If lately you’ve been thinking about putting some things into place, just so that your family can feel financially safe and secure in case you were to pass away, this is a great article for you to check out. The reason why is because aside from drafting up a living will, another way to take care of any debts and expenses that you may have following your death is to have a life insurance policy.
If you’ve never had life insurance before, you may find yourself wondering how complicated the process of getting coverage actually is. Basically, there are two main kinds of life insurance that are available to you: term and whole life. As far as figuring out which one is the right policy for you, hopefully, by the time you’re finished reading this, you’ll be able to contact a life insurance company within your area to express to them the kind of coverage that you want.
Term Life Insurance
If you’re looking for the kind of life insurance that has really affordable premiums and affords you the opportunity to make changes to your policy without a lot of stress or strain, then term life insurance is probably going to a great fit for you. This is the type of insurance policy that you can get for certain increments of time. Meaning, you can take out a policy for as little as five years or as much as 30 or more. Term life insurance is ideal if you want to protect your family from having to deal with some kind of hardship at the time of your death or if you are currently underinsured and desire to have a bit more coverage. Another benefit that comes with term life insurance is that, in most cases, you will not be required to take a medical exam. However, it’s important to keep in mind that, unlike whole life insurance, term life insurance does not build cash value and there’s a good chance that your premiums could increase as you age. Plus, your coverage ends right at the time that your policy does.
Whole Life Insurance
Even with all of the benefits that come with getting term life insurance, there are still some advantages that come with having whole life insurance too. First, it’s the kind of insurance that will provide you with coverage for your entire lifetime. Not only that, but if you want to accumulate a certain amount of cash value that you can ultimately borrow against in order to pay for things like your children’s education or your retirement, having whole life insurance makes that possible. Another thing that people with whole life insurance enjoy is the fact that their premiums never change; however, you should also keep in mind that whole life insurance tends to be significantly more expensive that term life insurance.
Whether you decide to look for no exam term life insurance quotes or whole life insurance estimates, having this information can assist you with making the best decision for you and your family. For information on some of the best life insurance companies on the market, visit Consumer Affairs and put “best life insurance companies” in the search field.