Life Insurance Quotes and Information

Who needs life insurance?

Not the others depend on you financially? You have a family? Not the others depend on you financially? For how long your employees could retain their current lifestyle without your income? Will be left with the funeral expenses? There are legal fees? If you answer yes to any of these questions, you should consider life insurance.

How much life insurance coverage you need?

If you are single, have children or are part of a two-income family, you will only need a minimum of life insurance. Even if you're young and single, a life insurance policy can provide enough money to cover funeral expenses.

If you have dependents, as a non-working spouse, children or parents who rely on your income, life insurance should be the highest priority after basic expenses.

The amount of life insurance you need depends on your particular situation, which must be protected financially and for how long? A common rule of thumb is to multiply the annual income of 17 and the purchase of a policy in that amount. For example, if you make $ 50,000 a year, you should have $ 850,000 in life insurance.

What type of life insurance you need?

There are two basic types of life insurance: life in the long term and permanent life insurance.

Term Life Insurance is the simplest type and is designed to provide coverage for a specified period of time, usually 10 to 30 years, in exchange for a set monthly premium. This type is usually the best option for individuals under the age of 50 years.

Permanent life insurance lasts for the life insured, provided premiums are paid. Permanent policies combine a death benefit with a savings component. This can create value in money, which can be withdrawn or borrowed against to meet future financial goals.

The two main types of permanent life insurance are whole life insurance and universal.

Whole life insurance provides a fixed benefit amount and a fixed premium. The benefits of whole life insurance include the cash value, dividend payments, asset-backed guarantees for the loan and pay cash for final expenses, such as burial expenses, estate and inheritance taxes. One of the main advantages of this type of policy is that you can cancel and receive a refund for any cash value that has been accumulated.

Universal Life Insurance is like a lifetime, as both have a cash value that accumulates tax-deferred savings over time. Universal policies, however, have a greater degree of flexibility compared to traditional policies throughout life. Universal Life policies will give you the ability to adjust the amount of the premium and the amount of advantage over the lease term. You can select two different types of death for the universal political and opt for the death benefit to pay for only what has been accumulated in the current value of the policy. This would cost less to elect a fixed death benefit plus cash value.