Life Insurance: What Are Your Options
We are not aware about our future. You can live until your 105 and die peacefully in your sleep. By then you will have had all your arrangements taken care of, there would be no worries about providing for your family after your gone, because you will have had a full life to take care of such things.
But things do not always happen as you plan them. That's why having life insurance is so important, you need to be sure that should something happen to you, your loved ones don't have to worry.
You probably think that life insurance is an expense that you just can't afford now. You'd be amazed to find that it is more affordable than you think. And don't think that you are too young for insurance either. If you have a family then you are old enough to make sure they are taken care of.
Life insurance rates do vary from company to company and on a wide array of variables. By taking the time to research different companies you will find that you can get a great rate and be able to provide your loved ones with the peace of mind that should the unexpected happen they are taken care of. This way the kids can go to college, and they can keep the house that they love so much.
When you are deciding on your policy you will have a lot to consider. There are several options when it comes to life insurance, picking the right one can be difficult. Term indemnity is the least expensive of the types. It is good for a certain period or term meaning that it will only cover death expenses if it occurs during the set time.
Generally there is no medical exam associated with this type of indemnity so you don't have to worry medical problems. If you are a smoker or overweight you may have to pay more for coverage but you won't have to worry about being denied. This is a great way for young adults just starting out to have the indemnity they need. This type of coverage doesn't' have what is called a "cash value" meaning you can't borrow against it, but the premiums are lower.
Whole coverage is another popular type. There are many variations on this type but they are all basically the same. With whole coverage you have a fixed premium and fixed amount that you pay into overtime. If you cancel this policy you will get what you've paid back into it.
The money you pay in is generally either invested or put in to a high yield savings account which gives you the ability to borrow against it, use it as collateral on loans and so forth. While there is no fixed time on this policy you will find that it is generally more expensive and you will have to pass a medical exam to qualify.
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