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Life Insurance Basics If any of the following statements about you and your family are true, then it is probably a good idea for you to consider life insurance. 1) You are married and have a spouse. 2) You have children who are dependent on you. 3) You have a parent or relative who is aging, or disable and depends on you. 4) You have a loved one in your life that you wish to provide for. 5) Your 401K retirement plan, pension and savings aren't enough to insure your loved one's future. What Are My Life Insurance Options There are four basic types of life insurance that can meet you and your family's needs: Term Life Insurance This is the least expensive type of life insurance coverage, and at least at the beginning, the simplest. Term life insurance policies do not accrue cash value, and are fixed over an extended period of time - usually one to 0 years, and they can be renewed. This life insurance policy pays the beneficiary of your policy a fixed amount in the even that you die in the period of time that your policy includes. The premiums of term life insurance are lowest when you are young and increase as you get older Whole Life Insurance This type of life insurance is similar to term life insurance, as well as provides cash value. Over time, whole life insurance generally builds up a cash value on a tax-deferred basis, and some even pay it's policy holders a dividend. This type of life insurance is popular, doe to « Previous Page « » Discuss it » Continue Reading »
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