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Life Insurance Policy

A life insurance policy is something most adults should not be without. Life insurance policies allow us to protect those that are closest to us from financial hardship in case of our death. Getting the right life insurance policy for you is easy by using an online quote tool like the one above - you'll get multiple life insurance policy quotes before you know it. The information below will help you decide if you need a life insurance policy and to determine the type of policy that you require.


Those Who Need A Life Insurance Policy

You need a life insurance policy if you:

  • have a mortgage
  • have debts
  • have a family or anyone who relies on your financial support
  • do not have enough savings to cover funeral expenses and debts

If you fall into any of these categories you should carry life insurance to protect the people who love. It is important to get it as soon as possible. The younger you are when you take out your life insurance policy, the better the price will be.


Life Insurance Policies: The Different Types

There are two primary types of life insurance policies. They are term life and permanent. Term life policies are for a fixed period of time: 5, 10, 15, 20, 25 or 30 years typically. They are in effect for the time period you purchase. If you die within the time period they pay out benefits to your survivors. If not, there is no value to the policy. It is the least expensive type of policy.

For permanent life insurance, there are 3 types:

  • Whole Life Insurance: is just what it says. It insures you for your entire lifetime, so there will be a pay out upon your death, regardless of when you die. It also has a cash value and can be used for loans and withdrawals. It has a fixed lifetime premium, but is more expensive.
  • Universal Life Insurance: This type of policy gives you premiums that fluctuate depending on the cash value of your account. It also allows for growth of the account tax-free. The policy is adjustable to your needs, though for some changes you may need to submit to underwriting.
  • Variable Universal Life Insurance: This type of policy allows you to earn more tax-deferred income on your life insurance investment, through giving you the choice of where to invest your insurance dollars. The policy will pay out to your survivors but you will also benefit from it as well. However, if you make poor investments, you run the risk of decreasing the death benefit of the policy.


Get A Life Insurance Policy Quote

Since life insurance policies are a long-term investment in protection, it only makes sense to shop around before purchasing. It is wise to shop for the best deal and the best coverage possible. Get several quotes on a life insurance policy from top area insurers by going back to the top of this page and inputting your zip code now!

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