When you are shopping for life insurance, you should assess your needs depending on your personal and financial situation. When your life changes, you may need to adjust your life insurance coverage to ensure that you still have the coverage that you need.
There are many changes in your life that may require you to make some small changes for your life insurance. Some of these changes include:
Life insurance policies come in many shapes and sizes. Some of the most common life insurance policies include:
Term life insurance will provide you with life insurance protection for a specific amount of time. Term life insurance can be a great starter policy. These policies are usually less expensive than permanent life insurance and term life insurance will come in a variety of term periods. You pay a fixed premium from a single renewable term to a 20-year period. Some term life insurance will give you the option of converting to a permanent life insurance plan. This flexibility can be a great option.
Whole life insurance is a type of permanent life insurance that remains valid throughout the policy holder's entire lifetime. The premium payment schedule is laid out in the policy. Whole life insurance can also build cash value throughout the years.
Universal life insurance is another form of permanent life insurance. This type of permanent life insurance provides flexible premiums, flexible face amounts and a pricing structure that is unbundled. This type of insurance policy can also build cash value. As the cash value builds, it will earn an interest rate. This interest rate can adjust periodically, but insurance companies often provide a guarantee that the interest rate will not fall below a specific percentage.
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