Most of us don’t like talking about life insurance too much, because when we talk about life insurance we inevitably have to talk about death. Life insurance covers the financial needs of those left behind after we’ve gone. But just because we don’t like talking about it doesn’t mean we shouldn’t. It’s generally recognised that most American households should have life insurance cover, even if many don’t. In fact, one recent study found that that while 80% of Americans say that most people need life insurance, only 68% say they personally need it and only 59% own some form of it. In addition, a study by employee benefits provider Unum found that 40% of the 1,000 adults it surveyed in the...
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With a 1 and 4 year old, I would for sure go with a 30 year term, not a 20 year term. If something happens to DH (dear husband) and I when my kids are in college or young adults, I would want them to have the nest egg from my life insurance rather than figure out how to pay for things that we would have helped them with or helped them figure out. You also may (or may not) have your mortgage paid off by then, have Parent PLUS loans, home renovation loans, etc. While those things are always true, the period of time when you have high school, college, and young adult children can be move expensive that many of plan for. Also, keep in mind it would be WAY cheaper to get 30 years now than to...
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Whole Term Life Insurance As the name implies, whole term life insurance is an insurance contract designed to remain in force for the whole life of the insured. It is the most basic form of permanent insurance. In addition to its guaranteed death benefit, whole life offers level lifetime premiums and a cash value that may be redeemed or used as loan collateral. The cash value gradually increases over time until the policyowner attains age 95 or 100, at which time the cash value equals the amount of the death benefit and the policy matures. Details of a Whole Term Life Insurance Policy An applicant for whole life insurance must undergo a medical examination to verify his or her insurability...
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For most people, surrendering a whole life insurance policy for a term life insurance is a good idea. Term life insurance provides the same death benefit as whole life insurance for a tiny fraction of the cost. While there are benefits to whole life insurance that are not available with term life insurance, most people can obtain the protection they need at a much more affordable price when they make the switch to term life insurance. Why Switch From Whole Life To Term Term Insurance is Considerably Less Expensive than Whole Life There are many reasons someone might surrender a whole life insurance policy for term life insurance (or using term life insurance instead of whole life...
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Best Finance Network Get the best connectivity about finance. When it comes to protecting your family against the unthinkable, you have a choice between selecting many different types of life insurance. Two of the main types include Whole Life Insurance and Term Life Insurance. An insurance agent will be happy to sell you either type. After you read this article, you will know which type is better for you and which type is better for the insurance company. Before there is any life-changing crisis and the need for life insurance presents itself, it would be smart to become as informed as possible on these two types of life insurance. What is Term Life Insurance? In contrast to Whole Life,...
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Term Vs Whole Life Insurance Whats The Difference Deciding whether or not to buy life insurance is a serious decision that can have a dramatic effect on your family’s future. By the same token, figuring out which type of life insurance you need is just as important. You may have heard people talk about term and whole life insurance, but what’s the difference? If you’re clueless about the different types of life insurance and how they work, then picking a policy is a lot like trying to hit a bulls-eye in the dark. Arm yourself with the knowledge you need to ensure your family is protected by reading the brief guide to life insurance types below... Term Life Insurance: What...
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Having to consider your own mortality is a sensitive subject. It’s made even more complicated when you consider the financial well-being of your dependents. Luckily, there’s life insurance, which provides you with the assurance that upon your passing, your family and dependents will be taken care of. When it comes to life insurance, there are many options available. The two most common types of life insurance are term life insurance and whole (or permanent) life insurance. But what kind is right for you? When looking for life insurance quotes, it’s helpful to understand what each type offers, and what the cost to you will be. What Is Term Life Insurance? Term life insurance is...
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Learn about the differences so you can make the best decision for your family The whole concept of insurance is based on the “what if?” premise. With so many chances for calamity (both big and small) when you leave your home, insurance lets you live your life knowing you have some financial safeguards in place to protect your family. This peace of mind is perhaps best exemplified with life insurance. Nobody wants to think about their ultimate demise, but we all know it will happen eventually. And although life expectancy in the U.S. had been climbing for decades, the trend has recently reversed in the first sustained decline since World War I. A recent report shows that factors like obesity...
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1. Term Life Insurance A Term Life insurance policy is the easiest and most basic type of life insurance. A common strategy that’s promoted is to buy term and invest the difference. It is simply a life insurance policy that will provide your beneficiary with a death benefit from accidental or natural death for a specified amount of time. What if you don’t pass away during this term period or specific period of time? Your term life policy will eventually expire. For the majority of cases, a term life insurance policy is less expensive to purchase at earlier ages of life. This is because young people are a low risk to die and life insurance is priced due to risk. As you age, you become...
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Life is always changing – which is why it’s important to review your insurance needs and make sure your coverage is keeping up with your life. Whether you’re entering adulthood or nearing retirement, you may have a need for life insurance… but understanding which policy is best for you can be confusing. Let’s talk term and whole life insurance to help you find which benefits you the most, at any stage of life. Term Life Insurance Term life insurance provides coverage for a specific number of years and you select the “term”. It’s an easy, more affordable option if you’re not looking for lifelong coverage. But, if you should change your mind, during your policy term you usually have the...
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