The basic types of life insurance are term, whole life and universal life. There are several variations of each type available, much to numerous to mention here.
Here are the basic characteristics:
Term insurance - covers you for a specified term (10, 20, 30 years) and then the rate increases until the policy expires at a given age. Typical 80 or 85. Very inexpensive initially, but renewals in later years could be cost prohibitive.
Whole life - coverage for the whole of your life. Premiums usually level and guaranteed. This type of policy usually has a build up of cash value, that in some cases in could be quite significant.
Universal Life is essentially an unbundled whole life. Subject to minimums and maximums you choose the premium you pay and how the cash value is invested. Flexibility is a double edged sword since this type of policy needs to be managed.
Since there are some many options available, you will need help choosing. An independent life insurance broker, who represents several companies, can help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
There are two basic types of life insurance: Term and Permanent. Term insurance is for temporary needs (e.g. paying off your mortgage, getting your children through college, etc). Permanent Insurance comes in Whole Life and Universal Life. It is for needs that have no end (e.g. funeral expenses, leaving money to grandchildren, etc).
Once you identify your need(s) for life insurance, an insurance professional can help you determine what kind of life insurance will best work for you.
That is a great question! There are two basic types of life insurance, one that ends, and one that doesn't. The one that ends is called "term" insurance. This type of policy is advertised often on TV and in mail by large Senior Citizen friendly companies, and unless you realize that it ends when you turn 80, can be in for a big, unpleasant surprise. The term policy as a clearly stated end date, has no value if it doesn't pay out, and becomes very expensive very quickly if renewed. "Whole life " insurance is exactly that - insurance for your whole life. It is more expensive than term life, because as long as you make your payments, it's going to pay out ( most term policies never do, that's why they are so cheap). If you would like to discuss which one might be best for you, contact me, and I'll make time for you. Thanks for asking!
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Here are the basic characteristics:
Term insurance - covers you for a specified term (10, 20, 30 years) and then the rate increases until the policy expires at a given age. Typical 80 or 85. Very inexpensive initially, but renewals in later years could be cost prohibitive.
Whole life - coverage for the whole of your life. Premiums usually level and guaranteed. This type of policy usually has a build up of cash value, that in some cases in could be quite significant.
Universal Life is essentially an unbundled whole life. Subject to minimums and maximums you choose the premium you pay and how the cash value is invested. Flexibility is a double edged sword since this type of policy needs to be managed.
Since there are some many options available, you will need help choosing. An independent life insurance broker, who represents several companies, can help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Once you identify your need(s) for life insurance, an insurance professional can help you determine what kind of life insurance will best work for you.