It is simple to compare life insurance policy quotes and the differences in between each policy. The most important thing to remember is that every company has different policy riders and provisions that dictate the not only what the advantages of the policy are, but how they are paid, once they are paid and what happens if you miss the payment.I'll cover where to look to compare life insurance policy coverage details in a moment. First, let me explain one very important and FREE provision that you ought to look for in a good policy.
It's called a good "Automatic Loan Provision".
Let's say for example, that you have a $200. 000. 00 whole life insurance policy that you make monthly obligations of $29. 00 for. A few years into the actual policy, you become very ill and aren't able to take care of your personal finances. Let's say that your spouse doesn't have idea that you even make this payment and the payment goes unpaid for 3 months. What would happen in this situation?
If you do not have an "Automatic Loan Provision" built into your policy, your family will not receive the death benefit in your life insurance policy. Having this provision included, the cash value of the whole life policy will actually be automatically loaned against to pay for your monthly premiums, keeping your policy in force. After that, in the event of your death, the amount of money loaned to pay for your premiums is deducted from the amount paid for your beneficiaries. It's a great provision to have included in your policy and on top of that, there's NO CHARGE for this to be included inside a policy.