WEDNESDAY, JULY 2, 2014
Sixty percent of Americans have life insurance policies, while the other forty percent (mostly young and single people) don't see the need to get life insurance right now. But the very moment they get married or have kids, they scramble to buy life insurance — as any accident or death will greatly affect their spouses and kids financially.
Life insurance is a great coverage to have. Here are five tips to help you understand it better.
Our agents are here to help. Call Pro Player Insurance Group at (954) 316-4662 for more information on Davie life insurance.
- There are two main types of life insurance policies: term life insurance and whole (or permanent) life insurance.
- Term life insurance provides you with coverage for a specific amount of time. For example, a 20-year policy will pay out benefits if the policyholder dies within the 20-year term. Terms are usually offered for a duration of 10, 20 or 30 years.
- Whole (or permanent) life insurance covers you for a lifetime, so long as you pay your premiums. When you die, the insurance payout is made to your beneficiaries.
- Whole (or permanent) life insurance often contains a "savings" component. Some policies accrue cash value, which policyholders can borrow against or withdraw in case of an emergency.
- An agent tied to a specific company will only promote his or her provider. Instead, call an independent insurance agent, who will scour the whole nation to find an insurer that will suit you. These kinds of agents are not tied to any one company, therefore they have their options open and can really find the perfect coverage for you.
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