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Most everyone asks the question at one time or another..."what is the best policy for me?" While there is no one specific policy that fits every need, it is also not that difficult to figure out what you need for your particular case. Assuming you already know you have a need for protection you only have to find the type of policy for your needs. Here is quick look at the basic life policies and what they will give you.
What Types Of Life Policies Are Available?
Basically there are only 3 types of policies available. Each one then has several variations to it. The key is to find the best policy to fit you and your families specific needs and financial resources.
Term Life Insurance
What is the best life insurance? Many people will say it is term insurance due to the low costs involved. As the cheapest available, term life covers you for a specified term, or period of time. After that you must renew the policy and qualify medically for it. The policy pays your beneficiary the amount of your coverage in the event of your death during that time. Proceeds from term insurance, or any policy for that matter, are not subject to federal or state income taxes to your beneficiary. The rates for term insurance are lower for younger ages and increase as you grow older.
Whole Life
Another one of the best policies available is whole life. While it costs more than term insurance, the policy will accumulate cash value over time. In a basic terms, think ot it as insurance with a savings account attached. Premiums for whole life are set at the time of purchase and remain the same for the life of the policy. A persons age and health will determine the premium amount. As your policy accumulates cash value you may take this cash out, or borrow against it. This can give you a cushion during tough economic times when you need some extra cash.
Universal Life
Universal life is also considered by many to be the best on the market. It is definitely the most flexible policy, and it also gives the owner of the policy the most control over virtually every aspect of the policy. For instance, you can raise or lower the death benefit amount at any time. You can also skip premium payments if you need to, and some policies allow you to invest the cash value of your policy in other high end investments such as stocks, mutual funds, etc. in order to build your policy more rapidly. At the same time your cash value will grow in a tax deferred status. That is a huge benefit to the policyholder.
If you are needing coverage, shop around. Get quotes from at least 3 different companies before buying. You can even get a quote online. Don't let a lack of understanding keep you from getting the coverage you need for you and your family. It can be the greatest asset you could ever give your family.
Article Source: http://www.article-outlet.com/ |
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