Most insurance companies offer you the right to choose among four payment plan options pay your life insurance premiums: once a year (per year), twice a year (every six months), four times a year (quarterly), or twelve times a year (monthly).
But did you know that paying your monthly insurance premiums can cost you much more in the long run than paying every year or even every six months? That is true! In fact, you may be charged interest as much as 29.7 percent by paying monthly.
Here's an example ...
At 30, male has the choice to either pay $ 500 per year for a $ 500,000 insurance policy term 30 years life OR to 12 monthly payments to $ 45 each, totaling $ 540 per year.
by choosing the monthly option, it pays an annual rate of 17.2%! This extra money adds over the years! Think about it ... instead of paying monthly, you could put that extra money aside each month to save for a rainy day!
To see how you can save a significant amount of money on one of your life or other insurance payments, visit our calculator April Pay annually rather than monthly could be the biggest financial decision of your life .
If you are interested in learning more about the monthly payment over a year, call a life insurance agent licensed to AccuQuote. You can also contact a free life insurance quote best term life insurance companies in the country.
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