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What is a Life Insurance Premium?
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Last Updated April 14, 2021
If you feel like you’re learning a new language any time you shop for insurance, you’re not alone.
Whether you’ve purchased a life insurance policy before or you’re just starting out, navigating insurance lingo is no easy feat. There are many important terms to learn, from beneficiaries to underwriting …where to start?
First and foremost, you’ll want to understand the term premium . In short, your premium is the amount of money you pay the insurance company for your policy. Understanding how premiums work and what you can afford is key when it comes to getting the amount of coverage you need without jeopardizing your budget.
If you feel you already have a solid grasp on how life insurance works, but want to avoid filling out multiple applications, quote comparison sites like Insurify allow you to answer a few questions online and compare several life insurance quotes all in one place. You’ll be able to compare insurance products and coverage amounts that fit your needs…and find a life insurance premium that works for you, at no cost or commitment.
Everyone’s life insurance needs are unique, so there are a handful of different types of insurance to choose from. Younger parents with kids and a mortgage will have very different needs than a 60-year-old with a sizeable retirement account. As life circumstances evolve, you can change your life insurance policy to match. So, you can purchase a term life policy to start and then switch to a whole life insurance policy if and when the need arises. However, it’s wise to keep the same policy for as long as you can because life insurance rates are typically higher the older you get.
The various types of life insurance are:
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.