Life Insurance

Life Insurance Policies

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Life insurance is truly for the insured’s family. It provides a cash benefit to the beneficiaries (the ones that the insured names) up on the death of the insured. There are many different options in life insurance and they each have different premiums, benefits, and purposes. The most significant benefit is that it can give your family financial support after your passing, whether it is to take care of children, pay for their college, supplement lost wages, or to pay off bills.

 

One type of insurance coverage is term life insurance. This type of insurance is for a specific period of time, whether it is for 10, 15, 20, or 30 years or for the length of your employment. Your death benefits are only good for the term period, as long as the premium is paid. Once the end of the term is reached, however, the coverage ends and does not pay out, so you lose the money that you pay into it. This is the most affordable choice, but it may not be the best choice.

 

Whole or universal life insurance is a little more expensive, but this type of policy increases in value, rather than staying at a certain amount. The cash value of the policy can actually be borrowed against if needed. Cash can be withdrawn at the cancellation of the policy or you can allow the value to build until the interest from it pays your bill each month. As long as the premiums are paid, the insurance is valid.

 

Life insurance will vary upon the amount of coverage that you choose, as well as the type of live insurance that you purchase. Factors like age and health will go into the premium calculation. That is why it can be a better financial decision to purchase life insurance earlier in life to get the best rates you can.



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