How term life insurance works Term life insurance is the simplest type of policy you can buy, and, as a result, it's also the most affordable. Term life insurance lasts for a set period of time, often between 10 and 30 years. The policy has a specified death benefit. If you die during the policy term, the insurance company will pay your death benefit to the beneficiary—or beneficiaries—you’ve named. The cost of term life insurance depends on your age, gender, health, lifestyle and more. In general, the younger and healthier you are, the lower your premiums will be. As a result, it’s beneficial to lock in your policy at a younger age so you can pay those low and level premiums for as...
Continue reading...
Term vs. Whole Life Insurance Life insurance is one of those things you never want to think about when you are young, vibrant, and full of life. There are certain times in life, though, when it becomes necessary to consider carefully what having (or not having) life insurance will mean to the people you love if you were taken away from them suddenly. Now that you have made the decision to buy life insurance, you have a few important decisions to make, including the type of life insurance to purchase. Much like the name implies, term life insurance provides coverage for a specified period. Some policies are for a term of five or ten years. Others go on for as long as 30 years. The average...
Continue reading...
Whole Life Insurance vs Term Life Insurance Life insurance is meant to be purchased to help your beneficiaries with any debt accrued at the time when you become ill or in the event of your death. Two of the biggest types of life insurance policies are whole life insurance and term life insurance. Each carry their pros and cons and either will be helpful if you should die. Term life insurance is just like it sounds. The policy is set up different terms depending on how many years the policyholder needs the insurance for. This can be a period of one, five, ten, fifteen, twenty, or even thirty years. Term life insurance is ideal for those looking to have insurance for a temporary amount of...
Continue reading...
Term Life Insurance vs Whole Life Insurance – Defining Your Policy Life insurance has always been a big confusing topic for a lot of people. While the rest of the world understands that life insurance is necessary, they still do not understand some important concepts and nuances between the different forms of life policies. Let us look at the differences between term life insurance vs whole life insurance and identify how to best choose among term life insurance vs whole life insurance. There are some benefits and disadvantages that are present but nonetheless, to each customer, there will be a benefit that will best complement their needs and truly appeal to the customers. Let us...
Continue reading...
When it comes to life insurance, there are plenty of options out there to choose from. However, what might be the best policy for one person might not be the best for another. That’s why it’s important to seek the assistance of a financial advisor or insurance agent before choosing a life insurance policy. One of the most popular life insurance options among Singaporeans today is the term life policy. That’s because term life insurance offers more flexibility and much lower premiums than whole life policies. Of course, term life insurance policies do have limitations as you’ll find out. Here’s more information on term life insurance: What is Term Life Insurance? As the name suggests, term...
Continue reading...
While Aviva's Direct-Term Life plan is not as affordable compared to the average of similar DPI term life plans for most adults, it actually ends up being competitive for young adults under 30. Aviva also has a variety of other insurance products ranging from a traditional term life policy to a distinctive investment-linked whole life policy for consumers who are interested in life insurance policies with adjustable investment benefits Aviva Direct-Term Life Insurance Plan Aviva's Direct-Term Life plan offers the DPI standard death, terminal illness and total and permanent disability coverage of S$50,000-S$400,000 and can be a suitable plan for consumers looking for term life insurance they...
Continue reading...
Purchasing a life insurance policy is the best way to provide your dependents with a financial safety net when you are no longer around for them. However, there are several options when you consider a life insurance policy and it is important to know the differences before signing the contract. This article will help you understand the differences between Term life and Whole life insurance so you can make the best decision for you and your loved ones. Term Life Insurance Term life insurance is the simplest life insurance policy type and costs considerably less than Whole life, however there is an end date. A Term life insurance policy provides coverage for a certain time period you choose,...
Continue reading...
Why My Wife and I Purchased Term Life Insurance Instead of Whole Life Insurance Why My Wife and I Purchased Term Life Insurance Instead of Whole Life Insurance BY BRANDON VAGNER, CPA, Ph.D., & WALLET WIT FOUNDER Some links below may be affiliate links. For more info, please check out the disclosures . Have you ever wondered if you should buy term life insurance or whole life insurance? Trying to find an answer to that question from somebody who is not a life insurance agent is tough, but I’m here to do just that. I’m a CPA, personal finance blogger, and an accounting professor. The first thing you should know is that I’m married (8 Great Years) and I hope to have children in the...
Continue reading...
Learn about the pros and cons of whole life and term life insurance. If you’re looking to buy life insurance, then you probably know that there are two common types: whole life and term life. But how do you know which type of policy is right for you? Learn more about each of these policies to help you determine which offers the right coverage to suit your needs. Whole life insurance provides coverage that does not expire. This means that, so long as you pay your premiums, your beneficiaries will receive compensation regardless of when you die. Additionally, whole life insurance policies have a cash value component that increases (or decreases) the longer you have the policy. This cash...
Continue reading...
Of all the financial decisions you’ll make, life insurance is potentially the most complicated. You need to determine how much you’ll need, what you can afford, who you’ll seek a policy through – and most importantly, the type of life insurance policy you’ll get. More often than not, that decision comes down to whole life insurance vs. term life insurance. Term life insurance policies and whole life insurance policies are quite different, featuring unique terms, average costs and benefits. The goal of this guide is to provide you enough background on the benefits of each to help you begin making the decision of what type of life insurance is right for you and your family. Benefits of term...
Continue reading...
