Term life insurance is a more
affordable option while whole life insurance offers more protection. Explore
the pros and cons of both policies to find which works for you.
Term Life Insurance
Provide coverage on a monthly basis for a specified number of years Payments are typically lower than with whole life. You must mention your age when applying, but can mention any health problems which do not affect your mortality risk
A limited payment plan may be offered if you are seen as at high risk- this places an age limit on your policy. If you choose not to renew your contract, you will not be refunded the original premium for the time remaining of the term you initially agreed to
Whole Life Insurance
Provides coverage throughout your lifetime until death, costs
What
is life insurance?
Life insurance is an agreement
between an individual or company and an insurance company. The insurance
company agrees to pay a certain sum of money to the beneficiary (i.e. your
loved ones) upon your death. The agreement can be made in the form of a single
premium or a series of monthly payments.
Why should I get life insurance?
Life insurance can be used to protect your loved ones in case you die, or to pay for the ongoing costs of your children’s education. It is also useful if you own a business and want to ensure that your employees are taken care of.
Why
are we talking about life insurance?
Life insurance is a must-have in
your financial plan. When you pass away, you can leave a life insurance policy
to your family to ensure they are financially secure.
Term Life Insurance for You
Whether you are a young professional
or a retiree, term life insurance is a good choice. If you are worried about
having enough cash to pay your bills, then term life insurance is a good
option. You can purchase a term life insurance policy for just a few months or
for a few years.
Whole Life Insurance for You
Whole life insurance is the ultimate
way to protect your family. It can be purchased for a specific period of time,
for the rest of your life, or even for a set amount of time.
Who
should I choose as my life insurance company?
The decision of which insurance
company to choose is personal. There are a few key questions to consider when
making a decision.
What is the best rate available for
term life insurance?
As an example, consider an
individual buying a $100,000 term life policy at a $1,000 annual premium. At
the time of purchase, the cheapest rate for this type of policy is $900. This
is because term life insurance companies will try to keep their premiums as low
as possible. However, the policy will only pay a benefit of $100,000 if the
individual dies within the term of the policy. If the individual is alive at
the end of the term, the policy will not pay any benefit.
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