Term life insurance is a straight-forward form of protection that covers you for a specific period of your life (the “term”), and pays a specific amount to your family should disaster strike. Whole life insurance is more of an investment, one that accrues cash value tax-free over time, and can be accessed during your life. While there are many different flavors of whole life insurance, term life insurance plans are fairly consistent.
You choose the term, the period of coverage. (Some people match the term to specific milestones, like paying off the mortgage, or the kids’ college graduations.) You choose the benefit, the dollar amount of the coverage. This can be based on your budget, or based on your family’s expected needs. Term life insurance is simple, affordable, and a great way to care for your loved ones.
Life insurance rates are based mostly on life expectancy, so many factors play a role. Among them: gender, age, general health and whether you use tobacco. Generally, the younger and healthier you are, the less expensive your rates.
Whenever you have a big life event, you should reconsider your life insurance coverage. The most common times are when getting married, growing your family, buying a home, starting a business, and planning for retirement.
Yes, you can! Owning multiple life insurance policies makes sense for some situations. However, when applying for additional policies, insurers will always ask about your current coverage. They want to be certain the amount you want is reasonable.
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