It’s important to take a look at why the life insurance is being purchased before purchasing life insurance. Term life is generally purchased so that a large amount of coverage will be available for a fairly low premium. This is a wise choice for a family with young children, especially if one spouse stays home to care for the children while the other spouse is the breadwinner. Should something happen to the breadwinner the spouse who stayed home is going to have to find a job and make ends meet in some fashion until the children leave home. This is when life insurance is very handy to have available. Final expenses can be a huge burden as well and to have this insurance on hand will make the transition just a little bit less stressful for the family.
On the other hand, there is permanent life insurance which is also called whole life. This is more expensive, but it also has some benefits to it that term life does not have. Whole life will cover a person up to the age of 100. In today’s modern medical world more and more people are living to this age so it is important to have something on hand for those final expenses. Another advantage to whole life is that the policy can be borrowed against should an emergency arise. The premiums will remain the same throughout the life of the policy as well.
Getting Cheap Life Insurance Rates Online
The most interesting part about life insurance, is that only about 1 percent of term life insurance holders ever claim their benefits. While that may seem shocking, it is important to remember that there is a certain peace of mind just knowing that that insurance is in place should something happen to the main breadwinner of the household. A good comparison is that many people purchase fire insurance and never need it, but just knowing it is there should they need it is a good peace of mind.
Whole life insurance is always claimed and used 100 percent of the time. A well planned out life insurance program will help a family to have peace of mind should the unexpected happen so get your life insurance rates online today.