Life Insurance Rates
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Term life insurance offers most reasonable life insurance rates. But don’t just take our words for it. Compare life insurance rates for free by entering your Zip Code into the search box above, and get familiar with the policyowner’s right before you go an insurance broker’s office.
Every life insurance policy provides its owner with a number of privileges from which to choose in determining how the policy best can be used to meet personal needs. The numerous rights of the policyowner are further proof of the great flexibility of the life insurance contract. A policyowner may:
1. designate or change beneficiaries. Such designations may be either revocable or irrevocable. In naming an irrevocable beneficiary, the policyowner forfeits the right to make a further change, unless the irrevocable beneficiary agrees to it;
2. select settlement options or leave the beneficiary the right to select a settlement option;
3. assign proceeds or name another owner;
4. take a policy loan;
5. surrender the policy and take the cash surrender value;
6. change the mode of payment, such as changing from monthly to quarterly, semiannually or annually;
7. convert, as found in a convertible term policy or in permanent insurance. With permanent insurance, the policyowner normally may convert to a higher premium life policy without evidence of insurability (e.g., changing a whole life policy to a limited pay life policy);
8. specify how dividends are to be paid or used;
9. receive proceeds of a policy at maturity or as an endowment; and
10. select a nonforfeiture option.
Find the Best Term Life Insurance Rates to Compare
Looking for the best term life insurance rates? Get free quotes today. The grace period provision undoubtedly has saved many life insurance policies from lapsing. If policyowners forget or neglect to pay their premiums before they are due, the grace period allows an extra 30 or 31 days (or possibly less for some industrial policies) during which premiums may be paid to keep policies in force.
If an insured dies during the grace period and the premium has not been paid, the amount due is deducted from the benefits to the beneficiary.
It is always possible that a policy may lapse unintentionally. Or, if a lapse is deliberate, a person’s circumstances later may change and the individual may desire to reinstate the protection. Thus, the reinstatement provision is important and may save a policy that has been allowed to lapse—so long as the policy was not surrendered for cash.
Term life insurance is cheap, easy to buy and covers a temporary need, find best term life insurance rates now! Unless certain restrictions apply, the policyowner has the right to reinstate a lapsed policy. With reinstatement, a policy is restored to its original status and its values are brought up to date. The policyowner has only a limited period of time (such as three or five years) after discontinuing premiums in which to reinstate a lapsed policy. Other requirements are:
1. all back premiums must be paid;
2. interest on past-due premiums must be paid;
3. any outstanding loan on the lapsed policy must be paid; and
4. the policyowner must prove insurability.
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