Life Insurance will provide for your family when you're gone and for just pennies on the dollar.
1. Term Insurance
Usually last 10, 20 or 30 years and then terminates.
Starts out with low premiums which may increase as you age.
2. Guaranteed Issue Life Insurance
A form of whole life insurance with no immediate coverage.
Typically, all applicants are accepted regardless of health.
3. Whole Life Insurance
Lasts your "whole life", with level coverage and level premiums.
Coverage never decreases, premiums never increase and builds cash value.
Many TV ads promote low cost Term Insurance. Unfortunately, these plans often
have escalating monthly premiums that become unaffordable later in life.
People tend to drop the plans just when they need it most. Even worse, these plans often end at around age 80.
These plans are more expensive than a normal Whole Life policy because they accept everyone
no matter their health. Consequently, the premiums are much higher than they should be.
Even worse, in the fine print you will find that there is no coverage for the first two years. What?
The "Cadillac" of life insurance. Level coverage with level premiums that last you entire life.
Final Expense/Burial Insurance is a type of Whole Life Insurance which has minimal health questions and fast approval, often just over the telephone. Most people qualify for this type of insurance which is often used to help their loved -ones cover final expenses such as burial/cremation,travel expenses and memorial service expenses. Final expense insurance can be purchased from $2,000 to $40,000 in most cases.