Which Life Insurance Premium Calculator Can Save You

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Which Life Insurance Premium Calculator Can Save
You Money?
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Introduction
A life insurance premium calculator can help you
find the best life insurance value, as long as
theyre used properly, with an understanding that
theyre just a start. But its important to
understand that some online life insurance
calculators are much more helpful than others. 
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If you search for Life premium calculators on the
Web, youll find plenty of life insurance
brokerage sites that offer a whole lot of quotes
from a lot of different companies. But how
accurate can those quotes be? Before you get
quotes, most of these sites only ask you to
supply very basic information about your
healthnot nearly enough to determine how your
health will actually be rated by each carrier. 
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And when you get a quote, there are no details
availablejust the price (accurate? or not?). You
can't investigate the carrier's underwriting
guidelines, or their financial stability, which
is rather important. One other thing to realize
about the big brokerage sitesthe only quotes
youre seeing on their calculator are from their
insurance company partners. They often limit the
number of carriers, because a higher volume of
business equals higher commissions for them. 
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• Life insurance types and options
• Four major types of non-variable life insurance
  coverage are
• Term Life
• Whole Life
• Guarantee Universal Life
• Index Universal Life

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Each of these provides a death benefit, but they
can differ significantly in length of coverage,
premium flexibility, accumulation and
distribution of cash values, and other factors.
While specific policies vary by company, these
general descriptions can help you understand the
basic differences.
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Term Life Whole Life GuaranteeUniversal Life Index Universal Life
Coverage needs Temporary period of time 10-30 years Lifetime Up to lifetime Up to lifetime
Cash value accumulation No cash value Guaranteed cash value Interest crediting rate set by the insurance company Interest crediting rate can be linked to the percentage change of an index
Premium flexibility Fixed for an initial period Fixed Flexible Flexible
Guaranteed death benefit For length of term period coverage Lifetime Lifetime coverage or "dialed down" to any length of coverage Guarantees typically range from 10-30 years
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