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Compare the different types of life insurance
|Feature||Term life||Whole life||Universal life||Variable life||Simplified life||Guaranteed issue||Final expense||Group life|
|Coverage for a set period|
|Guaranteed death benefit|
|Requires health questionnaire|
|Requires medical exam|
|Builds cash value|
|Offers tax free loans|
Should I buy directly or through a broker?
You have options when shopping for a life insurance policy. You’ll find brokers that work with a range of companies to help you find the best prices in their network on the coverage you need, but they may not offer the personalized service you’ll find with a direct agent.
Both broker and agents work on behalf of providers to sell you a life insurance policy. It all comes down weighing each against what you’re looking for.
Buying life insurance from a broker
- Not limited to one provider, offering access to a wide range of products for potentially greater choice.
- Can flex their knowledge of the market to help you find coverage to suit your circumstances.
- Can help you assess your situation to determine the type and amount of coverage you need.
- Can offer overall advice regarding life insurance and annuities.
- Depending on their expertise, may offer higher coverage levels and stronger features outside of your typical policy.
Buying direct from an insurance provider
- Limited to one provider’s products, though with expertise to talk about them in detail.
- May allow you to fully sign up online or by phone, with immediate conditional approval.
- Online providers may offer faster underwriting and turnaround.
- Direct products are beginning more — with some offering coverage amounts of up to $15 million.
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