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Affordable Life Insurance - State Guide & Resource
We have created a life insurance state guide that helps with most situations. Each state web page has an overview of the state regulations and laws. They also include the department of insurance contact information for each state. To get more information about life insurance rules and regulations for your state please click on your state below.
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Life Insurance Basics
Dying is the natural last step in life, but it is important to understand that being fearful of the inevitable prohibits you from living. Being prepared for that unforeseeable day with a great low cost life insurance policy, will help put your mind at ease and affords you the knowledge that your family will be taken care of when you are gone. |
Where to Start
There are two basic forms of life insurance policies: Term Life Insurance and Permanent Life Insurance. It is necessary for you to understand their differences before selecting a policy to ensure that your decision is the right one for you and your family. |
Term Life Insurance
A term life insurance policy is, just as the name indicates, a policy that is active for a set term. These terms can be set at 10 years, 20 or even 30 year increments which comprises the life of the policy. Once your term policy is over, some life insurance companies offer a renewal option. Make sure that you check with your selected carrier to see if they offer renewals and what the criteria will be when your term is up.
This type of policy does not have a cash value, but typically is the lowest in cost of all the options available. Dependent upon a number of factors, like overall health, smoker vs. non-smoker, age, weight, term life insurance rates can be as little as $12 a month for a $100,000 policy. |
Permanent Life Insurance
There are three basic permanent life insurance types. They are Whole Life Insurance, Universal Life Insurance and Limited Life Insurance, which is often known as an Accidental Death & Dismemberment (AD&D) policy. Permanent Life Insurance differs from Term Life Insurance in that the policy stays in effect for life and is not based on a set amount of time. Permanent Life Insurance policy premiums are also generally higher than Term Life Insurance because of the extra benefits tied into the policies.
- Whole Life Insurance
Whole Life is the most common type of policy. It is set up for life and not a specified term. It builds value over the life of the policy and can be borrowed against in dire circumstances. Whole Life policies can be purchased in varying amounts. The higher the face value on the policy (or payout amount) the higher your life insurance rates will be. The premiums for this type of policy will be secured and paid in regular increments – not to be modified or changed.
- Universal Life Insurance
Universal Life policies are very similar to Whole Life. These types of policies are often used as low-risk investments as they also accumulate a cash value over time. However, Universal policies are more flexible in nature and a portion of the policy’s interest is often set aside into a separate savings account. The more premiums that are paid, the higher the cash return is on this type of life insurance investment.
- AD&D
Additional Death and Dismemberment policies are just like they seem. They are put in place for situations where a victim dies or loses a limb(s) by causes that are deemed accidental (i.e. car accidents, freak work incidents, etc…) The rates for these types of policies are significantly lower and there are restrictions and other determining factors that qualify the rate. Keep in mind that deaths due to suicide or illness are not covered under this type of policy. |
What Comes Next
Once you have determined the type of policy that is going to work for you and your family, it is time to do a little research and obtain life insurance quotes from a variety of different companies to find an affordable life insurance policy that is custom fit to you. While there are different methods of research available to you (i.e. calling every agency you can find in the yellow pages, browsing the Internet etc…) GEO Life Insurance has created a tool, specifically designed with you—the policy holder—in mind. You can receive up to 8 Permanent or Term Life Insurance quotes within minutes by simply providing your zip code and clicking on the Start Quote button listed above. You will find that GEO Life Insurance works with over 5,000 respected and top rated companies nationwide to bring you the best possible life insurance quotes and rates available.
Get started today and begin living your life instead of stressing about the financial well-being of your family when you die. Whether you are looking to obtain a Whole Life, Universal Life or Term Life Insurance quote, you will find answers here. Stop waiting and start living. |
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