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Life Insurance Information
Most people are familiar with the basics of life insurance. You pay a premium and your family receives a monetary payout when you die. However, there is more than one type of life insurance policy that can protect your family’s financial future. You must decide which type of life insurance is right for your needs.
Term Life Insurance:
What is term life insurance?
Term life insurance is the most affordable type of life insurance. This makes it popular among young adults who are just starting families of their own. With a term life policy, you select the number of years—the term—in which your policy will be active. You may find monthly premiums to be affordable. However, keep in mind that dependents will receive a payout only if the policyholder dies within the specified term.
What are the benefits of term life insurance?
If you wish to leave a legacy behind for your family, life insurance is an important consideration. Term life insurance provides an affordable way to ensure your family can continue making ends meets. Because this is the most basic type of life insurance, it’s easy for many to fit it into their budgets. And you’ll pay the same rate for your entire term, regardless of waning health.
Most insurance providers allow you to select a term of one to 30 years, giving you the option to lock in your rate for longer. When you renew a term life insurance policy, your new rate is recalculated based on your current health and other factors. This is why many people lock in their rate for longer terms.
Whole Life Insurance:
What is whole life insurance?
Whole life insurance provides financial protection over your entire lifetime. This is different from a term life insurance policy, which provides protection for a specified period of time. Also known as ordinary life or straight life, whole life insurance is in the cash value category of life insurance. Universal life, variable life, and endowment policies are also in this category.
The premiums of whole life insurance are fixed at the age you buy your policy and do not change as you get older. As long as you pay the monthly premium, your beneficiaries receive a payout upon your death.
What are the benefits of whole life insurance?
Whole life insurance doubles as both comprehensive coverage and an investment tool. Many of these policies invest part of your premium to allow your policy to accrue cash value. You can save these additional funds as part of the death benefit payout. Or, you can withdraw funds to support big life events, such as buying a new home or sending a child to college.
Because whole life is more comprehensive, premiums often cost more than term life insurance. However, you get a lot more bang for your buck. Plus, your premium remains the same throughout your life. With term life insurance, your rate is recalculated each time you renew coverage.
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It is impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals. Remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional. Call us today for a free, no obligation quote. All it takes is a few minutes to provide your family with years of financial protection.