No Load Term Life Insurance
A no load term life insurance plan, if available, is a direct-buy policy option that costs the least amount of money for protecting the loved ones left behind in the case of a sudden death. Indeed, premiums for this relatively new type of insurance will economically provide quality coverage for beneficiaries. These payments, so-called premiums, are the amounts paid for the coverage. Beneficiaries are namely those who receive the proceeds upon the insured's death. As a rule, but especially in times of economic crisis, it is important to financially cover both family and assets. On the whole, a no load (NL) term life insurance is probably the best bet.
Term life insurance is paid when the insured passes away within a specific time period. There is also what is called discount term life insurance which involves, after self-evaluation and some research, selecting the least expensive policy that the consumer finds. No load term life insurance, also referred to as low load, has certain distinct advantages over the other forms. In this case, a conflict of interest never arises between the consumer and agent. Also, one ends up paying less with no load term life insurance even though a higher fee is paid in the start. And as far as policy loans are concerned, there NL plans also have a definite appeal. Be aware, however, that medical underwriting is still part of the process. This may involve answering questions or even submitting to a physical examination.
To begin with, an agent's fee is usually built right into the coverage policy. In contrast, this kind of insurance is a no commission plan. In other words, an agent receives neither commissions nor cuts of any kind. Usually, an agent multiplies the desired amount of insurance by an age-related premium, and to this result an annual fee is added. Moreover, in this case the consumer makes direct payments to the agent. And, despite the higher starting fee, one not only ends up paying less but it is also possible to expand the protection provided by NL coverage and to make that expanded policy a permanent one. And even though a no load term life insurance is without cash-surrender value, it can be converted. Consequently, once the plan is converted, one will be able to take out a policy loan. Cash-surrender value is money payable to the policyholder, and the policy loan is made on the security of that value. Therefore, it becomes possible to borrow against the converted NL term life insurance plan. Another advantage is that a traditional policy takes longer than a converted one to offer that option. And too, the cash value of a converted no load term life insurance builds faster. "Blessed be the Lord, who daily loadeth us with benefits, even the God of our salvation. Selah." (Psalms 68:19).
As regards acquiring a no load term life insurance policy, it is first necessary to ascertain whether this kind of service is available in the consumers area. If so, they can choose to get estimates by dealing with a professional advisor on this subject. Otherwise, they take advantage of the various Internet sites available and request free quotes. Furthermore, telemarketers contacting the public with NL offers is another possibility. It can also occur that such offers are made through direct mail campaigns. Markedly, where mail campaign applications are concerned it's necessary to cautiously examine whether they are truly NL propositions. This is because a company's attractively inexpensive price may turn out to be aimed towards consumers who are either elderly or else in the midst of medical problems. If this should be the case, then that attractive price is probably meant to first tease and then sharply increase.
Dealing with the professional advisor may also mean one is dealing with a licensed agent. Of course, the advisor - or the licensed agent - charges the no load term life insurance consumer a 'fee for service'. Instead of being built in, the professional advisor's fee might be billed separately. Or perhaps their fee can be distributed over the first payments. In either case, it is easy to see how money will be saved despite the advisor's fee. Some traditional companies also make this consumer-direct offer to purchase plans. In any case, comparison shopping for premium rates, or quotes, is essential if the goal is acquiring the highest quality policy possible. The consumer pays the company's fee, but not just minus the agent's commission. Furthermore, the consumer avoids paying the company's usual annual fees for items such as account managing, marketing, and other expenses.
As has been said, no load term life insurance plans involve no commission or additional company fees while providing the advantage of quality coverage. And again, bear in mind that the acquisition process must begin by making sure this kind of policy is available in that particular state. Among other benefits is the fact that, as time goes on, the payments decrease in size. And with an NL term life insurance plan converting and borrowing is not the only pleasant future prospect: once converted, watching its cash value grow more swiftly is, happily, also a possibility. Added to this, there are no penalties involved with surrendering the cash. Estimates vary but the consumer's time is well-spent carefully examining these various offers. So all things considered, this type of policy or plan is the wisest option to choose for protecting family members and assets against the case of a dire circumstance or fatal event.