanted a straight life policy. What is this policy all about? This policy is simply a whole life policy ...this is what it was called about 40 years ago and in some circles it is still called by the same name.

This straight life insurance policy was a non-participating policy with cash values. It had no dividends. I clearly recall the surprise on the faces of clients when they became aware that after a long period...20 years or so...they could get back a large portion of their premiums on surrender of their policies. Here is how that policy worked.

• Death Benefit

  The death benefit of the straight life insurance policy is sometimes more pleasingly referred to as the face amount. I cannot recall whether or not there was an option to receive an income from the proceeds at death or it just simply had to be paid in one lump sum. The latter...one lump sum...was more likely the case as those policies were not very large and the income would be too small to be worth the insurance company's effort. The death benefit was...and still is...level for the duration of the policy.

• The Premium

  The premium of the straight life insurance policy remained level throughout. By contract it could not be changed. I do, however, recall some unusual premium payment methods which are to some extent still in use. The norm today is to pay your life insurance premiums on a monthly, quarterly, half yearly or yearly basis. These methods have been used for years. the unusual thing was that the premium was popularly paid on a weekly basis. The insurance agent would have a list and go from door to door collecting these premiums every week. Talk about service...he was always around.

  Although this practice still exists it is not as popular as it is much easier for the policy owner to draw a check and pay the premium. It can even be paid electronically.

• Cash Values

  Straight life insurance policies have cash values just like they did then, however, the cash amount tends to be considerably more than it used to be. In the long run if the insured doesn't die s/he can recover all the cash paid into the policy on surrender of said policy. If they choose not to surrender the policy and they still need cash a loan can be taken from the policy.

• Waiver Of Premium

  A waiver of premium rider can be added to the straight life insurance policy. If the insured became disabled s/he would not be required to pay any premiums during disability. On returning to work they would pick up premium payment again. For the benefit to kick in you must be disabled for a minimum of 6 months with most life insurance companies.

• Accidental Death Benefit

  The accidental death benefit rider can also be added to the straight life insurance policy. It was more popularly known as double indemnity then. If death should occur in, or as a result of, an accident the life insurance company will pay twice the death benefit to your beneficiaries.

As you must be aware by now the straight life insurance policy is simply a whole life policy otherwise known as an ordinary life policy.

Buy Your Term Life Insurance Online - No Medical Exam

These days, it appears that, everyone wants to buy term life insurance. This is by no means unusual, nor is this a surprise. The new idea is that many people are opting to buy their policies online, without doing the usual medical. What foresight some life insurance companies have! The idea of buying your term insurance policies this way makes great sense to me.

When I was in the field selling life insurance getting the client to buy the policy was the easy part. People wisely want to protect their loved ones if they should die. The big problem was getting that medical examination done. It is not that they didn't want to do it but simply that some people were afraid of what the examiner would discover during the test. Additionally, in many instances, the applicant just didn't have the time. As a result that policy may never go in force...

Insurance companies have found a way around that. They ask the non medical questions online and if you qualify you get your policy. There are certain limitations though. The usual investigation is done. They check out your medical history, they check to find out if you engage in a hazardous occupation or avocation. If everything is OK you get your policy...

The limitations vary between carriers but, usually, if you are between age 18 and age 65, and you are in good health, you can qualify for term insurance online. One company limits the amount you can get to $150,000 and another to $500,000. In very unusual cases there are companies that will issue up to $1,000,000 coverage to younger applicants. This is the latest craze...these policies are selling like hot bread. Isn't that just great? There is no longer any reason to postpone protecting you family.

The 30 Year Term Life Insurance Policy May Be Perfect For You

If you like term life insurance and desire to keep it for a long time 30 year term life insurance affords your family financial security for a guaranteed period of 30 years or, in some cases, more than that period of time. I will explain this later on this page. Surprisingly...the premiums are considerably lower than those of most life insurance policies.

When an insured dies the full face amount of the policy, or an income derived from the face amount of this policy, is paid out to the beneficiaries. If you have ever seen the devastation which overcomes a family when the breadwinner dies you will appreciate the value of a life insurance policy like the 30 year term life insurance policy we are discussing. Let me tell you a little story which illustrates a situation where disaster was avoided through timely planning.

About 17 years ago, I took a friend of mine to lunch, over which we discussed his life insurance needs. I took all the necessary information and did a Capital Needs Analysis for him and the following week he bought $1,400,000 of 30 year term life insurance as a temporary measure. A year and a half later he died in an automobile accident. This accident was no fault of his.

Two days after the accident I visited his family, with the intention of assisting them in any way I could. His wife, when I entered the house, was standing over the sink washing dishes. We embraced each other as I attempted to comfort her. I must stress that there is nothing that can relieve the emotional burden of a wife who sincerely loved her husband when he dies suddenly.

When I was ready to leave I handed her a check for $30,000, to tide her over until the estate went through probate...and was settled. I have never before, or since, seen such a dramatic change in the demeanor of a human being in my life. You see, she did not know that her husband had bought that 30 year term life insurance policy. She explained that she did not know what she was going to do. They had two children ages 9 and 12. It was her firm belief that she should stay at home and raise her children if she could afford to do so.

This wife was able to do the things she needed and wanted to do because her husband cared enough to buy this 30 year term life insurance policy. Together with other life insurance policies on the husbands life there was sufficient principal to provide an income for herself and her children for as long as she lived. This friend of mine is working outside the home now but...not because she has to. She is working because she wants to.

With some 30 year term life insurance policies the premiums remain level for the entire 30 year period...thereafter the premium increases every year. In order to keep the policy after the initial 30 year period some life insurance companies may require additional evidence that the applicant can still qualify... a medical examination.

With some policies, during the first 30 year period, the premiums are increased every year 5 years or 10 years. With the better companies the premiums remain level for the duration.

These policies can be used to take care of family needs like in the above described situation. They can also be used to to pay college costs, to pay off outstanding debt or to fund a buy sell agreement. 30 year term life insurance is also used for key employee life insurance.

So, if you are looking for a cost effective life insurance policy that you can keep for a longer period of time than the average term policy 30 year term may be your solution.

Yes You Can Get An Instant Term Life Insurance Quote Here And Now

Did you know that you can get an instant term life insurance quote? One life insurance company has risen far above the rest in this area. Just imagine...you want to buy some life insurance so you get on the internet and search for online term life insurance and to your grand surprise you can get an instant term life insurance quote right there and then. Your family is protected in a very short period of time...

now you can relax. Every well thinking and responsible person at some time thinks about what would happen to their loved ones if they are not around to take care of them. Some people worry about this every day. Your children need an education and you will take care of that as long as you are alive and able to earn a living. Would they be able to live in the same house if you died? Would they continue to have the same friends or would they lose their friends because they had to move to a cheaper...

home, far away, and never see their friends again? What about the spouse...would s/he be able to continue driving the same car or have to trade down? Could your spouse continue to maintain the everyday household bills? Was your spouse one who stayed at home to raise the children? How easy would it be to get a job earning an income sufficient to maintain the family...how long would it take?

Getting your instant term life insurance quote is a beautiful thing. You go to the website and you answer a few questions and you are covered with life insurance, within a short period of time...and of course within certain limits. This all depends on the amount of insurance you desire, your age, your occupation and the state of your health.

The beauty of the whole thing is that you have 30 days to think it over and if you are not satisfied you will get back your money. This is a win, win situation. When people decide that they want an instant term life insurance quote they want it at once.

Term Insurance Policies Explained - Apply Term Life To Your Specific Need

Term insurance is known as temporary insurance. If the correct policy is applied to the correct temporary need it will work well for policy owners. Some needs are short term and some long term but temporary just the same. On the other hand there are permanent needs for life insurance which will be there for the rest of your life. If you have a permanent need you need to buy a permanent policy like universal life, variable universal life, variable life or whole life insurance. There are many types of term insurance policies. Let us look at the need and which policy to apply to that need.

• Your Mortgage.

  If you have a mortgage on your house you need insurance. You need a homeowners policy that would provide sufficient cash to repair or rebuild your home in the event of destruction by fire, flood, a hurricane or any other natural disaster. It is also important to own a disability insurance policy that would provide a portion of your income in the event you should become disabled. You certainly would want to have your mortgage paid off in the event of premature death...wouldn't you?...

  As you will have that mortgage for a specific period of time that can be categorized as a temporary need. Most people buy decreasing term life insurance to fulfill this need. If you have, for example, a 20 year mortgage you would buy a 20 year decreasing term insurance policy. As the mortgage balance decreases the death benefit decreases as well. Upon death the mortgage balance will be paid off by the term insurance policy proceeds.

• Paying Off A Loan.

  Suppose you buy a new car. You put down a small down payment and you will pay this off in about 5 years. If you suddenly died that money is still owed to the bank and they will likely come and repossess that car. If it is your desire that a relative or friend should own that car and you include that in your "last will and testament" it would make sense to buy a 5 year term insurance policy in the amount owed on the car. Upon your death the amount owed will be paid off. If there is any money over and above the amount owed coming from the policy your beneficiary will receive the balance.

• Protecting A Young Family.

  One of the most devastating experiences a young family can go through is the death of the breadwinner. You are in your mid twenties and married. Your wife is about the same age and you have two children ages 3 and 1. Although your wife graduated college you both came to the decision that she would stay at home for a while and look after the children. Through the carelessness of a drunk driver you are killed in a automobile accident...

  Try to imagine the situation the family will be in. There are final expenses to be paid. Court costs and attorneys fees, burial costs have to be paid while your wife and children have to continue living. Rent or mortgage payments have to be made as well as utility payments. The biggest bill will be the maintenance of the family until they can fend for themselves. All these things can be taken care of with a well thought out 20 year or 25 year term policy.

  This term insurance policy can be designed to pay a small lump sum up front to cover the immediate needs. The balance would pay an income equal to your present income for a specific period of time. This income coming from your term insurance would last until your children graduate college. It could even be set up to pay an income for as long as your wife would live.

Life Insurance - Knowing You Are About To Die Without Enough Is What Really Hurts

Should life insurance buying be seen as an urgent matter? There is something about some people that at times may cause them to procrastinate about matters that could end up being quite costly to the individual himself and in some cases the very ones he loves quite deeply. It just seems to such an individual that waiting until tomorrow is just fine. In my many years in the insurance industry I have seen situations where the purchase of a policy was very timely and I have also seen a few incidents when waiting was very costly.

Sometimes people who hurry to buy their policies do so because they fear the financial disaster, to their loved ones, that may come about because they were under insured. That is not the worse thing that can happen. In my opinion, the worse situation is knowing you are going to die without sufficient life coverage...

You lay in your sick bed, whether in a hospital or at home, knowing that in a short period of time you are going to die. You know your sweet daughter whom you adore so much will not be able to continue going to the same school. You know that you talented and energetic son will have to find another team on which to play baseball...

Above all, you are very aware that the beautiful woman that you promised to love and care for until her death, will have quite a difficult time raising the children. If only!

I have heard that statement so often...if only. If only I had bought that term life insurance policy that would have guaranteed my loved ones sufficient income to carry on after my death...at least until my youngest is age 18. If only I had bought that policy that would have paid off that mortgage upon my death. The cost was so minimal...why didn't I buy it?

You console yourself saying; "the children will not starve as my wife has a good job. They may have to get a smaller home in another neighborhood as her income is not sufficient to maintain this mortgage payment but they will be make do. My wife is very intelligent and will likely get a better job or a promotion in the company in which she is now employed". Would it not be better to know for certain?

All these things are possible but, as you lay on your dying bed, would you not feel more at peace if you were more prepared? When that life insurance agent came around you made it your duty to show him that he cannot sell you anything. When you think about it you realize the salesman was not in any way offensive. He was just trying to help.

Life insurance, whether term or permanent, can be seen as a lifeboat that is there when when the flood comes. Try not to say "if only". Buy your policy online if you prefer not to deal with an agent.

Compare Term Life Insurance Quotes | Best Term Insurance Rates

It can be quite a time consuming exercise to compare term life insurance quotes from different companies. Every life insurance company as well as every online representative of these companies try to tell you that their rate is the lowest...their policy is the best. A low rate is very important, however, that is not the only criteria to consider when searching for the best life insurance company with which to do business.
Your life insurance policy is one of the most important financial instruments that an individual will own in their lifetime, so when you compare term life insurance quotes you must look for a company that has been around for a while. You want that company to be there when your loved ones need to collect the proceeds of your policy.

You also should make it a priority to examine the reputation of your life insurance company. You should ask a friend, a relative, or someone you know for recommendations, then go on the internet and do some intense research. We live in the information age, and you can find out almost anything you want to know about a life insurance company these days...if you know where to look. Do research through The A. M. Best company, Moody's, Standard & Poors. Check the ratings of the life insurance companies. Read articles on them; you will be surprised at what you can uncover.

After you have done your research you are now ready to compare term life insurance quotes.You tell the company what you are looking for by completing a very short form. You tell them a little about yourself and they will give you quotes from several highly rated life insurance companies...

Bear in mind the things that we discussed earlier and make a choice as to which company you want to do business with and the company will contact you. Some companies will take your application there on the spot and you can get your policy instantly. Compare term life insurance quotes...it is really a simple process.