One of the most important reason to buy life insurance, is that life insurance provides families with financial security should a spouse or parent die.
Types of life insurance
There are two type of life insurance: term life and whole life.
It is easy to apply for life insurance because you can apply for a policy online, seek help from a financial planner or buy a policy through an agent.
Term policy
A term policy covers periods of one to 30 years, when the insured dies, the face amount of the policy is paid to the beneficiary. Term life has no saving components, if you have not died by the end of the term, you do not get any money back. For most people ages 20 to 50, a term policy is the best and simplest option.
You can get good rates if you are in your 40s or 50s and if you are in good health.
Whole life insurance policy
A whole life insurance policy is also called permanent life insurance, not only protects you from the day you purchase it until you die, but it also includes an investment in bonds, money markets or stock. The policy will build cash value that you can borrow against should the need occur. There are three most common types of whole life insurance: traditional, universal and variable.
If you are single with no dependents, you probably do not need any insurance at all. The most important time to buy a life insurance policy is when you have children or if you have a spouse who does not work
Types of life insurance
There are two type of life insurance: term life and whole life.
It is easy to apply for life insurance because you can apply for a policy online, seek help from a financial planner or buy a policy through an agent.
Term policy
A term policy covers periods of one to 30 years, when the insured dies, the face amount of the policy is paid to the beneficiary. Term life has no saving components, if you have not died by the end of the term, you do not get any money back. For most people ages 20 to 50, a term policy is the best and simplest option.
You can get good rates if you are in your 40s or 50s and if you are in good health.
Whole life insurance policy
A whole life insurance policy is also called permanent life insurance, not only protects you from the day you purchase it until you die, but it also includes an investment in bonds, money markets or stock. The policy will build cash value that you can borrow against should the need occur. There are three most common types of whole life insurance: traditional, universal and variable.
If you are single with no dependents, you probably do not need any insurance at all. The most important time to buy a life insurance policy is when you have children or if you have a spouse who does not work
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