Where is the cheapest place to buy IUL? I get this question from time to time when working with my clients. The answer may surprise you. Sometimes the cheapest policy may not be the best. Sometimes policy with more expenses performs better than a cheap indexed universal life insurance policy. If you consider the premiums you pay into the policy versus the income you can generate plus the death benefit that will be paid to your beneficiaries, an IUL policy really is cheap. Reaping the benefits of an indexed universal life insurance policy takes patience. We are farmers planting seeds for trees that will not be harvested for many years. Now where can you find the cheapest policy?
Well, there are currently about 40 companies that sell indexed universal life insurance, and we represent the many of them. Brett Anderson of iuldigest.com compares every Indexed UL policy sold and ranks them against each other. Each month we get a report from Brett’s company that ranks all of these indexed universal life insurance policies by cost, cash value accumulation and income that the policy can produce over a 20-year and 40-year period. The numbers can be very different for the different companies even though the premiums paid into the policy are the same. If you are not looking at all of the top carriers when you are in the purchasing stage, you may be making a big mistake.
Life insurance is one of the best investments that you’ll ever make for the future of your family. If something were to happen to you, life insurance is one of the few ways that your family will have the money that they need. We know that finding the perfect life insurance policy can be a difficult process. You want to get the lowest premiums available to keep more money in your pocket. This article is going to explore the best places to get an IUL policy and ways that you can get even lower premiums for your plan. Ogletree Financial can help you, request a quote to the left of this page.
The insurance industry has done a great job at keeping a level playing field. Every insurance agent has the exact same price as everyone else. They cannot give you one price and the agent down the street give you another price. The agent you may be working with has the exact same price as we do. The key to getting the best policy is to do your homework. We can guide you down that path. Ogletree Financial has the research done that we can show you and what policy will work the best for your situation. Depending on how you intend on funding your policy can dictate what carrier will do best for you. It is very wise to choose a company that keeps expenses low inside the policy. These policies are long-term assets – most people intend on keeping the remainder of their lives. If you assume that policy A has 4% more expenses than policy B. 30 to 40 years can mean tens of thousands of dollars in lost benefits. One recent study showed a difference of around a $50,000 decrease in cash accumulation in policies with higher expenses.
Where can you find the cheapest indexed universal life insurance policy? It all starts with your research. It all starts with asking the right questions. If you are only getting an illustration from an agent that shows the growth and then the income but you are not comparing that to any other companies, then how do you know you have the cheapest policy? How do you know you have the best policy? You could be making the wrong choice.
When it comes to indexed universal life insurance, cheap is not always the best. If you are purchasing indexed universal life insurance as a way to supplement your retirement, you want the policy that will produce the largest amount of income when you retire. There are several factors that determine how well your policy will perform, so don’t just leave it to chance. Make sure that you are comparing the best companies before you make that decision.
Getting Affordable Indexed Universal Life Insurance
One of the most common reasons that people don’t buy life insurance, regardless of which kind, is that they assume that it’s going to be too expensive to fit in their budget. In most cases, that couldn’t be further from the truth. Most applicants are surprised to see how affordable insurance protection can be. There are several ways that you can secure the best premiums for your insurance policy.
The first thing that you should do is make sure that an indexed universal life insurance is the best type of plan for you. Each family has its own insurance needs, and there is no “one plan fits all” because every person needs different things. If you’re looking to get the cheapest insurance rates, then you’ll need to apply for a traditional term insurance plan. Term life insurance has the lowest rates of any plan available.
The next thing that you should do is cut out any cigarettes. If you’re listed as a smoker on your insurance plan, you’ll pose a much greater risk to the insurance company. They are going to counter that risk by charging you much higher premiums. In fact, smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay for the same sized plan. If you want to get the most affordable indexed universal plan, you’ll need to kick those bad habits.
The next thing that you should do is improve your overall health. Before the insurance company approves your application, they are going to require that you take a medical exam. The results of the exam are going to play a huge role in how much you pay for your life insurance. If you want to get lower rates, you’ll need to get better results. The two best ways that you can do this are by getting regular exercise and sticking to a balanced diet. Both of these are going to help you lose weight, lower your blood pressure, and reduce your chances of being diagnosed with health complications.
The next thing that you should do is stop any dangerous hobbies that you enjoy on the weekend. The insurance company is going to look at every area of your life when they are reviewing your application, and one of those areas is your hobbies. If you enjoy extreme activities like scuba diving, riding motorcycles, or skydiving, then you’re going to be a much higher risk. If you want to save money on your life insurance policy, you’ll need to find safer hobbies.
Working With An Independent Insurance Agent
The best way to ensure that you’re getting the most affordable life insurance policy and the best plan to meet your needs is by working with an independent insurance agent. Unlike a traditional agent, our independent insurance brokers don’t work with one single insurance company. Instead, we represent dozens of highly rated companies across the nation.
Every insurance company is different. As we mentioned, the difference between companies could be drastic, which is why it’s important to compare dozens of plans before you decide which one is going to work best for you. We have years of experience working with all types of applicants and we know which companies are going to offer you the best coverage based on your needs.
Searching for life insurance can be a complicated process. There are dozens of factors to consider, and you can quickly be overwhelmed with all of the different terms, but that’s why we are here to help. It’s our mission to ensure that you’re getting the best insurance plan at a reasonable rate.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance coverage that your family will need if something tragic were to happen to you. Don’t want any longer to ensure that your family has all of the protection that they will need.
If you have any questions about indexed universal life insurance or about some of the other options available to you, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best plan available.
If you are at the point that you want to know more about indexed universal life insurance or you would like to get a personalized proposal, you should contact us. Just give us a call at 1-800-712-8519 or use the proposal request button on this page.