What is Life Insurance?
And why you need itThere are many different options when buying life insurance. It can seem complicated, but essentially there are two kinds of policies: term life insurance and whole life insurance. There are more insurance plans that fall into these two categories. Each of them has their own drawbacks and benefits. One of our agents can walk your through your best option.
Life Insurance Basics
Types of Life Insurance| Life Insurance Type | Duration | Other benefits | Premiums |
|---|---|---|---|
| Term | Set number of years | Paying for death benefit that goes to beneficiaries in the event of your death. | Usually $30-40/ month for a 30-year $500,000 policy, age dependent. |
| Whole | Does not expire | Death benefit + cash value that grows over time | Can cost more than term life policy |
Who needs Life Insurance?
The general rule is you only need life insurance if you have dependents. Dependents are children who still live at home, a spouse, sibling, or aging parents. A dependent could be anyone who is financially dependent on you.
What type of Life Insurance should I get?
Term life insurance policies are typically the best for those who need life insurance. They are usually the most affordable and simple to understand. However, other life insurance policy types can be just what you need. Ultimately, you should speak with an agent to determine the best company and policy for you.
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Frequently Asked Questions
At InsurancePlans, we offer insurance plans of all kinds. This includes Medicare, health, life, auto, and home.
Each family has a very specific lifestyle and income. InsurancePlans instantly shops and compares rates for you to find the coverage that best fits your unique needs and budget.
We can help you find insurance plans of all kinds. We represent many top-rated insurance companies. You can be sure to find the plan that matches your unique need.
InsurancePlans is your one stop for medical coverage. The difference is that it’s our top priority to give you peace of mind that you and your family are protected.
InsurancePlans is not an insurance company. We shop some of the most trusted insurance companies on your behalf, making the process simple and convenient.
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