Life insurance may be used for more than protecting the financial security of your loved ones. Before choosing a policy you need to evaluate what you want the policy to cover, then you can determine if you actually need it, and if you do, what type of policy you should get. Many people have several policies to cover different situations.
Term Life Policies
Term Life Insurance are policies that have a fixed length, after the policy expires the coverage ends. If the policy holder dies term life insurance could be used for your children’s future and their education, or so that your spouse can maintain their present lifestyle or even to cover your mortgage.
If you are thinking of purchasing life insurance for only a period of time to cover certain expenses, such as a child’s education, and, you do not need insurance after that expense is no longer an concern then term insurance would be a good option.
Whole Life Policies
If you are considering life insurance to use for your retirement or final expenses, or a guaranteed loan source in the future while giving financial security to your loved ones now, permanent or whole life insurance would be the best to consider. If you own a business with a partner, partner insurance is a necessity.
Life Insurance Premiums
With most life insurance the younger you are and the healthier you are the lower the premiums. There are some life insurance policies available without a medical exam needed, however your age will always be considered for the premium and the premium will typically be higher.
For more information on the different types of Life Insurance available or to discuss what would be the best option for you, call us today or click on the calendar below to book a FREE No Obligation consultation.