Life insurance is an important way to protect your young family.
Even though you know it’s necessary, you may drag your feet about actually getting a policy because it seems too daunting.
Getting some clarity can make all the difference.
There are two main types of life insurance: term and whole-life (or permanent).
Let’s take a closer look at each of them.
This is the simpler of the two types.
Your family (or whoever is named as the beneficiary on your policy) would only receive a payout if your death were to occur during the term of the policy.
The length of a policy is normally between 1 and 30 years.
The majority of term policies won’t have any other benefit provisions.
Under the umbrella of term life insurance, there are two categories.
Also called “permanent life insurance,” whole life insurance will pay out a benefit to your beneficiaries whenever you die – no matter how long you live.
There are three main types of whole insurance.
Within each of these types, there are variations that can get confusing.
It’s always best to work with an independent insurance agent who can help you determine the best life insurance choice for you and your unique situation.
Another way to get some insight is to check out the pros and cons.
Let’s start with the pros of a term life insurance policy.
Here’s the downside.
Now let’s examine the pros of a whole life policy.
Here are the negatives.
It’s not wise to do all of your life insurance research on the internet and then attempt to make a decision.
Resources like this one provide a valuable framework and an introduction to life insurance products and services, but it’s always best to talk to an expert.
There’s no substitute for the solid advice of an insurance professional.
You need the help of someone who will delve into your situation and come up with a customized plan that’s suited to the needs of you and your family.
Make a confident choice about your future with the help of a trusted insurance professional.
Do you have adequate life insurance coverage or is it time to review with a pro?