Affordable Life Insurance Protection for Your Family
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When it comes to buying life insurance for your wife, there are many things to take into consideration.
Husbands may want to protect their family by purchasing life insurance on their wife so that there is no financial stress upon the passing of the wife.
Consider everything your wife does for your family, from shopping, to cleaning to cooking to running errands, to picking up the kids after school and taking them to the doctor, among all the other things she does.
Now, imagine how many hours she works at home and perhaps outside of the home, and her total contribution to your family.
It would cost quite a bit to replace her efforts, and life insurance can help accomplish that goal.
But, in order to make an accurate estimate of how much life insurance you really need for your wife, you'll want to use a life insurance needs calculator.
The death benefit is the amount your beneficiaries will receive from your life insurance policy upon your death. This is paid out if the coverage was "In Force" at the time of your death.
The proceeds (death benefit) from your insurance policy are paid to your beneficiary from the insurance company. Your beneficiary makes a claim for death benefits by contacting your insurance carrier after you have passed away.
Term life insurance policies are temporary, because they have a set duration of coverage, usually lasting for a period of 10 to 30 years.
However, you may be Abel to choose a policy term (duration) of 10, 15, 20, 25 or 30 years, depending on your age and health.
The longer your policy term, the higher your annual cost of life insurance.
If you outlive the duration of your policy, the life insurance coverage expires and there is no payout of any benefits.
What is individual life insurance coverage?
It's a life insurance policy that insures the life of only one person.
This is the standard and most common type of life insurance.
Survivorship life insurance is a type of joint life insurance policy designed to cover two people (usually spouses) instead of just one. It only pays out a death benefit after both policyholders have passed away.
The two basic types of individual life insurance policies are Term life insurance and Permanent life insurance.
Term life is temporary, providing coverage for a period of 30 years, or less.
While permanent life insurance provides lifetime protection.
What is whole life insurance?
It's a type of life insurance policy that provides lifetime coverage, lasting for your entire life, as long as your pay your insurance premiums on time.
Whole life pays out a death benefit to your beneficiary upon your death, and it builds some cash value inside the policy over time, from which you may be able to take a loan.
Graded benefit life insurance is a type of life insurance plan providing you with permanent life insurance protection.
However, if the insured person dies within the first 2 (or 3) years of being insured, the beneficiary would receive either a full return of all premiums paid plus interest, or a percentage of the death benefit from the life insurance policy.
That's why graded benefit life insurance plans are easier to get than traditional life insurance.
Usually, these plans are guaranteed approval with no health questions asked.
Also, the amount of coverage available is usually limited to around $20,000 or less.
These plans are meant for seniors and those who are unable to get insured due to health or other reasons where the applicant may be declined for coverage.
There are several different ways a life insurance policy may come to an end.
1. The Insured Person Dies While Policy Is In Force
2. Term Life Policy Expires
3. You Cancel Your Policy
4. The Insurer Cancels Your Policy
There are two basic types of life insurance: Term and Permanent.
A term life insurance policy ends when the policy term expires.
Whereas, a permanent life insurance policy lasts your entire lifetime, as long as the premiums are paid on time.
It's a type of life insurance policy that provides protection lasting for your entire life.
This is also known as whole life insurance or permanent life insurance, because it lasts as long as you live, if long as you pay your premiums on time.
The other type of life insurance is term life insurance which is temporary, lasting for a duration of 30 years or less.
Permanent or lifetime life insurance coverage has a death benefit, and it builds up cash value inside your policy over time.
Term insurance is a type of life insurance policy that provides you with protection for a specific number of years.
Usually, term life offers Policy Term options of 10, 15, 20, 25 or 30 years in duration.
Term life is death benefit only coverage with no cash value investment feature, only a death benefit.
If you pass away while you are insured, the death benefit is paid to the beneficiary of the policy.
If you outlive the duration of your policy term, there coverage ends with no payout.
What is a decreasing term life insurance policy?
It's a type of temporary life insurance plan where the premiums remain the same each year you are insured, while the amount of life insurance provided by your policy declines each year.
Usually, decreasing term policies may offer a policy term (duration) of 10, 15, 20 or 30 years of coverage.
This type of life insurance policy may be a good option to consider for protecting your mortgage loan on your home.
However, level term life insurance policies may offer more affordable options.