It is also a good option if you operate your own business and need some life insurance to cover your business debts or if you’re in partnership with one or more people.
Term insurance pays death benefits only. It is up to you to determine how much coverage you need and what you want the insurance to look after should die or come down with a life threatening illness.
The benefits are paid to your beneficiary as a lump sum and are tax deferred so your family can use the benefits right away to cover their most pressing needs.
Of all the life insurance policies, term life insurance is the most attractive because of it so affordable and the cheapest form of life insurance that you can buy.
The one thing you want to remember about term insurance is that it becomes more expensive as you get older. That is why it’s best to buy a longer term policy than a shorter term policy. The reason is because when you go to re-new a policy it becomes a lot more expensive to buy.
So, if you’re about to hit another birthday, then don’t put off buying your life insurance and get it before you age another year.
Permanent insurance offers the same type of death benefits as term insurance but it comes with the additional advantage of providing you with a cash value accumulation feature which is based on interest or depends on how well the market performs.
A permanent policy is ideal if you are looking for a retirement savings, or to use for estate purposes, and is also ideal for setting up a trust.
Permanent insurance is more expensive than term insurance, and it is a long term investment.
If you want to learn more about the different policies available, I would be happy to explain the differences between a whole life policy and a universal policy, so just give me a call.
How to Find and Buy Affordable Life Insurance
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 877 – 966 – 9383.