Everyone wants to make sure their families will always be financially protected, and this is why life insurance matters. There are many different types of life insurance. Finding the best option for you will depend on specific factors such as your age, desired beneficiaries, and health.
Each type of life insurance comes with a very different price tag. The amount that you are willing to spend can have an impact on the coverage the policy offers. Here, learn how to find the best life insurance policy for you.
While some life insurance policies are as low as $8/month, the cost will depend on factors like age, your health and the type of insurance.
There are two main types of insurance: Term life insurance and permanent life insurance.
Term life insurance only lasts for a specific amount of time, instead of your whole life. This makes the premiums for term life insurance cheaper, but it also means that if you are still alive when your coverage expires then neither you or your beneficiaries will receive any money.
If you are trying to save money, then term life insurance is probably the right choice for you.
Permanent life insurance covers you until your death, as long as you keep up with your monthly payments. It can cost five to 15 times more than term life insurance but includes a cash value component that can be helpful if you need to cover certain life expenses including endowments, estate plans, or care for long-term dependents, such as children with special needs.
There are several types of permanent life insurance, the two most common types are whole life insurance and universal life insurance.
To really learn about the different types of insurance you need to know a few of the most commonly used insurance terms.