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An Intro To Life Insurance There are many options available for life insurance, and for most people these options can be somewhat confusing. Below is a brief review of each type and some advantages and disadvantages of each. When choosing a policy it is important to look at the larger picture so that you make a wise choice in terms of cost, coverage and benefits. Term life insurance These plans provide monetary benefits only if death occurs within the time period that the insurance is set for. Term insurance is generally most affordable and offers additional savings for younger policy holders. Permanent life insurance This policy is a more long lasting option for insurance. The premiums are higher, but there is not a term on the length of time that the policy will pay out. Another benefit to these types of policies is that some companies take the profit and reinvest it and pay dividends to the policy holders. There are no taxes on these dividends unless the holder accesses the cash value. Whole life insurance Another type of policy with a cash value is the whole life insurance policy. These types of policies have a set premium for the length of the policy. At policy inception and in the early life of the policy rates are rather high compared to the risk of death, but over time as the risk for death increases the policy remains low and can be more affordable than other types of policies. Universal life insurance A universal » Discuss it » Continue Reading »
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