Types of Life Insurance

About us

Lifeplans.com is an online life insurance marketplace where consumers can obtain pricing information from several life insurance providers at once, while saving you hundreds of dollars.

What is life insurance?

A life insurance policy is an agreement between an individual and insurance company to pay a certain amount of money to beneficiaries upon your death. When you sign a policy, you’ll pay the insurer the agreed premiums for your coverage.
If any mishaps happen and you pass away, your loved ones will receive the beneficiaries of the insurance policy instead of having to struggle with financial difficulties. LifePlans.com offers an online portal where you can quickly get a quote on termly and whole life insurance.

Why choose LifePlans?

Our technology and relationships with thousands of insurance providers are what enable us to pass the savings onto you. We strive to come up with the most reasonable life insurance costs for every customer based on their unique needs and financial situation. Life insurance companies are always calculating and updating rates based on the changing demographics of the US population. LifePlans.com has access to the databases of the leading insurance providers. This allows us to go through thousands of options in a matter of minutes and come up with the option that will fit your needs.
Insurance

Whole Life Insurance

Whole life insurance is a policy that covers your entire life, unlike a term life insurance that covers your life for only a specific period of time. It also includes a saving element paid by your premium. These saving components help you accumulate cash over time because of the fixed rates. It also explains why whole life insurance is more expensive compared to term insurance.

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Here are a couple of types of life insurance

Variable Life Insurance: The permanent insurance policy is more tricky. A face value death benefit necessitates you to choose a fixed death benefit. The variable cash value is included in the death benefit.

Final Expense Life Insurance: A burial insurance that offers an affordable and small death benefit to cover interment costs, outstanding debt, or medical bills. Unlike other policies which come with age limits, final expense life insurance is much easier for seniors and healthy-incapacitated individuals.

Universal Life Insurance: One of the most flexible options on the market, life insurance can be adjusted on an individual basis.  It offers two advantages for death benefits, including a level of benefit or one that changes according to the policy value. The minimum coverage  for universal life insurance starts from $25,000 and exceeds up to $50,00, depending on the age. The policy comes with numerous options including waiver of the monthly deduction for disability, guaranteed insurability, and flexible care benefit rider among others.

Insurance

Term Life Insurance

Term insurance agreement allows the insurer to pay a specific amount of money to your family in case of your untimely death. Term life insurance is often classified into several categories:

Cover for Critical Illnesses
Being young and bubbly is the best feeling, but life is unpredictable, and having a life insurance cover is the best policy to purchase. All you need to do is add a critical illness rider to your cover to get additional benefits. It means your family and loved ones won’t bear any financial burden for your treatment. According to the WHO, cancer, cardiovascular diseases, and stroke are major life-threatening ailments that need critical illness coverage. The minimum age to add a critical illness ride is 18 years, while the maximum is 65. However, the maximum maturity age differs depending on the insurance company.
Multiple Payout Options
If your family will receive a huge amount of money upon your death and you’re unsure if they can manage a lump sum payment, you can opt for multiple payment options.
Provides Add-on Riders: Adding a rider to your term life insurance helps you extend your cover benefits. Although you will make additional payments, you will get a comprehensive policy. 
Provides Cover Against Eventualities: Life happens, and you can die prematurely.
So, secure your family against major financial setbacks.
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FAQ'S

Frequently Asked Questions

How much premium do I need?
Many of our customers ask about how much premiums they need before signing papers. This is an important question, and when it comes to finding the right answer, one size doesn't fit all. That's why at LifePlans, we provide a calculator that helps you to figure out how much additional life insurance you need.
How much coverage do I need?
Most people choose a Term Policy with about $250,000 in coverage. Why this amount or any amount for that matter? The answer is that it all depends on how much debt you would need to pay off and how much income you would need to replace in the event you are no longer around to provide for your loved ones.
What is the average monthly payment for life insurance?
When people start looking for life insurance, they often have a lot of questions. One of the most commonly asked ones is, “What is the average monthly payment for life insurance?”

Monthly life insurance payments vary greatly based on a number of factors such as type of policy, location and individual needs. But before you begin looking for life insurance costs in your area, you should ask yourself a couple of questions
How much does life insurance cost?
Although many people think that life insurance is a costly addition to their monthly budget, the truth is the opposite. According to eFinancial, a 10-year, $250,000 life insurance policy costs an average $15-17 per month for a healthy 40-year-old.

There are a few uncontrollable factors that can increase or decrease your rate, such as your age and gender. The good news is that there are many factors that you can control including your lifestyle and habits that could impact the cost of your life insurance.
What are the most common types of life insurance?
Life insurance is classified in two broad categories: term and permanent (or whole). Having a good understanding of these two types of life insurance helps you make critical financial decisions.
What factors affecting life insurance can I control?
Health conditions: Insurers typically look at your height, weight, and medical history — especially any chronic or serious illnesses you have or have had. Some insurers might also require a medical exam before determining if they can provide coverage.

Bad habits: For example, smokers usually pay higher rates than non-smokers due to the number of medical conditions associated with smoking, including cancer.

Hobbies and lifestyle: If you sky-dive every weekend or partake in amateur stock car racing, then you might have higher premiums than someone who collects stamps. However, the exact activities insurers consider risky vary by company.
What factors affect my life insurance rate?
The two biggest factors that affect your life insurance that lie outside of your control are age and gender. Younger people pay less than older people because they are less likely to have health issues. In addition, males tend to pay more for life insurance because they have shorter lifespans and are also more likely to have jobs that are prone to life-threatening injuries and accidents.
Is life insurance a monthly payment?
Payment plans vary from one type of life insurance to another. Most insurance providers allow their customers to pay for life insurance on a monthly, quarterly, annual and bi-annual basis. Some types of life insurance, however, can be funded in a single payment. For example, single premium life insurance (SPL) is typically funded in a single payment. A single premium life insurance is a type of life insurance that is permanent and can be borrowed against, as it grows in value over time
the cost of life insurance

What types of insurance does LifePlans provide?

LifePlans.com provides three types of insurance: Term Life Insurance, Universal Life Insurance, and Whole Life Insurance

Whole Life, the most common type of permanent insurance, not only serves to pay-out your beneficiaries upon your passing, but also has a current cash value that can be borrowed against or cashed-out anytime. Permanent policies are investments and can grow in value whereas term policies do not. The catch is that they often have higher premiums. With flexible policy options plus the best rates and coverage, you can get the most value while saving on your life insurance cost. What’s better is that our service is 100% free, and super-fast! All you have to do is:

Confirm your zip code.
Tell us about yourself and your coverage needs.
See your custom-results and start comparing multiple quotes.

Conclusion

Shopping for life insurance doesn't have to be difficult. Many people think that shopping for life insurance is a complex procedure that requires a lot of research and a significant down payment that would cover life insurance costs upfront. While you need to do your due diligence and research all available options, finding the right life insurance policy is straightforward, and at Lifeplans.com, we help our customers to achieve that in a few quick steps.
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