Choosing Life Insurance
How do you know what type of life insurance you should choose? There are two types of life insurance:
Term
- level term life insurance
- decreasing term life insurance
Permanent
- whole life insurance
- variable life insurance
- universal life insurance
- variable-universal life insurance
There are some general recommendations that you can use to help figure out what type of insurance you want to buy. You may want term insurance if you want life insurance to cover the years you are still supporting your children and only that time period. Term is a good option for people with very little money to spend on life insurance because it offers only a death benefit. Policies that have a combination of investment and death benefit are generally a little more expensive.
Permanent life insurance is a great choice for those wanting an extra source of funds during retirement or money that can possibly be borrowed as a low-interest loan with no credit check. If you feel that you will need life insurance coverage for your entire life, permanent insurance is the better way to go. Your unique circumstances should be discussed with a financial advisor or agent to determine the best life insurance product for you. When you are ready to purchase, use InsuranceBureau.com to get competitive quotes from life insurance companies near you.
Sources
- How should I choose what type of life insurance to buy? Retrieved May 9, 2008, from http://www.iii.org/individuals/life/buying/choose_type/
|
