No Load Term Life Insurance Picture When shopping for life insurance, you first have to decide between term and whole life insurance. The former is usually less expensive and easier to obtain, while the latter is more comprehensive, and doesn't have a contract expiration date built in. For most people, term life insurance is probably sufficient, but if you've decided to go for whole life, there are still ways to reduce your expenses and build cash value a little bit faster.

One such way is to purchase no-load insurance. No-load insurance, which is really more accurately called "low-load" insurance, carries fewer expenses than traditional insurance, which means you will have lower expenses, which, in turn, will mean that the premium you pay will be converted into cash value much sooner.

With traditional policies, the loads - which are used to cover agent commissions, marketing costs, and advertising expenses - can often eat up the premiums you pay long into the second year of your policy, while no load policies have fewer costs built in, so your money goes to work with you that much sooner. It's similar to the way principal and interest work in a mortgage, in that respect.

Here's a bit more about how premiums are calculated: When your agent begins the calculations for your premium, she will multiply the cost for your age by the amount of insurance you want in increments of 1,000. Then, she will add the annual fee, which can range from as little as $10 to as much as $100. Your final premium, which your agent will tell you is based on "cost of insurance, plus fees", represents these two numbers.

While HighRiskInsurances.com can offer quotes for no load insurance, it's important to realize that such a policy is not a way to get around working with an agent. Instead, you will be working with a different sort of agent, who works on a fee-basis. Like insurance agents that work directly for specific companies, these agents are insurance professionals who function as advisors. Some states have specific licenses for this type of agent. In Connecticut and New York, for example, the licensees are called "Certified Insurance Consultants."

Since these consultants are paid by you directly (they charge a fee for service) and not by the insurance company, the no load policies that they sell have either no or extremely low annual fees. Your premium will therefore be lower, and your cash value will grow faster as a result.

As with any insurance purchase, you should compare quotes before making a decision about where you will buy your no load policy. After all, fees vary from consultant to consultant, as does the coverage sold. HighRiskInsurances.com can help you find fair quotes, so that you can make accurate comparisons, and pay the lowest premium available.