#5 of 7 in the Life Insurance Quote Tricks series
The “Guaranteed -vs.- Non-Guaranteed Premium Trick”
Some “tricky” agents will quote you a NON-guaranteed term rate.
Most all term life insurance today is “guaranteed level premium”, which means whatever price you pay per month will stay that way for the entire length of the term you bought. However, there are some (non-guaranteed) that have a lower front-end price and then jump up dramatically later on. Non-guaranteed term life insurance does NOT guarantee what that price will be. It is usually MUCH higher than any other guaranteed level policy. So ask your agent if the policy they are proposing is “Guaranteed Level”.
Alternatively: look for the number of years guaranteed (it is in a clearly marked column and should match the years of the policy if it is a guaranteed quote. 😉 For example: a 10 year premium guarantee doesn't do much good on a 20 year policy! For example it is recommended that you get a 20 year guarantee on a 20 year policy.
Life Settlements FAQ – What If I Die Shortly After Selling My Policy?
Life Settlement FAQ – What if I Change My Mind?
Life Settlement FAQ – When Will I Get My Money And From Whom? And What Happens After?
Life Settlement FAQ – Is My Information Private & Confidential?
Life Settlement FAQ – Broker or Provider Representative?
Life Settlement FAQ – Do I have to sell all of my policy?