To get a profitable deal out of a life insurance (the one that gives you the maximum at affordable investments), one must have knowledge about the factors that account for the varying costs.
Most consumers ponder upon the amount spent and the coverage given by a policy as there are many options in the market. This is what Wicks Insurance Agency’s Kurt Wicks suggested on the costs of life insurance and the methods by which money could be saved while opting for an insurance policy.
The Kurt Wicks Interview
Cost of a life insurance
Similar to auto insurance, health insurance and homeowners insurance, life insurance too has a lot of varieties. The costs of life insurances may range from $100 to hundreds, thousands and even millions of dollars a month. Their cost depends upon:
1. Coverage required
2. Type of coverage required
3. Health of the insurance holder
Saving Money on a life insurance
Certain aspects like age and family medical history can’t be altered. But by having a check on your weight, staying away from smoking, etc, one can better one’s own habits. The cost of the health insurance in most cases is inversely proportional to your health.
Factors that influence an Insurance’s cost
There are numerous factors and situations that influence the cost of insurance. The major factors affecting the cost of insurance are:
1. Health of the insurance holder
2. Stroke, heart diseases, cancer or any other medical conditions in the family history.
3. Holder’s weight and height
4. Age of the insurance holder
Cost of a Term life insurance
Though the cost of a term life insurance varies, it is cheaper as compared to a cash value life insurance. The reason being that payment is actually made for the death benefits in case of a term life insurance.
Is cash value life insurance costlier than a term life insurance?
In most cases, cash value life insurance is costlier as compared to a term life insurance this is due to the fact that money invested keeps heaping up in case of a cash value life insurance policy. Interest is generated for the policy holder when this money is put into an account. This gives the holder an opportunity to retire early, pay off a mortgage or go for a major expense as this money becomes a reserve for him.
Questions to be asked while buying a life insurance
I would recommend you to firstly ask the broker or agent about the company from which you would be buying the policy from. The second question should be about the rating of the company by Best’s or Standard and Poor’s. It should be keenly noted that many companies might fall in their ratings when the economy is poor. And you would like to be sure that the company from where you are buying the policy is a stable one.
Investing in a life insurance is worthwhile
When you are in dire need of pennies on the dollar, life insurance is the one and only product that generates cash. Mortgage redemption, expenditure on education, expenses on funeral, emergency funds and the period of dependency for the widows or widowers and children are some of the cash needs.
Know Kurt Wicks
Kurt Wicks is the founder of an Allstate company named The Wicks Insurance Agency based in Manchester, New Hampshire. He is a graduate from the Rhode Island Business School. After joining the Allstate’s Management Development Program in 1979, Kurt Wicks served as Sales Manager and New England Regional Sales Training Manager.
Kurt Wicks has been one of the leading Life Insurance Producers for Allstate during his thirty five year long career and has received numerous company and industry awards.
How to Contact Kurt Wicks?
Kurt Wicks can be contacted. Queries for Kurt would be welcome at kurtwicks@allstate.com. You can also call him at office at 603-668-7228.