What Are Your Options For Buying Life Insurance

Buying life insurance these days has become a much harder task than it use to be.  In the old days all you had to pick from was term life, now today their are a lot more such as whole life and universal life.  So in this article I’m going to cover 3 life insurance options that you may want to look into before you buy.

First off I’ll start with term life since that is the most well known.  Term life insurance allows you to buy life insurance but for only a specific period of time.  Typical policies range from a 10 year, a 20 year, to a 30 year term. 

The benefit to these types of policies is that they are the cheapest way to go.  On the other hand one big down side is that once the policies term is up you’ll have to reapply for coverage and it may cost you some big bucks.

The next option is whole life.  Whole life means exactly what it says, you have life insurance for your whole life.  This also means that you’ll have to pay for the coverage your entire life.  It’s sort of like a term policy but it last until you die or you stop paying.

The benefit to this option is that you’ll get to see the benefit no matter what.  On top of that this policy also contains a cash value account that helps cut the cost of insurance down over time as well. On the down side this policy is not very flexable and you can never stop making payments no matter how much money is in the cash value account.

Finally, the last option to consider is a universal life policy.  This type of policy is very simular to the whole life but is much more flexalble.  Meaning if you happen to miss a payment, money from the cash value can be used to make premium payments. 

The benefit to this type of policy is that it allow you to miss payments if you can’t make them, and the policy will last your entire life till you pass away.  On the downside though this option is the most expensive way to go but will cut cost down over time since it contains a cash value account.

So which option is right for you?  To get started talk to your local insurance agent or check an online insurance broker like Accuquote Life Insurance who can scan the market for you and find you the best deal.