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The Intelligent Life Blog

Helping millions of Americans become educated
in making intelligent decisions around their life needs

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Whole Life vs Term Insurance: And the Winner Is...

Apr 10, 2017 10:21:00 AM

Life insurance can be confusing. In fact, there is such a perception about life insurance being complicated that many people just avoid purchasing a policy altogether. In the 2015 Insurance Barometer Study, one of the top reasons (38%) given for not purchasing life insurance was not being sure about what type to buy. 

Unfortunately, not having life insurance can be disastrous for your loved ones. Unexpected losses occur each day, and it would be a tragedy to leave your family without the means to replace income or pay important expenses left behind. Here is what you need to know about the difference between whole life and term insurance, several pros and cons of each, and some tips for making the right life insurance policy choice.

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Term Life or Whole Life Insurance: Which Policy Type is Right for You?

Nov 3, 2016 7:22:00 PM

One of the common questions among those considering a life insurance purchase relates to the difference between term life insurance and whole life insurance. If you've decided to purchase a life insurance policy, bravo, as you are ahead of the curve. Statistics show that, while most Americans need life insurance for a variety of reasons, the rate of adequate life insurance ownership is actually at a 50-year low. Top reasons for not purchasing life insurance include a gross overestimation of its cost and a basic lack of understanding about life insurance policy products - including the difference between a term life policy and a whole life policy.

When you buy this important coverage you obviously want the best life insurance for your needs. So here is a comparison between term life and whole life, which are the two main categories of life insurance.

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The Two Sides of Universal Life Insurance

Oct 7, 2016 8:47:00 AM

Many people opt for life insurance coverage with a permanent life insurance policy as opposed to one that will expire in 10, 20, or 30 years. There are several choices in permanent life insurance, but one that provides the policyholder several options and a great deal of flexibility is universal life insurance. If you're searching for a life insurance policy that won't expire, here is some information about your universal life choices, the coverage benefits, and a few potential downsides.

Your Universal Life Insurance Policy Choices

Buying life insurance is a confusing proposition for many because there are just too many choices. Even if you decide that you want a universal life insurance policy, there are several types to choose from. For your life insurance comparison purposes, there is a standard universal life policy, a variable universal life policy, and an indexed universal life policy.

A standard universal life (UL) policy has two components, the death benefit portion that is similar to term insurance and a cash value component that accumulates at a minimum rate, with the potential for higher returns based on the insurance company's portfolio performance. A variable universal life (VUL) policy, also has a standard death benefit, but the cash value component can go up or down based on the policyholder's investment choices. Finally, indexed universal life (IUL) policies are gaining in popularity according to recent LIMRA numbers. These policies also have the standard death benefit, but the cash value is both tied to a major investment index and has a guaranteed minimum rate of return.
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What are the differences between Term and Universal/Whole Life Insurance?

Oct 6, 2014 4:00:00 PM

Life insurance comes in two common varieties: term life insurance and whole or universal life insurance. The main differences between these two kinds of insurance can be gleaned from their names; as you might expect, term life insurance lasts for a specific term, while whole life insurance lasts for the policy holder's entire lifespan. There are some other key differences between these two kinds of insurance that you should be aware of if you wish to make a smart decision about your life insurance needs.

Premium Amounts And Changes

One of the main things that financially responsible consumers must do in order to find the best life insurance carriers (or policies) is shop for a policy based on price. Life insurance premiums vary depending on several factors including how much coverage you are looking for and what kind of health you currently enjoy. Both kinds of life insurance can be set up to provide fixed premiums that do not change from month to month, but it is more common to have whole life insurance policies with fixed premiums.

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Term Life Insurance: Is It Right for You?

Jul 7, 2014 7:56:00 AM

If you are considering term life insurance, like any major purchase, it’s important to determine if it’s the right product for your needs. In today’s post, we’re going to take a closer look at the risks and benefits associated with term life insurance in order to help you make an educated buying decision.

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Putting the Fun in Buying Life Insurance

Jul 22, 2013 11:10:00 AM

Purchasing life insurance is a topic that many consumers find intimidating. Not only does it force us to consider our own mortality but it is often associated with aggressive sales techniques and time consuming application processes. At IntelliQuote we’re working to change this misconception, one consumer at a time. Through a variety of efforts including social media outreach and consumer education, right here on our blog, we’re working to put a new spin on the process of buying life insurance.

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Who Do You Trust When it Comes to Advice About Your Life Insurance Needs

Jul 10, 2013 4:41:00 PM

For years surveys have revealed that Americans preferred to purchase life insurance the old fashioned way, through an insurance or financial professional with whom they’ve met face-to-face. However, this sentiment is changing among modern consumers. In fact, according to research from industry authority LIFE Foundation, 80% of consumers preferred to purchase whole or term life insurance face-to-face in 1996. Today, 26% of consumers are reporting that they would instead prefer to buy life insurance via the internet, mail or over the phone, a number which is expected to continue to increase.

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Term Life vs. Whole Life: That is the Question

Apr 22, 2013 8:53:00 AM

As leaders in the life insurance industry we have helped thousands of consumers, like yourself, answer the age old question, “term life vs. whole life; which to choose?”

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