Please explain life insurance terms?
I am pretty much dependent on my guy for my life expenses. Our other policy was dropped (long story but mistake on the part of the insurance company) .
I hear terms "whole life’ and ‘term" what I need is something to help me get expenses paid for about a year should (God Forbid) anything happen. He is 57, non smoker good health but a tad high blood pressure. Suggestions of types or companies are appreciated. Thank you.
October 28th, 2009 at 6:32 PM
Which is the Best Life Insurance Policy?
When you’re searching for the best life insurance policy for you, one of the most important considerations is the type of life insurance you’re purchasing. While the differences between these policies aren’t always explained very well, they offer different coverage, different premiums, and different exclusions and so should influence what you purchase.
Life insurance falls into 4 main categories though it can often look like there are more because different companies will title them differently. Getting familiar with each type will help you know what sort of policy you’re looking and which one will be the best life insurance policy for you.
You can read the whole article at its source
http://bestlifeinsurancepolicy.org/
October 28th, 2009 at 6:32 PM
Whole life has cash value over the years and is usually more expensive. Term is cheaper but never accumulates any cash value. Most people buy a lot of term insurance when they are young and need to support their family if they would die. Older people tend to have smaller whole life policies that give them an option to turn them into cash. At 57 the rates are going to be a bit steep but I would say that if you only wanted to get by for a year probably the cheapest policy for $25,000 in coverage would do.
October 28th, 2009 at 6:32 PM
I have to disagree with Diane. Whole life gives you more coverage at a cheaper price but builds little cash value.
Term is meant to acquire a set amount of coverage at the lowest premium but builds no cash value at all.
Many like to take out a term policy that would cover expenses and needs and invest in a growth vehicle.
Prudential. Met. Have good investments and coverage policies.
I like Jackson National as a personal pick. They pay interest on their policies but as it’s tied to the economy it isn’t much right now.
October 28th, 2009 at 6:32 PM
Here is a good resource for you to guide on your insurance needs http://www.lifeinsuranceagency.com/
The website has many good article explaining everything about insurance and its different terms…
October 28th, 2009 at 6:32 PM
lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.