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 Choosing Life Insurance

For most of us, the thought of death is unsettling. But, while no one likes to think about what happens after life, it's better for your loved ones if you do. The right life insurance can help provide them with the financial support they'll need after you're gone - and yet it remains something few people think about until it's too late.

But don't wait! We've put together this list of all the information you'll need to find a comprehensive plan that fits your needs... and most importantly provides peace of mind for your family.

The Basics: The importance of life insurance

Most people think of life insurance as being something that only older, wealthy people buy. In fact, you're more likely to hear the term "critical illness coverage" than "life insurance," but the idea is still the same: providing financial stability for loved ones in the event of your death. These days, it may come in many forms - and while all policies have limits or benefits, there are several different types to choose from:  Basic Life Insurance - Provides a basic level of coverage for anything from an immediate family member to a favorite charity. It's usually inexpensive, but lacks any features like automatic withdrawals or riders (which provide more coverage). Basic Life Insurance offers basic coverage, but little in the way of guarantees or rider options.

Basic Life Insurance Premiums: These are generally inexpensive, and can be found for as little as $5 a month. However, they tend to leave out important features like automatic withdrawals or riders. By starting with a basic policy, you can then choose from other types of coverage that may have been provided by your employer - or might be available to you through an additional policy on your own life. So how much does life insurance cost? The cost depends on what type of insurance you're looking for (and what your needs are), but the average rate for a term life insurance policy can be anywhere from around $250 to $500 per month. For example, for a basic policy in 2014, the average rate was $276.08 per month. But...

What's the difference between term and permanent life insurance? Term Life Insurance gives you a specific amount of coverage that is paid out if you die during the term of the policy - typically just one year. (It could be two years, but is usually only one.) If you don't die during that time span, your coverage will lapse. While most term policies cover whatever your family needs in order to maintain financial stability, they rarely offer much protection for your beneficiaries (who are referred to as "primary beneficiaries"). So if you die, your beneficiaries will still be left with a significantly reduced inheritance that won't last long. There are some options available to help your family replace the money you would have provided, but they're not foolproof. Permanent life insurance is different. The coverage stays in place as long as you're alive, and it can provide more protection for your beneficiaries. But it usually comes at a slightly higher cost - typically around 10% - because it's more expensive to pay out benefits.

The Difference Between Term and Permanent Life Insurance It's important to note that you'll probably have to find the right type of life insurance for your needs, because there isn't always an automatic choice. That's why we've put together this guide to help you understand your options better.

Term life or Permanent life?

Permanent life insurance is also known as "cash value" and can be either whole or variable. That means it pays out a lump sum in the event of your death - but you can also choose to borrow against that coverage, if you need to. Some policies even include loans up front, so that you can get money right away without any interest payments or fees. However, this type of policy tends to be more expensive than a term life insurance policy. Term life insurance only covers your family if you die within the specified time period - but it also costs less. If you have a term policy and decide to cancel, it's important to understand that you'll lose any existing coverage immediately. As with any contract in which you agree to pay money up front with no guarantee of payment later on, cancellation doesn't mean you can get your money back. This is why so many people choose permanent policies for the peace of mind alone. Deciding between the two will depend on your family's individual needs - and your own personal preferences for how you want to handle the situation.

Term life insurance can be an important part of planning for your family after death, but without a permanent policy to protect them, you'll likely leave them with a less pleasant inheritance. Permanent life insurance may cost more up front, but it can provide financial support in ways that term policies simply can't. This is why it's important to make sure you understand exactly what you're getting - and how much coverage that means for your family after death.

Term Life Insurance vs. Permanent Life Insurance When deciding between term life or permanent insurance, do ensure you get what works best for you... and for your family.

Term life insurance can be an important part of planning for your family after death, but without a permanent policy to protect them, you'll likely leave them with a less pleasant inheritance. Permanent life insurance may cost more up front, but it can provide financial support in ways that term policies simply can't. This is why it's important to make sure you understand exactly what you're getting - and how much coverage that means for your family after death.

Term life vs. permanent life insurance coverage

The maximum death benefit amount is more than $1 million on one policy. This term and permanent life insurance comparison guide will help you choose which type of policy is right for you.

Whole vs. variable - there are two types of permanent life insurance, whole and variable. Whole permanent life insurance means that the face value remains the same over time, while variable policies can increase or decrease, depending on market conditions and ongoing investment performance. Whole life policies are typically less expensive in the short-term because the benefits aren't tied to market performance - but they also come at a higher cost over time, since most policies aren't designed to decrease in value. Variable life insurance, on the other hand, can fluctuate in value based on performance, and it's typically less expensive than whole life.

Whole Life vs. Variable Life Insurance There are two types of permanent life insurance: whole and variable. Whole permanent life insurance means that the face value remains the same over time, while variable policies can increase or decrease, depending on market conditions and ongoing investment performance. Whole life policies are typically less expensive in the short-term because the benefits aren't tied to market performance - but they also come at a higher cost over time, since most policies aren't designed to decrease in value.

Conclusion: Term vs. Permanent Life Insurance

Permanent life insurance is different from term life insurance in some important ways. If you want to plan for the future and protect your family, a permanent policy can be the right choice for you and your loved ones. Find out how it's possible to purchase permanent life insurance here.

The Difference Between Term and Permanent Life Insurance

Permanent life insurance is also known as "cash value" and can be either whole or variable. That means it pays out a lump sum in the event of your death - but you can also choose to borrow against that coverage, if you need to. Some policies even include loans up front, so that you can get money right away without any interest payments or fees.