There are six basic types of life insurance:
1) Term: Term life insurance is the simplest kind of life insurance because it pays if death occurs during the term of the policy, which is usually from one to 30 years. There are two kinds of term life insurance: Level term means that the death benefit stays throughout the duration of the policy, and decreasing term means that the death benefit drops in one-year increments over the duration of the policy.
2) Whole life/permanent: Whole life or permanent insurance has a level premium and pays a static benefit whenever you die. For... Articles Tagged ‘Life’
Types of Life Insurance
There are six basic types of life insurance:
1) Term: Term life insurance is the simplest kind of life insurance because it pays if death occurs during the term of the policy, which is usually from one to 30 years. There are two kinds of term life insurance: Level term means that the death benefit stays throughout the duration of the policy, and decreasing term means that the death benefit drops in one-year increments over the duration of the policy.
2) Whole life/permanent: Whole life or permanent insurance has a level premium and pays a static benefit whenever you die. For...
Wednesday, February 18th, 2009
There are six basic types of life insurance:
1) Term: Term life insurance is the simplest kind of life insurance because it pays if death occurs during the term of the policy, which is usually from one to 30 years. There are two kinds of term life insurance: Level term means that the death benefit stays throughout the duration of the policy, and decreasing term means that the death benefit drops in one-year increments over the duration of the policy.
2) Whole life/permanent: Whole life or permanent insurance has a level premium and pays a static benefit whenever you die. For... Replace your Life Insurance Policy?
Tuesday, February 17th, 2009
Switching life-insurance policies can sometimes save you money. But don't jump without looking carefully. It's often a bad idea to cancel a cash-value, "whole-life" policy. True, these policies carry high premiums, and agent commissions aren't cheap either. But if you cancel one, you'll have little to show for years of financial sacrifice. That's because it usually takes five years or more before whole-life policies build any significant cash value.
If the policy's premiums have become too much of a burden, your insurance company may offer a conversion to a term policy under better terms than if you merely canceled. Policy...
Buying Life Insurance
Having life insurance is an important element of your overall financial plan – especially for families. If you have a spouse and children who depend on your income and you don’t have extensive resources, then life insurance can be used to help pay for expenses in case you pass away. Single people without dependents typically don’t need the same amount of life insurance because they don’t have as many responsibilities that will outlive them.
Life insurance is not a replacement for a long-term savings or investing strategy but an additional cushion. Depending on your financial situation, life insurance and its...
Tuesday, February 10th, 2009
Having life insurance is an important element of your overall financial plan – especially for families. If you have a spouse and children who depend on your income and you don’t have extensive resources, then life insurance can be used to help pay for expenses in case you pass away. Single people without dependents typically don’t need the same amount of life insurance because they don’t have as many responsibilities that will outlive them.
Life insurance is not a replacement for a long-term savings or investing strategy but an additional cushion. Depending on your financial situation, life insurance and its... 
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