It's true: Life coverage policy prices can vary considerably. There are two main reasons why:
The first reason there are many different price levels is that there are many different types of insurance plan coverage. For example, there is €whole life€ coverage, which, as the name implies, lasts for your whole life (as long as you pay your premiums). And some kinds of whole life policies accumulate cash value that you can access in an emergency. Don't think of this type of insurance plan as an investment, however. The purpose of insurance plan coverage is not profit; it is protection. Life coverage policy is designed to protect your family's financial future if you die prematurely.
Some people regard life insurance as €income replacement€; others regard it as €lifestyle replacement.€ Both are correct. The benefit from a life insurance policy helps replace your income if you die, so your family members can continue to enjoy the lifestyle that you have worked so hard to provide for them. That lifestyle includes your home or apartment, cars, use of credit cards, and food and clothing, of course. It also includes your children's college education fund.
Clearly, insurance plan policy can protect the people and assets that are most important in your life. That security and the peace of mind that come with it are the most important advantages of a life coverage policy. They are virtually priceless and infinitely exceed the value of even the most productive stocks and mutual funds. So, whether your policy accumulates cash value or not is secondary.
An alternative to whole life coverage is a term life insurance policy, which lasts for a specific term from the date you purchase it€"for example, 30 years. If you die within the term of your policy, your beneficiaries receive the value of your policy. If you don't die within the term of your policy, the insurer keeps all the money you paid in premiums over that 30-year period. However, and this is essential to know, a term policy can be amazingly affordable. In some cases, you may be able to find a policy with a benefit valued at $500,000 or a million dollars, yet pay a premium about as low as the price of a cup of coffee per day. Plus, to keep things in perspective, if you outlive your 30-year term life insurance policy, the first thing you should do is celebrate. You have lived (and hopefully thrived) for 30 years since you're purchased your life insurance policy. It seems like it was just yesterday, doesn't it?
The second reason there are many different price levels is that are many different types of insurance companies. Most are very good. In fact, many are €household names€ that you have heard of virtually your entire life. That is the goal of an insurance company: to appear stable, secure, and enduring. However, as with any industry, there may be a few €fly-by-night€ companies that are trying to make a fast buck.
That is what you should use an unbiased resource to get quotes on the life insurance you seek. There has never been a better time to do just that. Now, thanks to advanced software, you can get quotes from many different insurance companies all at one time, all at one location, all in just seconds, and all for free! Use an online life insurance quoting service such as LifeInsurance-Policy.com. You may be amazed at how many affordable options you find€¦quickly, easily, and 100% free of charge.
The first reason there are many different price levels is that there are many different types of insurance plan coverage. For example, there is €whole life€ coverage, which, as the name implies, lasts for your whole life (as long as you pay your premiums). And some kinds of whole life policies accumulate cash value that you can access in an emergency. Don't think of this type of insurance plan as an investment, however. The purpose of insurance plan coverage is not profit; it is protection. Life coverage policy is designed to protect your family's financial future if you die prematurely.
Some people regard life insurance as €income replacement€; others regard it as €lifestyle replacement.€ Both are correct. The benefit from a life insurance policy helps replace your income if you die, so your family members can continue to enjoy the lifestyle that you have worked so hard to provide for them. That lifestyle includes your home or apartment, cars, use of credit cards, and food and clothing, of course. It also includes your children's college education fund.
Clearly, insurance plan policy can protect the people and assets that are most important in your life. That security and the peace of mind that come with it are the most important advantages of a life coverage policy. They are virtually priceless and infinitely exceed the value of even the most productive stocks and mutual funds. So, whether your policy accumulates cash value or not is secondary.
An alternative to whole life coverage is a term life insurance policy, which lasts for a specific term from the date you purchase it€"for example, 30 years. If you die within the term of your policy, your beneficiaries receive the value of your policy. If you don't die within the term of your policy, the insurer keeps all the money you paid in premiums over that 30-year period. However, and this is essential to know, a term policy can be amazingly affordable. In some cases, you may be able to find a policy with a benefit valued at $500,000 or a million dollars, yet pay a premium about as low as the price of a cup of coffee per day. Plus, to keep things in perspective, if you outlive your 30-year term life insurance policy, the first thing you should do is celebrate. You have lived (and hopefully thrived) for 30 years since you're purchased your life insurance policy. It seems like it was just yesterday, doesn't it?
The second reason there are many different price levels is that are many different types of insurance companies. Most are very good. In fact, many are €household names€ that you have heard of virtually your entire life. That is the goal of an insurance company: to appear stable, secure, and enduring. However, as with any industry, there may be a few €fly-by-night€ companies that are trying to make a fast buck.
That is what you should use an unbiased resource to get quotes on the life insurance you seek. There has never been a better time to do just that. Now, thanks to advanced software, you can get quotes from many different insurance companies all at one time, all at one location, all in just seconds, and all for free! Use an online life insurance quoting service such as LifeInsurance-Policy.com. You may be amazed at how many affordable options you find€¦quickly, easily, and 100% free of charge.
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