subject: Life Insurance - Why Bother? [print this page] It's always prudent to review all your options no matter what you're buying - and that includes insurance policies. I'd bet that you normally go through a thousand review before buying any electronic gadget, shouldn't you give the same consideration when selecting an insurance plan?
What Are The Different Kind Of Policies?
Before you go comparing services, you must first establish how much you're willing to spend for your life insurance. Term life insurance is like a short term insurance, it covers only a set number of years. The terms of the policy is that you are only covered for a certain number of years, you may have to renew or re-enroll for the policy if you did not die within the time specified. The other kind is whole life insurance policy, this one is a lot better but the premium will be steeper.
Would It Matter If You Go Online To Get Your Life Insurance?
A lot of insurance companies have taken advantage of the internet, so you should have no problem checking insurance quotes and even making the purchase online. An independent life insurance broker can also prepare a quotation for you, the figures usually takes about 1 to 2 pages. It really doesn't matter where you make the purchase, they're fundamentally the same product.
The most important thing for you to do is that you compare the products offered. Familiarize yourself with the terms of the policy, and be sure you are comparing the right items. And once you are done with the comparisons you need to take that final step, you need to purchase a life insurance policy.
Which To Choose: Term or Whole Life Insurance?
Because the payments are easier to meet, most of individuals prefer to purchase term life insurance. Most of these individuals believe that they won't need insurance when they retire; now if you believe otherwise, then it might interest you to know that Canadians have the option to get the Term to 100 insurance. Payments are no longer required by the company once the policy holder reaches 100 years old.
With regards to whole life insurance, it really isn't feasible to compare because the cash surrender values depend on the age you got the policy. With this kind of factors, it would be unrealistic to compare one set of numbers to another. You will have an easier time comparing term life insurance.
by: Adam Washington.
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