Regardless of what you do for a living, it is important to have a life insurance policy in place. If you are the bread winner in your family then this is especially true. If you die, your family will lose that income you provide.
Having a life insurance policy in place makes sure they will still have income and be able to survive. No one wants to think about their death; however it is very important to be prepared so that your loved ones will still be able to live comfortably after you are gone.
Most people have needs that will be completely covered by two types of insurance. Both term life insurance and permanent life insurance have great death benefits, though one might fit your needs better than another.
Permanent life insurance is generally viewed as the best insurance policy to have, and it is considered by most to be the best value in the long run.
However, this might not be the best choice for you due to the price of the insurance. Term life insurance is usually cheaper and can be the best way to get a large amount of coverage for the money in the short run.
Term life insurance is cheaper than permanent life because of one main reason. As the name indicates, term life is paid for a shorter period of time.
Term life insurance is a good choice for you if you are concerned about having death benefits for a short period of time. You can buy term life insurance for as little as 5 years or as long as 30.
The standard term is usually for twenty years. A lot of people will buy a twenty year term life insurance policy when they start a family to make sure their children are covered for as long as they live in the house.
Many times you have the chance to extend the term of the policy, but at a higher premium. This is because in life insurance gets more expensive as you get older and have more health risks.
Another reason life insurance gets more expensive as you age, is that the price is also based on how long you will need the life insurance. When you are younger there is more of a change you will out live the policy than when you are older. With the higher risk of the insurance having to issue a death benefit payout, the higher the premium.
Permanent life insurance may be a better choice for you if you can afford the higher premium or of you have dependents that you expect to be taking care of the rest of your life.
This may be a non working spouse or a disabled child. With a permanent life insurance policy, you can pay a little more now to save your family money in the future.
Whether you have a dangerous job or you sit at a desk all day, it is always a good idea to have a life insurance policy in place. No matter what unforeseeable event happens, your family and loved ones will be able to survive in what will be a very difficult time.