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Be Wise; Take up Permanent Life Insurance

Monday, March 11th, 2013

Life insurance is relatively an unknown term for the younger generations as it is believed to be a basic plan for elders to secure the future of their children and family in case an unexpected early permanent disablement or death occurs. Even the statistics show that only people above the age of 45 have knowledge on life insurance and younger generation usually does not pay much attention to it.  Another fact is that, Life insurance is not as popular when compared to other materialistic insurance plans like home or car. This reluctance and uncovered lives in US has led to the competition increase in insurance business. There are hundreds of insurance companies, which provide similar plans at competitive rates.

Out of the two basic types of life insurance plans, Permanent life insurance or also known as universal or whole life insurance is the most famous one. The simple definition of permanent life insurance revolves around the policy which is for the whole life of applicant and provides the guarantee of payout after the completion of policy. Most important of all, policy accrues the value of one’s money in the way that families can avail it in the time of instability. Other form of life insurance is regarded as the Term Life Insurance- Such insurance policy is fixed for ten to twenty years and if by the end of term if insured person is alive, family cannot withdraw a single penny.  This is one reason why permanent life insurance cover is better sort of than term life insurance, even though the premium that one pace in the latter is less compared to the former.

It is mandatory to know about the groups of permanent life insurance, i.e, whole life, variable life and universal life. In case of whole life policy, insured person is offered both investment and insurance with the advantage of leveled Premium. Most expensive life insurance is the ‘Variable life’ as it allows the policy holder to assign a proportion of his savings in stocks, investment funds and bonds etc. The most common group of permanent life insurance is ‘Universal life’. Such insurance offers separate portion of investment and death section of policy. It also facilitates the policy holder to create fast savings by using any kind of equity investment. With the passage of time, Universal life insurance also allows the policy holder to make alterations in his premiums and death benefits according to present situation of ongoing life.


December 16th, 2014

$1 Billion in Life Insurance: Waiting To Be Claimed!

As per the recent report by the treasurer of Oklahoma; in US alone, life insurance policies of worth at least $1 billion are still unclaimed. This means that the lifelong investments that many individuals made for their beloved ones are still waiting to be claimed.

September 21st, 2014

Should you switch from term life to permanent life insurance

We’re all aware of the importance of life insurance and its benefits. In short, their main goal is to provide financial security to those dependent on us, usually family members and those close to us. The thing is, we rarely think about ourselves when buying life insurance, which usually comes in form of term policies to cover for our short term goals. Those among us who would like to have more than just coverage for mortgage or security in knowing that our kids will have enough for collage should look at non term options – those types of life insurance have a financial value that can be used in time of need.

November 30th, 2011

LIMRA Reports That Whole Life has facilitated in Six Percent On the Whole Individual Life Insurance Sales Growth in the Third Quarter of 2011

LIMRA, an industry organization has presented an Individual Life Insurance Sales report of US which claims that the overall individual life insurance premium had increased by 5% till September 2011 and 6% in the third quarter. This was largely due to strong WL or whole life insurance sales. Senior research analyst of LIMRA, Ashley Durham remarked that, “The biggest driver of individual life insurance growth in the third quarter was WL, whose premium increased 10 percent both for the quarter and year-to-date.”

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