Types of Life Insurance Pt 3

Are you confused by the different types of life insurance? If so, you are not alone. While protecting your loved ones in the event of your untimely death is an absolute necessity, it is one that many otherwise conscientious people put off because they feel they don't have enough information to make an informed decision.

Whole Life and Universal Life Insurance

Whole life insurance is a permanent policy that will last as long as you live or as long as you pay the premium. Not only does this type of insurance offer protection, it also builds cash value. Many people use these policies as a savings account. Universal life insurance is similar to whole life, except that it allows flexibility with rates and premiums. While both policy types offer protection for dependents, they share obvious drawbacks. The most important of these is that they are more expensive than term life insurance.

Term Life Insurance

With term life insurance, the consumer is paying for just life insurance;pure protection. They don't have to worry about investments or whether they are getting a competitive interest rate. Because term life insurance has no investment component, the premiums are much lower for the same premium level as other types. People agree to pay a fixed premium for a term of time to be insured over that time. Most financial advisors recommend this type of life insurance.

Protection You Can Afford

If you want to protect your family and children by getting the highest level of life insurance you can afford, term life insurance is the perfect choice for you. Many people have found the right company and policy for by using an online calculator. Others like to get advice from a real agent. There are a wide variety of options for people who want to protect their family's future.

"Do I Qualify for Term Life Insurance?"

Many people wonder if they can become a policyholder if they fall into certain categories. Whatever your specific situation, there is sure to be a company and policy that is just right for you. For example, some companies will not insure a smoker or someone with an unfavorable medical history, while others will. Some will not insure people without a medical exam, while others instantly approve everyone who puts in an application.

Dying is not just traumatic for those left behind, but expensive. Survivors are left to pay medical bills, funeral bills, and still deal with everyday bills like a mortgage. It is essential to plan ahead with apolicy like term life insurance.