Life insurance is a way of providing for the financial needs of your family in the event that you are not there to be able to provide for them yourself. As such, it is an act of caring and taking responsibility for those who depend upon you the most. It can also assure that your surviving family won’t have to bear the burdens of costs associated with your final expenses.
Term life insurance allows you to select the length of time you need coverage and purchase insurance covering only that period for much lower premiums. Along with savings on premiums, term life insurance can be an especially good choice for situations where you need a specific length of coverage, such as if you wish for your family to have enough money to pay off the house if necessary while there is still a mortgage, or if you want your children to be provided for until they reach a certain age.
Low cost life insurance
The main option for low cost life insurance is a term policy. Term policies are intended to protect your family in the event of your death, and are purchased for a specified length of time only, after which time a new policy must be bought if you wish to continue coverage. They do not accrue a cash value as a whole life policy does, but do have much lower premiums.
Term life insurance policies provide the most benefit for families who would be financially devastated if the breadwinner dies anytime in the near future say a family with young children who will need their parents’ income to support them for the next 10 years or so. Or in the case of a family with a debt that will be difficult to pay if someone dies where the term of the debt is about 10 years.
In these cases it is generally better to buy term insurance and then invest the difference between the cost of the term policy and what a more expensive whole life policy would have cost.
Whole life insurance is an asset that acquires value over time, and is generally a much more expensive policy in terms of monthly premiums.
Are you interested in getting life insurance quotes, but would like to gather information and perhaps shop around without having to have an agent contact you in order to get the information? By entering some basic information, such as your date of birth, state of residence, etc. and some general health background information, you can easily receive quotes from a number of insurance companies who offer the type of coverage you desire. This makes it simple to compare quotes from a number of companies, and you don’t have to enter your name, address, phone number, or any personally identifying information or talk to an agent in order to receive the quotes.