Life Insurance
Your family's security should be your first priority. In the event of the death of you and/or your spouse, how will they be provided for? Can they afford to keep on living in the style to which they are accustomed? Will they have financial problems as well as the grief of losing a loved one?
There are two main types of life insurance; Whole Life and Term Insurance.
The basic difference between term and whole life insurance is this: A term policy is life coverage only. On the death of the insured it pays the face amount of the policy to the named beneficiary. You can buy term for periods of one year to 30 years. Whole life insurance, on the other hand, combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. The three most common types of whole life insurance are traditional whole life policies, universal and variable. With both whole life and term, you can lock in the same monthly payment over the life of the policy.
Whole Life Insurance is a type of life insurance contract that provides for insurance coverage of the contract holder for his or her entire life. Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy never runs out. On the inevitable death of the contract holder, the insurance payout is made to the contract's beneficiaries. These policies also include an investment component, which accumulates a cash value that the policyholder can withdraw or borrow against.
Term Life Insurance is life coverage only, which runs for a set period of years, the term being set at the time you take out the insurance (usuallt between one to thirty years). As long as you continue to pay the premiums each month, your family would qualify for the insurance pay-out if you should die. At the end of the fixed term, the premiums end and the life insurance coverage also ends.
When should I buy Life Insurance?
As soon as possible! Premiums for young adults are very inexpensive, but if you leave the purchase of insurance until you think you need it, it may be too late, as the premiums might be too high for you.
Have Questions?
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