Customized Life Insurance: What Works Best for Your Life?

EL DORADO HILLS, Calif., Nov. 4, 2011 /PRNewswire/ -- The details involved in planning for your financial future can be dizzying for some people, and one subject that often seems impossibly complicated is life insurance.

Add to that the struggle Americans feel in dealing with a still-uncertain economy, and too often the result is that people take what seems-- at first glance -- the easy route: They buy one simple policy, if they buy life insurance at all.

Gary Lardy, a veteran insurance expert and respected voice in the industry, says it doesn't have to be so complicated, and that people do not have to sacrifice their financial health just because they feel that they're facing incomprehensible choices.

"The easy thing to do is to get help from an expert," said Lardy, CEO of IntelliQuote (www.intelliquote.com), a leading online life insurance agency. "There are lots of options out there, and we can break down the choices and the benefits, which range from protecting your family and your assets to providing tax relief and even an income stream. The key is understanding all of the possibilities you have, and that's what the experts are for. We can make the choices clear and provide life insurance quotes to help you evaluate all your options."

Research shows, however, that many Americans are going for the simple approach. Lardy points to a recent study by the Life Insurance and Market Research Association that revealed that only one person in 10 who has life insurance, has more than one kind. That's half the number from 2004.

To understand what that means, it's helpful to know the difference between the two fundamental life insurance approaches: Term and Whole Life.

Term life insurance is generally the most affordable when you first purchase the policy, and it provides coverage for a designated period – say five to 20 years. It's often used to be sure there's money to cover a specific debt or expense, like a mortgage or a child's college education.

Whole Life, which is also called Permanent or Ordinary insurance, provides coverage for your entire life and comes with an array of nuances. It can also create a tax-deferred build-up of cash, which can be withdrawn or converted to an annuity. It generally costs more in the early years of coverage.

There are a variety of benefits to both types, but Lardy stresses that every person and every family has different circumstances and different needs. That's why insurance experts can be so helpful.

"Someone may want to make sure their kids get their college paid for, and still give their spouse security in later years," Lardy said. "Younger people may be unsure of their needs over the years so they want flexibility. There's insurance to help everyone, and experts can lay all the options out in an understandable way."

Lardy said the non-profit LIFE foundation, an organization designed to help consumers make good insurance decisions, has a series of short videos of regular folks telling their stories. And because each story is so different, they show how important, and how varied, insurance can be. The videos are available at: http://www.lifehappens.org/videos/real-life-stories-videos/life-insurance-for-individuals-videos/

"People should know they can find both complete and affordable insurance that meets their needs now and that can provide for their future," Lardy said. "And they should feel comfortable coming to experts for help."

ABOUT INTELLIQUOTE

A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes.  IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents. This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education. For information on how to estimate how much coverage an individual might need, visit www.intelliquote.com.

For more information, contact www.intelliquote.com, or 888.883.6855.

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Gary Lardy
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=95233

SOURCE IntelliQuote