Why Do I Need Life Insurance?
Life insurance is never fun to talk about. The main reason is that is not about you. Mostly, life is insurance is for those you leave behind. Life insurance is for those people who are interested in protecting their loved ones when the worst case scenario happens.
Why is Life Insurance So Complicated?
There are lots of products and companies offering life insurance. Do not be overwhelmed with the terminology. A Good Faith agent will guide you through the steps. Whether you are looking for protection for a few years while your family is young, or for the rest of your life, we can guide you through the decision making process.
What Is The Difference Between “Term Life” and “Whole Life” Insurance?
There are a lot nuances in life insurance. The basic difference is that Term Life last only the time you pay for it. Such as, 10, 20, 30, or more years. In most cases, it has a much lower cost than Whole Life insurance. Whole life, or permanent insurance, you generally pay a higher cost, and can end up paying the entire premium where you don’t have to pay any longer. The policy will have a cash value when you die, or you can cash out the amount, or even borrow against it. Both kinds have a purpose. In either case, life insurance is an important tool in protecting a persons asset, and are passed down their their beneficiaries tax free. Make sure you get a Good Faith agent explain all the benefits of either kind before you make a decision.
Everything with insurance is based upon risk. Companies take into account your health status, age, payout at the time of use, length of coverage, and other items. Plus, today there are many other great products that add all sort of value to your purchase such as return of premium if not used, advances on benefits, and double returns in case of certain situations. All of these contribute the cost of your life insurance.