Putting Life Insurance Into Perspective
A recent study shows that more than 26 percent of families in the U.S. that bring in less than $75,000 per year do not have life insurance coverage. That number jumps to a staggering 50 percent for households that make less than $35,000 a year. There is no excuse for a family to be without coverage with so many affordable plans available.
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Minimizing the Confusion - Types of Life Insurance
Here are a few of the common coverage plans that you will see regardless of the provider, keep in mind that many factors like your age, health, and location also play a role in what plans will be available to you.
Term Life Insurance - coverage for a certain specified amount of time, usually in increments of 10, 15, 20, and 30 years, more expensive than permanent life insurance and a little more flexible.
Whole Life Insurance - a life policy often times referred to as a permanent life, meaning you will have this plan for the rest of your life. Depending on your carrier you can surrender the policy for cash value, or borrow against it with usually low interest rates.
Limited-Payment Life - policy where you pay premiums for s select amount of time to have coverage for the rest of your life. A great option for those who don't wish to pay premiums in retirement.
Single-Premium Whole Life - a more extreme version of limited payment life in that instead of accumulating high cash value over a short period of time, you pay one upfront lump sum premium, these plans had certain tax advantages until Congress classified the plans as Modified Endowment Contracts, now called endowment insurance policies.
Universal Life - very similar to a term life policy with a fixed interest rate guaranteed per year, they often aren't based on cost, but the interest rate, which allows for an array of different investment opportunities. Variable Universal life is a hybrid of universal and variable and might be a more flexible and affordable policy for some.
Variable Life - like universal life, the high interest rates of a variable policy allows you to build cash value on your policy over time, with more flexibility of how you invest that amount. You also get the same death benefits of term life insurance as well as premiums that fluctuate with the market.
Find a life insurance policy that fits your lifestyle!
With so many different options available, there should be no reason that 3 out of 4 Americans don't have life insurance or enough life insurance coverage. Protect yourself, your family, and your investments with a life insurance policy today!