If you have people that you care about, then it is likely that you need life insurance. In fact, life insurance can be in an integral part of most any good, solid financial plan. One reason for this is because the proceeds from a life insurance policy can be used for paying off massive debts – such as a mortgage – as well as for replacing the lost income of a breadwinner so that a spouse and children can continue to pay their everyday living expenses.
Equally important in preparing for the case of loss is making sure your company or business has key man insurance or key person insurance. It is a form of business insurance that people can overlook, but one that can make all the difference in keeping a business or firm successful in the face of losing an owner, or important team member. An employer may take out a key person insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company.
When you shop for life insurance, there are several key factors to keep in mind. These include choosing the right type and amount of coverage, as well as ensuring that the insurance provider you decide to purchase through is secure and stable financially.
Today, given the vast reach of the Internet, many life insurance companies can help to “do the shopping for you” when it comes to buying coverage. While this can be convenient, it is still essential that you end up with a policy that will best fit your needs and your budget. One such entity that has a good, positive reputation for assisting people with purchasing the proper life insurance plan is Accuquote.
The History of Accuquote Insurance Company
Accuquote was founded by Byron Udell, one of America's most well-known experts in life insurance, in 1994. Udell's vision was to make the process of purchasing life insurance simpler for consumers. In doing so, the Accuquote website uses powerful software to compare hundreds of insurance products quickly and conveniently. This allows shopping for the best rates much easier than having to go from one insurance carrier to another.
Over the past twenty years, Accuquote has placed approximately $100 billion of life insurance coverage in force and has had nearly 200,000 customers purchase coverage from the site. The company – as well as its founder – have been recognized by news and media outlets such as Money, Forbes, BusinessWeek, the Wall Street Journal, the New York Times, CNN, Kiplinger's, and Bloomberg.
When it comes to insurance coverage, there is a myriad of information on the Accuquote website. This includes information on the types of insurance that are available, how each works, and why – or why not – a particular kind of insurance coverage could be a viable option for an individual.
Accuquote Insurance Company Review
Accuquote only works with highly rated insurance companies – which are likely to be brand names that consumers trust. These include Globe Life, Guardian, AIG, Genworth, Prudential, Mutual of Omaha, Protective Life Insurance Company, MetLife, American National, Gerber Life Insurance Company, Banner / William Penn, Transamerica, Fidelity Life, Sagicor Life, Lincoln Financial Group, and Pacific Life. In doing so, because Accuquote sells in “bulk,” customers can still save money, yet without having to sacrifice quality and strength.
The Accuquote website is available to consumers 24 / 7, so it is very convenient to find the information that is needed. For additional questions that require speaking with a customer service rep, the toll-free Accuquote phone line is open from 7:30 a.m. to 7:00 p.m, central time Monday through Friday, and from 8:00 a.m. to 1:00 p.m. on Saturday.
Insurer Ratings and Better Business Bureau (BBB) Grade
Because Accuquote is more of a conduit through which to purchase life insurance – but not a life insurance company itself – it does not have financial strength ratings from the insurer rating agencies such as A.M. Best, Standard & Poor's, Moody's, or Fitch.
Accuquote is, however, an accredited member of the Better Business Bureau (BBB), and it has been so since June 2, 2003. The Better Business Bureau has given Accuquote a grade of A+, which is on an overall grade scale of A+ to F.
Over the past three years, Accuquote has only had to close out a total of 8 customer complaints via the Better Bureau (of which only two have been shut down out within the past year). Of these eight complaints, three centered on problems with the company's product and service, and the other five had to do with advertising and sales issues.
Life Insurance Coverage Offered Through Accuquote Insurance Company
Accuquote offers both term and permanent life insurance policy options. Because of the broad range of policies that consumers can purchase, it can make it easier to cover a policy holder's needs more accurately.
With term life insurance coverage, there is death benefit only protection, with no cash value or savings build up. Because of this, a term life insurance policy can be much more affordable than a permanent policy – with all other factors being equal.
As its name implies, term life insurance is sold for certain time lengths, or terms, such as ten years, 20 years, 25 years, or even for 30 years. In many cases, the premium will remain level during the term of the policy. There are also many term life insurance policies that can be converted over to a permanent form of life insurance – and in some instances, there is no medical exam required to do so.
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Permanent life insurance includes a death benefit, as well as a cash value component. The cash value is allowed to grow on a tax-deferred basis, which means that there is no tax due on the growth of these funds unless or until they are withdrawn. These funds can be either borrowed or removed for any reason by the policyholder – including to pay off debts, supplement retirement income, or even to take a nice vacation.
There are several different types of permanent life insurance, including whole life and universal life. With a whole life insurance policy, the cash value will grow at a set rate that is determined by the insurance company. Once an individual is approved for a whole life insurance policy, the death benefit cannot go down, nor can the premium go up – even as the insured ages, and even if he or she contracts an adverse health condition. And, as long as the premium remains paid, the policy will stay in force. These policies are intended, then, remain with an individual for the “whole” of his or her life.
Universal life is another type of permanent life insurance coverage. With a universal life insurance policy, there is also a death benefit and a cash value component. These plans, however, are considered to be more flexible than whole life insurance policies. One of the biggest reasons for this is because the policyholder may – within certain guidelines – select how much of the premium will go towards the death benefit coverage, and how much will go into the cash-value component of the policy. Often, the policyholder may also be able to change the due date of the premium, based on his or her changing needs.
There are also other types of life insurance that can be purchased, and that may be used in unique situations. For example, because funeral and other final expenses can be in the range of $7,000 to $10,000 today, many people purchase final expense life insurance. This type of coverage will usually have a death benefit of between $5,000 and $25,000 (although some insurance companies will allow more). By having this kind of coverage in force, an individual's loved ones won't have to dip into savings to pay for the funeral, nor will they have to endure additional financial hardship at an already difficult time in their lives.
Accidental death is another type of coverage that is offered via Accuquote. Unexpected accidents happen every day – and if someone is seriously injured, or dies, in an accident, it can have some serious financial ramifications. This type of coverage can be purchased as a stand-alone policy, or it can often be added to an existing life insurance policy. It is also relatively inexpensive and easy to understand – and, as long as the premium is paid, the coverage will remain in force. Typically, there is no medical exam required for underwriting, and no waiting period for the coverage to start. When purchasing accidental death coverage through Accuquote, an individual may be able to get up to $500,000 in coverage.
For those who wish to obtain life insurance quickly – and who do not want to (or do not have the time to) go through a medical examination as a part of the underwriting process – there is no medical exam life insurance. As the name infers, a no medical exam life insurance policy will often require that an applicant only answer a few medical related questions. And, because there are no medical test results to wait for, these policies can often be approved in just days – or possibly even hours.
There are also many families who obtain life insurance on their children. While nobody ever wants to think about a tragic incident taking the life of a child, accidents and illnesses can and do occur. If that is the case, the family can be protected financially with life insurance. In addition to providing a death benefit, many child's life insurance policy options will provide cash value, so that the child can begin to build up a tax-deferred savings account. The funds that are within the policy can then be accessed in the future for college expenses, to purchase a vehicle, to put a down payment on a home, or any other need that the child sees fit. There can be other benefits to buying permanent life insurance on a child as well. For instance, doing so will lock in the child's future insurability. This can be especially advantageous is the child becomes ill in the future. These policies will also usually have a premium that remains level, meaning that the rates will be quite affordable – even as the child becomes an adult.
Other Products and Services Offered
In addition to the long list of life insurance coverage options that are available through Accuquote, there are also other products and services that can also be purchased. These include the following:
- Disability Insurance
- Long Term Care Insurance
- Retirement Annuities
- Critical Illness Insurance
- Medicare Supplement Insurance
- Property and Casualty Insurance (including auto and homeowners insurance coverage)
How to Find the Best Life Insurance Premium Quotes with Accuquote Insurance Company
If you've been seeking the best life insurance premium rates, it can be beneficial to do so through a company and an insurance brokerage that has access to multiple life insurance carriers. In doing so, you will be much better able to compare – in an unbiased way – the coverage and the rates of plans, and from there you can determine which will be the best for you.
It can also be helpful, though, to be able to speak with an insurance expert if you need additional advice. So, if you're in the market for life insurance protection, we can help. We are an independent life insurance brokerage, and like Accuquote, we work with many of the top rated life insurance companies in the marketplace today. We can provide you with all of the details that you need quickly and easily from your computer. Our experts are also available to answer any of the questions or the concerns that you may have. If you are ready to see which life insurance plans may be best for you, just simply click on our quote form and fill it out. If you would like to speak to an insurance professional, then please feel free to reach out to us via phone, toll-free, by calling us at 888-836-7071.
The purchase of life insurance can be a major decision. You want to be sure that you are getting the proper coverage, while also remaining within your budget. This process can be so much easier when you have an ally on your side. So, contact us today – we're here to help.