Obtaining a life insurance illustration is free and easy. This is especially true for level term life insurance, which does not require anything but some basic information in order to quote a premium amount. A full illustration for other types of life insurance (whole life, universal life, or variable universal life) can be provided by a life insurance agent after discussing different options for each policy.
There are two different contexts where someone receives an illustration. Someone who already owns a policy can request a policy illustration from the life insurance company to project how much money they will need to pay into the policy going forward and how much the policy will be worth. The other time someone may request an illustration is when they are looking to purchase a policy and they are reviewing their options. Each type of permanent life insurance is very different from the others, and even within each policy type, the owner has many options for funding rates, investment decisions, and dividend options. If this is making your head spin, that is ok! A professional advisor can help simplify everything and get you the best policy for what you need.
An Illustration for a Quote is Easy to Produce
Obtaining a quote for a term life insurance policy takes less than 5 minutes. You can start on this site by entering your zip code in the quote tool above. After identifying the State that you reside in, some basic information about yourself such as your age and marital status is all that is needed. Life Ant can provide quotes for all types of policies, but for a full illustration of whole life or universal life policy, you will need to speak on the phone with one of our professional agents. This isn’t to push you into making a decision, but rather to explain the different options and nuances of complicated products. Permanent life insurance is fairly complex compared to term life.
Permanent Life Insurance Illustrations Have Many Options
The reason that non-term life insurance products must be illustrated by an agent varies for each product type. Whole life insurance pays a dividend. There are many options regarding usage of this dividend and this has a drastic effect on the policy. There are also other options within a whole life insurance policy that can be illustrated such as paying higher premiums for a shorter amount of time or discontinuing payments altogether, after a certain amount of time. All of these variable factors lead to the necessity to speak with someone regarding the ultimate goals and usage of the policy before an accurate illustration can be prepared.
Universal life insurance or variable universal life insurance has a flexible premium structure. If you are looking for a simple quote, these are not the types of life insurance for you. The way in which these products may work in the owner’s favor in the long term is complex and depends on the choices that the owner makes with the agent. These policies are typically only advantageous to a policy owner if they are funded at a high level in the early policy years. This sets the policy up to grow in value faster than the cost of insurance rises.
If they are well funded, at some point these policies may become self-sustaining and provide a higher rate of return for the comparable life insurance coverage (same face amount) over other types of insurance. They may also have increasing face values which will provide higher levels of coverage over time. If they are not well funded, they will be exponentially more costly than whole life insurance and it will be difficult and not economical to sustain the policy coverage in later policy years, due to the high price of insurance.
The complex nature of nonterm policies necessitates that an agent runs a full illustration for a client because there are simply too many options for an average client to understand without a life insurance educational background. In other words, you will not fund a tool to run your own quotes available anywhere on permanent policies. By speaking with an agent who will take the time to understand our client’s needs fully, a client can get an illustration that satisfies their best interests most closely.
To obtain a quote quickly and easily for a term life insurance policy, and for other types of policies, start by entering your zip code in the tool above. From there we will guide you through an easy process of comparing quotes from multiple providers, and give you the option to speak with a representative directly if you wish to go over the illustration in depth.
