Thinking about your death, or the death of a loved one, isn't easy. Unfortunately, everyone will pass away. It's a hard fact to face, but true, nontheless. While life insurance can be hard to talk about, it's an important part of making sure that your passing doesn't leave your family in a financial disaster.
Many people in HI are confused about what life insurance is. At its base, life insurance is a policy that offers your family some sort of benefit when you pass away. Many different types of life nsurance policies are available, and while choosing a policy may seem overwhelming, some of the most common types of insurance policies are easy to understand.
One common type of life insurance is term life insurance. This is a life insurance policy that covers you for a specified number of years. There are two types of term life insurance policies:
The most typical term life insurance policies are offered in five-year increments -- 5 years, 10 years, 15 years, and so on. Be aware, however, that most life insurance companies won't offer a life insurance policy that goes beyond 80 years of age. Additionally, your premium will depend on your health and the length of the term. Some policies will have a set premium for the policy, and others will have a variable rate.
Permanent life insurance, also called whole or ordinary life, is the most common type of permanent policy. These insurance policies offer a death benefit and a savings account. THey require you to pay a set amount in premiums on a regular basis. The savings account value will grow based on dividends the company pays to you.
Insurance companies realize that the two most common forms of life insurance may not be the best fit for some indiviuals. Additionally, these common life insurance types don't cover everything -- which is why supplemental and additional life insurance policies are available. Below is a list of the most common types of supplemental life insurance:
Many other types of life insurance policies are available, but in order to get the best rates and coverage for your individual situation, speaking with an insurance agent is recommended.
Life insurance prices vary depending on your individual needs and health. When you're shopping for life insurance policy quotes either online or in person, make sure to be ready to answer the following:
These factors, plus many more, will be used in order to give you a life insurance quote.
Getting a life insurance policy may seem overwhelming, but there are local professionals in your area who can help. A Trusted Choice® agent is always available to help you find coverages, suggest policy modifications, or simply to answer questions. Trusted Choice is committed to making sure you get the best coverage at the right price.