There are many different life insurance products that are available and they all have their own advantages and disadvantages. There are also drastic differences when it comes to the life insurance rate that you will end up paying with some insurance companies. That is why it is so important to thoroughly investigate your options before you choose an insurance provider. we offer many insurance company reviews for your benefit, such as a review for AICPA Group Life Insurance and Mutual of Omaha.
Genworth Term life and Genworth Universal-Life.
Genworth has a proven record of being a reliable insurance provider. We represent over 30 other life insurance companies and our opinion is completely unbiased. We use an objective rate comparison tool to make sure that we quote the best rates. While Genworth has competitive rates, they are not usually in the top 3 best priced life insurance companies. Their rates are typically on the middle end of the scale when they are compared with other comparable insurance companies
Genworth Financial Term Life Policy
Genworth Financial offers both term and universal life insurance policies. Term life is usually significantly less expensive because the provider is only insuring the person for a specific period of time. It doesn’t have a cash value, but it will provide you with peace of mind for 5, 10, 20, or 30 years, depending on the terms of the policy.
Genworth Financial Universal-Life Policy
Genworth has recently introduced a new universal-life insurance product that combines a death benefit that has a tax-deferred accumulated cash value. The Index Universal Life (IUL) policy gives Genworth customers more options within a single insurance product, such as a long-term care service benefit like Genworth’s Accelerated Benefit Rider.
It has a lower risk than most variable universal-life insurance products, plus the ability to generate significantly higher returns than a whole life insurance policy. It also offers people supplemental income for retirement.
My feeling is that life insurance should be used for protection and not as an investment vehicle. This is why I usually recommend term or guaranteed universal life, which is essentially the same as term life to age 100.
Genworth Term-Life and Universal-Life Comparison
Picking the right type of policy for you will depend on your needs and current financial situation. A term life insurance policy is the best choice if you are looking for the least expensive option. This type of policy is ideal for shorter periods of time, especially if you plan on using other, more lucrative investment options. Many people mistakenly invest in whole life insurance policies, which have one of the lowest return on investment.
A universal-life policy is better if you are looking for a more flexible premium that fluctuates with your income. It allows you to pay what you want each month, as long as you pay enough to cover any monthly charges that are associated with the insurance policy. You can also arrange for the premium to be the same amount each month. I recommend choosing a No Lapse Guarantee Universal Life Policy if you plan to go with a permanent policy – this way your policy is guaranteed never to expire as long as you pay your required premium payment, which is guaranteed never to increase.
Life insurance is a necessity if you have a family that relies on your for income. It gives you the reassurance that your loved ones are covered if anything happens to you. Just make sure that you compare quotes and research your options. You can make the process significantly easier by working directly with an independent insurance broker like us.