subject: Life Insurance Basics [print this page] Need life insurance? If you have a family, life insurance is a necessity today. Life insurance is there to provide your family with financial coverage in the event that you no longer can. Life insurance comes in many different forms, so it should be easy to find a policy that is affordable and provides the coverage that is right for you. Since life insurance is so important today, let's take a closer look at some of the options you have when buying life insurance.
First of all, there is a basic choice between term life insurance and whole life insurance. Term life insurance is the more affordable option, as it is simply life insurance. You pay for the coverage and if you should pass away during the term of the policy, the amount of coverage is paid to your dependents. A term policy can be from a few years to 30 years, and is quite affordable under the age of 50. Past the age of 50, it is still affordable if you live a very healthy life, but as we are nearing the end of life in our later years, the rates on term insurance definitely go up.
Whole life insurance is a whole different ball game. There is more to whole life than just the fact that it lasts for your entire life. The rates for whole life insurance are higher than for term insurance because they include an investment component that you are not paying for if you get a term policy. If you get a whole life policy when you are very young, it can be a good investment. If you are in your 30s or more, it can still be worth considering, but the benefit of the investment portion of the whole life policy do not have as much time to accrue. So most adults go with a term life insurance policy if they are just starting to insure themselves. If do consider whole life insurance, there are numerous sub-categories of coverage which allow for different investment options. An online search will quickly show you some possibilities.
An online search is a good way to look for any type of life insurance, as there are many web sites with good information. There are also many online sources of quotes for life insurance, so that you can get an idea of how much you will need to pay for different levels of coverage. Affordable coverage is available with many providers, and a policy can be tailored to your needs.
It is likely that a medical exam will need to be done to prove that you are starting your policy with good health. Since it is your life that is being insured, the company wants to make sure that they know what condition you are in. A policy can still be issued even if you are not in perfect health, but the rates will probably be more. Rates are pegged to how healthy you are, and most online sites will give an idea of the rates for each health category.
by: Gustavo Gadlin
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