If you are bearing in mind life insurance, ensure that you are looking at term life insurance, not entire or any other type of life insurance.There are several insurance options out there now, and you typically have to go through an insurance agent otherwiseyou could end up with something more costly than you really need.
Provides death benefits only if you die during the term of the policy Easiest and most affordable life insurance to buy Purchased for a specific period of time, such as 5, 10, 15 or 30 years, known as a “term”. It becomes more expensive as you age, especially after age 50 if you want to extend the coverage beyond the term, the term must be renewed can be used as a temporary additional coverage under a permanent life insurance policy.
Here’s what’s especially good about term life:
- It’s an insurance product that’s easy to understand. This may not sound like a big deal, but once you look at all types of permanent life insurance, you’ll appreciate how easy life is.
- It’s much cheaper than any kind of life insurance. Really, the older you get, the greater the cost of insurance. But when you’re young and healthy, if you buy a lifetime, the monthly premium can cost as little as $ 30-40.
- You can additionally reduce the costs by purchasing sufficient coverage for your specific needs instead of the rest of your life.
- Because premiums are so much subordinate than permanent, you won’t lose as much money as you would with a permanent policy if you decide to abandon the policy at some point before the term ends.