Choose the Best Life Insurance Policy

De BISAWiki

Everybody needs a life insurance policy at some time or another. Rather sooner than later. Before you can choose the best life insurance for you and your family, you must first determine what type of life insurance policy that you need. There are two main types of life insurance. There is term life insurance and there is whole life insurance. Read below so that you can make the best decision for you and your family by choosing the best life insurance policy. The differences between term life insurance and whole life insurance are explained below. Dont wait until it is too late to get the right type of life insurance for you and your family.

What is Term life insurance

Term life insurance provides life insurance coverage at a fixed rate for a set amount of time. The meaning of term is years. If the insured dies within the term of the term life insurance policy, then the beneficiary gets the full amount of the life insurance proceeds. Term life insurance is known as one of the best picks because it is relatively inexpensive and the policy can be paid on for a number of years. Example: You can get a term life insurance policy for 5-years, 10-years, 15-years, 20-years, 25-years, 30-years, 35-years, 40-years, 45-years, 50-years and even more years. As stated, if the insured dies within the term of the policy, the beneficiary gets the entire amount of the term life insurance proceeds. If the term life insurance policy expires before the insured dies, then the policy is void. This is why it is so important to choose a term life insurance policy for the amount of years beyond the normal life expectancy of the insured. A Term life insurance policy has cheaper monthly premium payments than whole life insurance does but the term life insurance will expire once the set term amount of years has expired to where the whole life insurance wont ever expire. If you can choose a term life insurance policy that exceeds your life expectancy, then you can get away with term life insurance. Benefits- Cheaper monthly premium payments and a high beneficiary pay-off. Non-Benefits- If the term life policy expires before you die, then the policy is void and the insured gets nothing. Always always choose one of the highest terms when choosing a term life insurance policy.

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