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There are quite a few different types of life insurance policy provisions that you should be aware of. There are also many different types of life insurance policies and plans. Be sure and do your research so you that can find the life insurance plan that best meets you and your families needs.

Take a few moments and use our cutting edge life insurance quote finder to compare top online whole life insurance quotes from multiple life insurance companies side by side by requesting free life insurance quotes now!

When To Buy A Life Insurance Policy

A life insurance policy is an important aspect to your financial security, especially if you are in certain life stages. It is a good idea for everyone to have a life insurance policy, but especially those in the high-commitment time of life.

If you have dependant children, a spouse and a home, you are probably at the highest point of your life for life insurance policy needs. Look into the options available to you to protect your family should something happen to you. There are a number of life insurance policy options available to you.

Use our free life insurance policy comparison tool at the top of the page to compare the best life insurance policies from top companies side by side with personalized life insurance quotes.

Life Insurance Policies: Differences Between The Two Major Types

There are two primary types of life insurance on the market today. Each has its own advantages. There are tax advantages to each and both offer much needed protection. They can be mixed and matched or you can just take the one that you feel best suits the needs of your situation.

Term Life Insurance: is a life insurance policy that is bought for only a certain period of time. The policies usually run for 5, 10, 15 or 20 year terms. These types of policies are not investments of any kind. They are simply insurance you pay for and if you happen to die during the term of the policy, benefits will be paid to your survivors.  If not, at the end of the policy, you may have the option to renew it, convert it to a whole life policy or have no options whatsoever. This is the more affordable of the types of policies available.

Whole Life Insurance: is a life insurance policy that is for your entire life. As long as you pay the premiums on the policy, it will be in effect until your death, at which point benefits will be paid on it. This type of insurance offers more security, because you know that benefits will indeed be paid out at some point. You can also borrow money against the cash value of the policy, therefore it is more of an investment than an insurance in some ways. This type of policy is more expensive than term life, but if you take it out at a younger age, premiums are more reasonable and can fit into most budgets.

Which Type Of Life Insurance Policy Should You Purchase?

A wise strategy recommended by many life insurance agents is to use both types of life insurance policies. Get a whole life policy when you are young, but limit it to an amount that will cover funeral expenses, outstanding bills and account for inflation.

If you live to a ripe old age, in most cases, you  will have outlived major bills and commitments, therefore this type of policy will take care of the things you would like to protect your loved ones from having to pay.

For the period of your life when you have children, a mortgaged home and other commitments, take out a term life insurance policy that will cover such costs, should you die prematurely.

Other Life Insurance Policy Options

There are other types of life insurance policies available on the marketplace. They may be good fits for you.

Universal Life Insurance – is a type of permanent life insurance but offers you flexibility in the amount of coverage throughout the plan, as you can adjust it and the premiums you pay can also be adjusted to your needs.

Variable Universal Life Insurance – is a variation on universal life, which allows you to decide where your insurance dollars are being invested and gives you some investment options with your life insurance policy. 

Survivorship Whole Life Insurance – is a policy that has two individuals insured under the same policy and the death benefit is paid only after the second one dies. It allows flexibility and changes that traditional whole life insurance does not.

Reasons To Check Into A Life Insurance Policy

It is always a good time to look into life insurance needs, however if you happen to experience life changing events, you most definitely need to reevaluate the life insurance policies you have or don’t have.

Following these events, review your policies:

  1. the birth of a child
  2. opening a business
  3. getting a promotion or better job
  4. losing a job
  5. inheriting money from  someone else
  6. getting married
  7. buying a home
  8. getting divorced or becoming widowed

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