How To Shop for Life Insurance

No one needs to tell you why you should have life insurance. If you die your income loss would be replaced with the amount of coverage that is right for you. This will protect those who depend on you for support. Coverage amount is one decision but then you will also have to decide between a whole life or term life policy. “Whole life provides coverage for life and has an investing component that allows you to take a loan against the policy.” “The downside: Compared with term coverage, it’s expensive, especially in the early years of the policy.” “Term life provides coverage for a defined period of time – typically five, 10 or 20 years – without the investment and loan features.” “Term life policies typically cost far less than whole life.” “For most people, term insurance makes the most sense and, dollar for dollar gives you the most protection for your money.” “An insurance agent you trust may be able to make a compelling case for buying some version of cash-value insurance.” Choosing the correct level of coverage is important. Your insurance agent will assist you determine the coverage level that is appropriate for you.