Alabama Life Insurance Rates
Learning as much as you can about different Alabama life insurance rates can help you find the best policy for your budget and your needs. Life insurance is something most people don’t care to think about, but need to have. There are different types of life insurance that come with advantages and disadvantages. The most common type of life insurance is term life insurance. This is a policy that is only written for a certain term, or time period. This can be as little as a few years or as long as several decades.
When shopping for term life insurance you will find a variety of factors affect the price of a policy. These factors include but are not limited to the age and health of the insured, the length of the term and the insurance company themselves. It is not uncommon to find basically the same policy at different prices from different insurance companies. With term life insurance, your premiums are fixed for the life of the term. Once expired, you can choose to get a new policy or sometimes will have the ability to extend you current policy at a higher rate. The right course of action at the time of policy expiration depends on the options available to you and how much each one is going to cost, which can be different for everyone.
Another type of insurance for which you might need Alabama life insurance rates is universal life insurance. Unlike term life insurance, universal is a permanent type of coverage that is flexible. It is middle-of-the-road when it comes to cost, as it costs more than term life but less than whole life coverage. There is no fixed value for cash growth, but there is also no fixed payment schedule. Universal life insurance has different subcategories which include no lapse guaranteed benefit or NLG, indexed and variable. Your insurance agent can tell you more about these types of coverage and which type best suits you.
The most expensive type of life insurance is whole life insurance. Although it costs the most, it also offers some appealing benefits. For example, you get a guaranteed death benefit, a fixed premium and a guaranteed rate of cash value growth. Also, there is not much risk of coverage lapse because to keep this from happening all you do is make regular fixed payments as you would for a term life policy. Under the category of whole life insurance you will find subcategories which include graded premium, interest sensitive, modified premium, participating whole, single premium and variable whole.
There are other, less common types of life insurance for which you might need quotes depending on your situation. For example, you can get quotes on Alabama life insurance rates for special purposes, business purposes or even high risk coverage purposes. Special purposes include but are not limited to final expense coverage, joint and survivor coverage, mortgage life insurance, group life insurance and quick issue life insurance. Business life insurance is often used by employers for their employees, while high risk insurance includes coverage with no medical exams, coverage for senior citizens and coverage for smokers.
Even though you will need to work with an insurance company to apply for and obtain life insurance, you can get free quotes on Alabama life insurance rates from brokers and even websites. Some brokers have sites where you can submit an online form and get instant quotes on different types of life insurance from a variety of companies. Comparison shopping in this way can save you quite a bit of money on the cost of your insurance coverage.