subject: Covering Your Family With Life Insurance [print this page] Looking for life insurance plans? Anyone with dependents should have life insurance coverage. Today's world is just too expensive to not have a life insurance policy in place to cover whatever your dependents need if you cannot provide for them. Life insurance can be very affordable, especially term life insurance plans if you start coverage when you are young. Let's take a look at some things you'll need to know when choosing life insurance coverage.
First off, you'll have to choose between term life insurance and whole life insurance. A whole life policy is more expensive, but it comes with an investment that can return some of that extra cost to you over the course of your life. Whole life policies can be rather affordable if you start them when you're young. And when the investment part of a whole life policy grows big enough, it can pay the premium for your life insurance itself. Always nice to have coverage for free, but be aware that this will take quite a few years to achieve.
So most people are looking into term life insurance, as the rates compare very favorably with whole life coverage for adults. The term of your policy determines how long it will be in effect, at which time you will have to get another policy. For the most part, a term policy can last up to 30 years, so this will be able to cover most of your life. It will certainly last long enough to provide coverage for your family while the kids are still around.
Most life insurance coverage requires getting a medical exam in order to prove that you are currently healthy. This is reasonable, since the life insurance company is taking the risk that they may have to pay out a large sum to your family and they want to know what they are getting in to. You can get a policy if you are not healthy, but the rates go up based on a lot of data that life insurance companies have on the life expectancy of people at certain ages with certain medical conditions. This part of life insurance is a "numbers game" and you can't negotiate for more affordable rates. You are what you are, and that is what the insurance company is going to issue coverage for. So you can't talk them into believing you are something different.
Of course, because of the numbers, you can do an online search to find out what rates you will expect to pay and to compare quotes between different insurance companies. While rates are fairly standard for a give health status, you can do the search online to see if there are some differences when you compare quotes. Always worth a try, and you may find a more affordable quote at one particular company. If you compare quotes, be sure to compare coverage as well, so that you know you're getting a genuine deal.
by: Helena Khalili
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