Cheap insurance life policy

Choosing a life insurance policy

Which type: Life insurance is a highly competitive business, in which the salesforce depends almost entirely on commissions. Insurance companies pay fat commissions for selling whole life policies; perhaps 80% of your first year's premium goes to the agent. Commissions for selling term-life policies amount to roughly the same percentage of first-year premiums. But since whole-life premiums are much higher than premiums for term-life policies with the same death benefit -- they can be five to ten times more -- agents make much more money selling a whole-life policy than they do selling a term policy. It's no wonder, then, that agents push whole-life policies as if their livelihoods depend...

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