Deciding if you need Life Insurance?

Many people may not be aware that life insurance is a confusing topic, but in many cases, it's best to understand exactly what you need before making a decision. If you're unsure about whether or not you should purchase life insurance, we've put together this blog post to help you decide. We'll talk about the difference between whole life insurance and term life coverage as well as who can benefit most from each type of policy. Let’s get started!

For most people, the decision to buy death and disability cover comes down to either being too young or too old for standard health care policies. However, there are also plenty of other crucial considerations that go into this decision.

To begin with, let's define whole life insurance. As the name suggests, a whole life plan is a policy that lasts your entire life that provides everything from death coverage to disability support. Most people don't realize it but doing without such a comprehensive policy can mean risking more than just losing out on the financial benefits; if you're no longer around to work and provide for your family, they could be left penniless and depending on government aid for their survival.

Term policies are much simpler and cheaper by comparison yet they suffer from many of the same shortcomings as well. While term policies offer both death and disability benefits, they only carry these so long as you pay your premiums without fail. If you stop paying your premiums, you could lose your coverage and that means any potential for income support from an insurance company is gone too.

Whole life insurance offers much better benefits because it is guaranteed to be paid regardless of how old you are and how much money you accumulate over the years. However, for many people term policies offer what they're looking for, so it's important to know what each type of policy offers so that you can decide if each one is right for you.

Let's take a look at who benefits most from each...

What's in a Policy?

The above video summarises what you need to know about whole life insurance. If you have any more questions or would like to speak to an advisor about your specific circumstances, call us now on 1300 855 868.

ARTICLE END

Disclaimer: This article is general information only and is not intended to be taken as financial advice. Before making any investment decisions, you should seek professional financial advice to assist you in making your own decision.

Blog Author: Darren Dixon is an insurance specialist at InsuranceHotline.com . If you want to find a policy that provides both death and total & permanent disability cover, call 1300 855 868 or find an insurance adviser in your area today! Please note this blog does not constitute financial advice and we encourage you to read the disclaimer. You are welcome to link directly to this blog post from your website but we do expect a reference or credit "as seen on http://www.insurancehotline.com"

All blog posts © InsuranceHotline.com 2012-2018 - All rights reserved. - Any unauthorised use of this material is prohibited. - If you have any questions about this post or would like to discuss related matters, please feel free to contact us directly . Regards Darren Dixon | InsuranceHotline.com Blog Content Director |

Visit our website: www.insurancehotline.com - For more blog posts by Darren, click here .

This is not insurance advice and we do not sell insurance and we do not offer insurance products. We are a website that provides free & unbiased information about the insurance industry to consumers and businesses. We have no connection with any Insurance Company.

Visit our website: www.insurancehotline.com - For more blog posts by Darren, click here .

Visit our website: www.insurancehotline.

Conclusion

Term life is a type of insurance that pays out a lump sum depending on your circumstances, such as death or total permanent disability. Because term life policies are usually cheaper than whole life insurance policies, it's important to know the difference between the two before you make your choice.

Visit our website: www.insurancehotline.com - For more blog posts by Darren, click here .

Deciding if you need Life Insurance?

Deciding if you need Life Insurance?

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