Personal Life Insurance
Personal life insurance is the best option for financial protection of you and your loved ones in case the unexpected happens. There are various options available if you plan to use personal life insurance as your financial protection. You can choose between different types like: term life insurance, permanent life insurance, whole life, accidental death, disability and critical illness life insurance etc.
Life insurance can provide coverage allowing your beneficiaries to take care of your outstanding expenses such as: mortgage, car loans, credit card debt or day-to-day living expenses.
You can purchase life insurance from insurance or assurance providers. Personal life insurance usually have subcategories and different options that can allow you to tailor your life insurance policy based on your needs. Learn more about it, than and ask for professional help to find the most beneficial option for you.
Term Life Insurance
Term life insurance covers you for a set period of time and can be suitable for people looking for low-cost life insurance. You can choose any term between 10 and 30 years with most insurance providers or you can set age (eg. age 70). Premiums and coverage amount are guaranteed for the entire predetermined term. The annual premiums are fixed and are based on your health and life expectancy at the time you apply for the policy. You may be even eligible to receive coverage without having a medical examination for certain amount of coverage.
Keep in mind that if your term life insurance renews at the end of the term, the new costs will be significantly higher. Also the term life insurance can’t continue past a certain age (often age 75 or 80), so it is very important to determine your overall needs.
Your beneficiaries receive a tax-free, lump-sum benefit after your death with most term insurance solutions.
Permanent Life Insurance
Permanent life insurance, often called "whole life insurance", provides coverage for life but is much more expensive initially than term life insurance for the same amount of coverage and isn't the best choice for most people.
Some permanent life insurance options may have opportunity to combines protection and savings, which means you can accumulate some cash value through their savings or investment components, but you usually pay a hefty premium for this feature.
Most permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy and some permanent insurance plans let you pay for a certain number of years, than you don't have to pay any more.
Premiums can either be guaranteed or variable, depending on the type of plan you choose.
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