The best way I can describe the term insurance vs. permanent insurance is by using the example of your home. If you "rent" your home, this would be similar to a term policy. Typically, when you rent your home, you have a lease for a certain time period - 6 months, 1 year, 2 years, etc. At the end of this term, your landlord has the right to raise your rent. Well, term insurance is very similar. At the end of your "term" (10 years, 20 years, 30 years, etc), the insurance company has the ability to raise the cost of your insurance. During the "term" however, the price remains the same. Whole Life Insurance is a permanent type of policy. A permanent policy is similar to owning your home. When...
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Term vs. Whole Life Insurance Assuming you've already determined that life insurance is a "must-have" for you and your family, you now have a few decisions to make in choosing a life insurance company as well as life insurance policy that meets the needs of your family and loved ones in the event of your premature and untimely death. One of these decisions centers on the type of life insurance coverage you are going to use. There are more than one different types of life insurance available in order to meet the unique needs, including health situation, financial situation, lifestyle, and budget, of each individual and family. CLICK HERE for a Term Life Insurance Quote! Most Common Types of...
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Term Life Insurance vs. Whole Life Insurance: What’s the Difference? It’s no secret that life insurance gives a much-needed financial safety net for your dependents if you aren’t around to be there. Mortgages, funeral costs, debt – the list of costs is plentiful. But when you’re deciding on a new policy, do you want whole life insurance, or term life insurance? Let’s outline some differences. As the name conveys, term life insurance provides coverage over a “term”, or certain period. When you buy the policy, you can choose the term yourself – although common terms are 10, 20, or 30 years. Generally, the death benefit and premium stay the same...
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Final Expense and How it Compares to Term Life Regardless of where you are in life, whether you have kids, grandkids, or are fresh out of college, you want to be protected from financial hardship. These days, funerals can cost on average around $15,000. With that being the case, it’s important to know your options for easing loved ones’ minds financially, on one of their worst days. There are three ways your funeral can be insured: individual final expense policy, traditional term life insurance policy, or a whole life insurance policy. INDIVIDUAL FINAL EXPENSE INSURANCE An individual final expense policy, also known as burial insurance, refers to the minimal policy covering the cost of...
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In this six-part Road to Retirement series, Andrew Allentuck answers readers’ questions about pensions and retirement planning. Q Vancouver, businessman Marcus Handman, 61, wonders if life insurance should be part of his pension plan: “It’s not as though I don’t have life insurance policies. I do, actually, two of them. One is provided by my company and one is mortgage life. But I don’t have a policy of my own that covers things beyond the house mortgage and that I can keep going when I leave work. Should I?” A It’s a complex question, for life insurance comes in two basic flavours — whole or ordinary life, which builds cash value that can be part...
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I had a lovely reader email me a lovely question this week, and it made me so mad at the insurance industry. So millennials, listen up: you do not need whole life insurance. You do not need cash-value life insurance. You need term life insurance. (Maybe. If you want life insurance.) And since to most people, those all probably sound like finance gobbledegook, I am using this week’s post to (hopefully) drive a Buffy-the-Vampire-Slayer-style stake through the heart of any doubt in your mind that term life insurance is definitely the financial product you are looking for. So you think you need life insurance? First of all, you get points for even realizing that you might want to look...
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AAA Life Insurance Reviews (Updated July 2019) Researching a life insurance company is always a good idea. It’s part of the reason we provide the reviews we do on all life insurance companies and why we are providing this AAA Life Insurance Review. Regardless of the situation and why you are searching for life insurance, we always recommend checking rates across the board. We try and make this easy for you. You can do this easily below using our instant life quotes rate engine directly below to compare rates with 50 of the top-rated life insurance companies. AAA Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and...
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Term Life Insurance vs. Whole Life Insurance Having Diabetes and searching for life insurance isn’t the easiest thing to do. Like most people, you know you need life insurance. But what type of coverage is best for you and you family? Good news for people with Diabetes. You will likely have no issues getting approved for both Term Life Insurance and Whole Life Insurance policies. Simply speak with one of our agents, and we’ll happily explain your options to you. Two of the most common talked about policies are term life insurance, and whole life insurance. We’ll try and provide an overview of these two types of life insurance, so you can et a better understanding of life insurance options...
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Whole Life Insurance vs Term Life Insurance The decision to make sure your family are financially secure in the event of your death is a sensible one. Following bereavement, the initial shock of sadness can be met by the shock of debt and costs that the bereaved are unable to meet. The security afforded by an appropriate life insurance policy might give the tangible benefit of money in the event of your death, and will certainly provide you with peace of mind knowing that you are covered. However, deciding on which type of life insurance to purchase can be an important dilemma. Policies can differ substantially, however the major difference to be aware of concerns whole life insurance as...
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Term and permanent life insurance each has its place. You might need a combination to meet your goals. The biggest question to answer when purchasing life insurance is whether you need a term or permanent policy. Each type has advantages and limitations. To make the right decision, you should know and understand your options. Here are a few questions to consider: How will the money from this policy be used? Do my life insurance needs span my entire life or a specific period of time? Do I want to accumulate cash value or just have death benefit coverage? How much life insurance do I really need and what is my budget? Keep in mind that you can use a blend of products to meet distinct life...
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