Life Insurance Quotes

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Life Insurance: the most important decision of your life?     

Life Insurance ... for me?

Life insurance is THAT important, so some things you will want to consider are: The amount of life insurance needed for adequate protection of your loved ones, the type of insurance desired (term or whole life), and perhaps most importantly, the stability of the company selling you the policy.

One rule of thumb is to buy life insurance that is equal to seven to ten times your annual gross income.

Remember to think about the long term financial needs of those you would leave behind such as mortgage and other debts, college education funds and an additional emergency fund and the day to day costs of just living.

Life insurance should be acquired in rather large amounts when a family is young with a lot of responsibilities and reduced in old age when there is very little risk or a need for liquidity at death.

When considering life insurance, there are two basic types.

Term Life Insurance

Term insurance is often a good choice for people in their family-formation years, especially if they're on a tight budget, because it allows them to buy high levels of coverage when the need for protection is often greatest.

Term is the original form of life insurance and it is considered to be pure insurance protection.

Term life insurance covers you for a specified number of years, and pays out a death benefit only
if you die within the specified term.

It offers temporary life insurance for a specific number of years, usually 1-30 years, that's why it is usually much less expensive than permanent life insurance for the same monetary coverage.

Term life insurance could cost you just hundreds of dollars per year, as opposed to whole life insurance's thousands.

Whole life Insurance

Whole life insurance is also referred to as permanent life insurance. it is often used in estate planning and is generally for people who can afford much higher monthly premiums in exchange for the liquidity of the policy's assets. Premiums do increase as a person gets older, so the sooner you obtain coverage the less you will pay in coverage costs.

Whole life insurance combines a death benefit with cash value accumulations and is designed to provide protection for your entire lifetime, plus it builds cash value over time.

Whole life insurance is usually more expensive and is good for the duration of a person's life, provided they maintain the premium cost.

Whole life insurance is designed to last an entire lifetime, usually to age 95 and they allow you to invest, borrow, and withdraw from your policy's cash value.

Whole Life Insurance is the oldest kind of cash value life insurance that combines protection against premature death with a savings account.

Conclusion

Review your coverage annually to keep in line with your family's needs.

Remember that a life insurance policy can provide cash and income needs on and immediately following death such as unpaid bills and taxes and other obligations.

There are many planned and unplanned needs for funds that can be satisfied through life insurance.

It is always wise to speak with someone with sufficient expertise and knowledge to represent your interests, and connect you with a life insurance company that best suits your needs and budget.