The many life insurance options: Term Life Insurance and More
The Many Life Insurance Options:
Term Life Insurance and More
What Kind Of Life Insurance
Do You Need?
Buying the right type of life insurance is key to your
family's well being.
Whether you are the primary breadwinner, a stay at
home parent, or an unmarried and childless partner in a
growing business, you need good life insurance.
A solid policy will keep everyone in your life supported
if they ever lose you.
Finding the right type of life insurance can be
difficult because there are so many good policy
These include term life insurance, high risk life
insurance, and permanent life insurance.
Each one appeals to a particular type of
individual, and together they can provide quite
comprehensive coverage for virtually any need.
Term Life Insurance:
Term life insurance is the most popular type of
It is known for being low cost, and provides great
benefit per dollar spent.
Term life insurance is unique because it only
applies over a particular period of time, and will
expire afterward if it is not renewed.
During that time period it is simple and no fuss,
requiring no attention from the policyholder.
Who Can Use Term Life
Term life insurance is a great choice
for any number of situations.
For the working breadwinner, it
provides a good return on money
invested. It's not too expensive, yet
it provides what is needed.
It is also good for a stay at home
parent because it can provide some
coverage with almost no expense
and it comes with great peace of
Term Life Insurance
For Business Partners
The same is true for business owners or partners.
If your co-owners are counting on you, they will be
hard pressed to replace you, particularly if you are
They may be forced to suspend operation or even
close down the business because they don't have
Term life insurance provides a low-cost way to
help run the business if tragedy strikes.
Understanding High Risk Life
High risk life insurance is not a type of insurance, at
least not in the same sense as term life insurance.
Instead of being defined by the time span it covers,
high risk life insurance is defined by the type of
individual that it would insure.
Individuals with a threatening illness or an
adventurous lifestyle often find it hard or impossible to
get quality life insurance. They are the people who
need high risk coverage.
Higher Risk Means Higher
In a high-risk plan, the premiums will always be
There is no way for the company to do anything
else – they have to cover themselves and ensure
they can pay out the benefits when demanded.
Paying a higher premium may seem unfair, but it is
certainly better than going without life insurance
Declare Conditions or You
Risk Denial Of Benefits
If you do have any conditions that are high risk, you
need to declare them when applying for life insurance.
There is a reason why they are considered more
dangerous – they do increase your likelihood of
If you do not declare a condition or participation in a
particular lifestyle and your death occurs due to that
condition or while participating in that sport, your
family will be denied the benefits they would otherwise
receive, but only if it occurs within the first two years
Permanent Life Insurance
Permanent life insurance is another time-based option.
This type of policy will cover an individual throughout
his or her life, beginning as soon as coverage is started
and ending only with the insured individual's death.
Although having one policy throughout life is
convenient, the cost tends to be much higher than with
term life insurance. There is a cash value to permanent
life insurance which can offset that somewhat, but it
can be difficult to redeem.
In addition, the account may require the policyholder
to actively manage it, which can be tedious and
Protecting Your Family
With Life Insurance
You may imagine yourself to be independent with no
one depending on you, but that is almost certainly a
Your family needs you, even if you're not the
Your business associates need you, even if you are not
the primary managing director. You owe it to all of
them to ensure that they are protected if they lose you.