Chicago, IL (PRWEB) June 20, 2014
YourLifesolution.com, a service which instantly compares life insurance quotes entirely online, is today publishing an explanation of why they feel it rarely makes financially sense to purchase less than $100,000 worth of life insurance. "There are fixed costs built into every life insurance policy, and the cost-per-unit of life insurance generally drops at $100,000. In some cases it only costs 35-45% more for $100,000 of life insurance as compared to $50,000. It's simply pennywise and pound-foolish to go through the process and pay more for less", said Eric Smith, the founder of YourLifeSolution.com.
YourLifeSolution.com's Illustrated Difference Between $50,000 and $100,000 of Permanent Life Insurance:
40 year-old man's $50,000 rate $38 per month
40 year-old man's $75,000 rate $55 per month (45% more than 50k)
40 year-old man's $100,000 rate $56 per month (47% more than 50k, and only $1 more than 75k)
45 year-old woman's $50,000 rate $41 per month
45 year-old woman's $75,000 rate $59 per month (44% more than 50k)
45 year-old woman's $100,000 rate $60 per month (46% more than 50k, and $1 more than 75k)
50 year-old man's $50,000 rate $55 per month
50 year-old man's $75,000 rate $80 per month (27% more than 50k)
50 year-old man's $100,000 rate $86 per month (56% more than 50k)
According to YourLifeSolution.com, the carrier that offers the most competitive no-lapse universal life (lifetime term) coverage in this case is North American Company for Life and Health Insurance.
Consumers interested in instantly comparing their rates for permanent or term life insurance are encouraged to visit YourLifeSolution.com or call 888.374.2764.