Life Insurance Policies - Solving The Mysteries Of Life Insurance
Life Insurance Policies - Solving The Mysteries Of Life Insurance
With so many terms, and so much that can go wrong in life, it's understandable that not everyone is well-versed in life insurance. There are various kinds of policies on the market to fit your needs. A few things to keep in mind before you make a decision include how much coverage you need, who should be insured (all adults or just the breadwinner?), when do you want protection to start? Are there any exclusions? What does the policy cost? We'll walk through some of these things as we go over some questions about life insurance policies.
Some Policies Are More Expensive Than Others
There are different policies that serve different purposes. Some options fit just one purpose, while others serve multiple purposes. Here are some examples of the different kinds of life insurance policies:
- Term Life Insurance - It is a permanent life insurance policy, which pays out a sum of money for a certain period of time. These payouts are earned according to the age at which you died. It is best suited for people who don't need immediate income and want to earn benefits over time.
- Whole Life Insurance - This type of policy sits between a term and an investment-based product. It is permanent in nature and provides instant protection, but still involves some investment risk.
- Universal Life - This policy provides the future flexibility of a whole life product with the investment benefits of a universal life product.
- Return Of Premium - With this type of policy, you pay premiums for at least one year. If you die within that year, your beneficiaries receive the full amount back.
- Indexed Universal Life - In this type of policy, your premium payments are used to purchase additions to or increases in an underlying investment. These additions or increases are tied to a predetermined index or indicator, like inflation. This will provide an increase in coverage each year without having to make additional premium payments every year.
- Group Term Life Insurance - This is a policy to cover a group of people. It may have options like level premiums until the age of 65 and then convert to whole life insurance coverage or provide benefits as an irrevocable single premium trust.
- Company Paid Life Insurance - If you are an employee, your employer may offer life insurance for free or at a discount.
If you are self-employed, look into the various means by which you can purchase protection for yourself and your business partners. There are some programs that are available for free or at discounted premiums through professional organizations like the American Bar Association or the Great Lakes medical program .
- Credit Union Life Insurance - Credit unions offer life insurance coverage for their members. This is usually a simplified term product.
If you are interested in learning more about life insurance, visit the Online Policy Store . You can request free, comparative quotes on various policies from multiple carriers. A licensed agent can then review your situation and lead you to a plan that best fits your needs. To find an agent in your area, look in the Yellow Pages or ask friends and family who they go to for life insurance advice.
- Life Insurance Cost - One of the first things you should do when looking at policies is get a quote comparison, to find out which policy fits your needs at the best price .
- Life Insurance Term - This kind of coverage is usually cheaper than whole life insurance, but it has a shorter window of protection. It could be something you use for your children's college tuition or as part of an inheritance for when your kids get married.
- Permanent Life Insurance - This protects you and your family for the rest of your lives. If you have a young family and anticipate spending significant time and money raising them, consider this type of protection.
- How Long Does A Policy Last? - The duration of coverage depends on the specific policy that you choose. Some are relatively short term, lasting only 5 or 10 years, while others last until the death of the policyholder or even the age 100 (whole life policies).
- What Type Of Coverage Do You Need? - There are two types of coverage: term and permanent. Term insurance lasts for a specific period, like 5 or 20 years. After the duration, there is no coverage left. With permanent policies, you have lifelong protection in place.
- How Much Coverage Do You Need? - The amount of protection that you need is dependent on the type of policy and how much money you want to leave to your beneficiaries. According to Insurance Information Institute , an average annual life insurance payout is $19,986 for a married couple with children .
What does this mean? It means that if both the husband and wife were killed at the same time in an accident, their family would receive this average payout .
Not everyone needs this much coverage. If you are single, don't have dependents, and make good money, you might be able to get by with a term policy. If you live alone and have no one to leave behind when you die, you may not need life insurance at all.
For example:
· You're a single male with no children. If the sum of your assets is about $500,000 (in value), a $100,000 term policy is probably your best bet since this will protect your assets for a relatively short period of time .
· You're a married couple with two young children. You need enough coverage to leave your family a comfortable asset level and still provide for them if you were to die before they were grown. A $1 million term policy might not be enough and may not be worth the investment .
· You are a single person with a young child. You bought life insurance because you want to leave behind some money for your daughter, but you don't have much other property or assets in place. A $100,000 term policy is probably adequate for this purpose .
Check out Complete Choice Health & Life's Resource Center for more information on life insurance. We also have an informative FAQ section on death benefits as well as financial security planning and wellness news.
Life Insurance Quotes Online
Check out Complete Choice Health & Life's Resource Center for more information on life insurance. We also have an informative FAQ section on death benefits as well as financial security planning and wellness news.
Life Insurance Quotes Online
Check out Comprehensive Choice Health & Life's Resource Center for more information on life insurance. We also have an informative FAQ section on death benefits as well as financial security planning and wellness news.
Life Insurance Quotes Online
Check out Complete Choice Health & Life's Resource Center for more information on life insurance. We also have an informative FAQ section on death benefits as well as financial security planning and wellness news.
Life Insurance Quotes Online
Check out Comprehensive Choice Health & Life's Resource Center for more information on life insurance. We also have an informative FAQ section on death benefits as well as financial security planning and wellness news.
Life Insurance Quotes Online
Most people need some form of life insurance, whether it's to supplement their employer-sponsored policy or to replace one that has been canceled. Buying a policy is often a complex decision, with many options available. Here are some things to think about when comparing quotes online .
· How much does the coverage cost? Look at the total annual premium price and choose the level that suits your budget.
Conclusion
Finding the right life insurance policy can be an uphill battle. The best way to find the right one is to get at least 3 free quotes from different carriers. To receive your free information, provide some personal details on our secure online form. You'll then have access to expert advice and online tools that will help you make the best decision for your needs .
Check out Complete Choice Health & Life's Resource Center for more information on life insurance. We also have an informative FAQ section on death benefits as well as financial security planning and wellness news.
Life Insurance Quotes Online
Types of Term Life Insurance - There are two types of term policy available: Preferred and Standard .