What types of life insurance can I choose from?
- Posted by Roger Hendricks
- On 04/28/2016
- 0 Comments
First, you should be aware that there are two basic types of life insurance coverage: term and permanent.Term life insurance has guaranteed level premiums for a fixed period and generally is more affordable than permanent life during that level-premium period. You can generally choose level premiums for 10, 20 or 30 years. If you have young children and your primary concern is making sure there’ll be money to pay for their college educations, depending on their age today you might consider a 10- or 20-year term life insurance policy. If you should die while the policy is in force, the death benefit payout could help your beneficiaries with future expenses such as education costs. Permanent life insurance plans are designed to provide coverage for your entire life, as long as premiums are paid. In fact, if you buy a child a permanent life policy, you or the child will have the ability to maintain coverage throughout their life, even if they develop health problems, as long as the premium is paid and the policy is kept in force.