Life insurance is a financial product that can be purchased for the purpose of protecting and financially supporting your family from the moment of your death, by providing the money that replaces your salary. In many cases, life insurance is purchased to cover other types of debt, such as a mortgage or children’s college tuition. While it is hoped not to need it, life insurance provides greater security in the family environment, and this is especially true for families with children to care for.
In choosing which life insurance best suits their personal needs, the policyholder will first have to consider whether to opt for a Term insurance or Permanent insurance. The first is sold with terms set for periods of 10, 20 and 30 years, after which a new policy must be requested. The premium to be paid for a term insurance is usually lower than for a permanent type of cover, which pays for the entire life of the policyholder. Permanent life policies give an additional benefit to the owner, the cash value of the policy, which can be borrowed or withdrawn from the policy. Summarizing, term life policies can be very affordable compared to whole life insurance.
To make an optimal choice, we recommend following some basic steps. Having made the choice between a term or permanent policy, you will have to assume the amount you want to guarantee to your family and the time necessary to accumulate it. Then you will have to contact an life insurance broker, who will indicate the quotes for the type of plan you have in mind. So make a comparison between the different solutions proposed, looking for the one that will best meet your expectations.
When is life insurance worth considering?
If your basic goal is to guarantee a future sum, in lieu of your income, for a specific period, then term life insurance may indeed be the best answer, because premiums are inexpensive for those individuals in good health. However, permanent life insurance coverage is always more expensive than term life insurance coverage.
You may also like
When it comes to home insurance, the reaction is almost always the same: there is a tendency to make doubt and skepticism the mainspring of every choice and rather than investing in a guarantee, you give up a priori to make an expenditure, often considered unjustified. One should, instead, abandon all cultural conditioning and persuade… Continue reading Home insurance, what it covers and why it’s worthwhile
Pet policies are gaining momentum in the insurance industry. Thinking about a coverage both for our friends and for those who have or will have to do with them means getting a total protection against any inconvenience that may occur. Let’s think, for example, of the possible damage that one of our pets could cause… Continue reading Pet Insurance: why it is the best choice
Life insurance can be very beneficial: here’s what it is and what types exist. The subject is morally challenging, as feelings such as conscience, love and affection for family members are the driving forces behind this investment. In fact, life insurance is a gift that is given to those who love themselves and their loved… Continue reading Why it is important to make a life insurance
If you are looking for a quick way to save money on your car insurance policy, know that the solution is really at hand. In recent years, black box car insurance has appeared on the market, able to guarantee practical and economic advantages to customers. Save on car insurance by installing the black box Let’s… Continue reading Black box car insurance: what it is and how it works