If you need life insurance coverage you may be wondering what type of plan is best for you and your family.
Purchasing life insurance may be one of the most important financial decisions you make throughout your lifetime. And, your family’s future financial security may rely on you selecting the right plan to adequately protect them, both now and in the years to come.
Choosing the best life insurance plan will depend on several Key Factors, including:
In addition, your Situation will impact which type of coverage is right for you; such as, are you
What is the Best Type of Life Insurance
Permanent (Whole) Life Insurance
This type of life insurance is best for people who need:
What is Whole Life Insurance?
Whole life insurance, or whole of life assurance, sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.
As a life insurance policy, it represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy's beneficiaries when the insured dies. Because whole life policies are guaranteed to remain in force as long as the required premiums are paid, the premiums are typically much higher than those of term life insurance where the premium is fixed only for a limited term.
Whole life premiums are fixed, based on the age of issue, and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid up in 10 years, 20 years, or at age 65.
Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.
Source: Wikipedia
Term Life Insurance
This type of life insurance is best for people who need:
What is Term Life Insurance?
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term.
After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary.
Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
Source: Wikipedia
Guaranteed Issue Life Insurance
This type of life insurance is best for:
What is Guaranteed Issue Life Insurance?
This type of life insurance policy provides lifetime coverage with guaranteed approval for anyone who meets the age requirement for approval.
The age requirements may vary by insurer, from 45-75, 40-80 or even 45-85.
The amount of coverage available will vary usually from $3,000 up to $25,000.
Life Insurance Quotes
Top Pick – JRC Insurance Group
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Highly Recommended – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
Life Insurance without a 2 Year Waiting Period
What Type of Life Insurance is Best?
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