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Understanding Life Insurance

Life -Insurance

Life insurance is a financial investment.  The main purpose of this investment is to safeguard your money and your loved ones in case something happens to you. For instance, life insurance is a safety net which cushions your loved ones from massive financial loss and its innumerable repercussions. This financial investment is something that you need to carefully consider to ensure that your money and your loved ones are taken care of long before you’re gone.  The cost of life insurance is one of the biggest misconceptions about insurance policies today.

What is the cost of life insurance?

Most people think that life insurance cost is extremely expensive.  The good news is that life insurance is now offered with historically low premiums so that everyone who is qualified can afford it.  The wide availability of life insurers and policy providers is one of the factors that make insurance policies cheaper and more affordable than ever.  This makes life insurance an affordable financial investment which protects not just your money but your loved ones as well.

Which Life Insurance is Best?

There are several life insurance options with varying premium costs and features. Depending on your needs and budget, there are two main types to choose from - term life insurance and permanent life insurance.  Look for a reputable life insurance company for good coverage and insurance policy.

  •  Term Life Insurance

Term life insurance offers your loved ones or beneficiaries the financial protection for a specified period of time or “term.”  For instance, your life insurance covers from 10 to 40 years, hence your family can accept financial assistance and coverage within this time frame. This type of insurance is considered the most affordable.

  • Permanent Life Insurance

Contrary to its term life insurance counterpart, this type of insurance gives lifelong financial protection for your loved ones and beneficiaries.  The policy coverage remains in force as long as the policy holder complies with payment of the required premium.  Moreover, this type of insurance offers savings component through accumulating cash values based on a tax-deferred system. This insurance helps you build equity to be accessed for any purposes at any time.  

Because of the high cost of these type of policies, most families are unable to obtain adequate coverage and end up being underinsured. The permanent type of insurance is not the right fit for most families.  They are being pushed and sold by the insurance agent who get 4 times more in commissions compared to selling term life insurance policy.

Life insurance is a very important financial investment with innumerable significance especially in protecting your loved ones from financial losses. Dealing with the right life insurance company is vital to get the best policy that would answer your needs and preferences.  Choose a policy with life insurance cost that’s within your budget.

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Life insurance policies described, quoted, shown and illustrated throughout this website are not available in all states and may include those issued by: Allianz Life Insurance Company of North America, Minneapolis, MN and Allianz Life Insurance Company of NY, New York, NY are both members of Allianz Insurance Group, Minneapolis, MN; American General Life Insurance Company, Houston, TX; The United States Life Insurance Company in the City of New York, New York, NY, member companies of American General Life Companies; Assurity Life Insurance Company, Lincoln, NE; Aviva Accordia Life is a subsidiary of Global Atlantic Financial Group, West Des Moines, IA; Aviva Life and Annuity Company of New York, Melville, NY; American National Insurance Company, Galveston, TX; AXA Equitable Life Insurance Company (New York,NY); Banner Life Insurance Company is a subsidiary of Legal & General Group, Plc, London, UK; Legal & General America, Frederick, MD; Banner Life Insurance Company, Urbana, MD; William Penn Life Insurance Company of New York, Garden City, NY; Equitable Life and Casualty Insurance Company, Salt Lake City, UT; Fidelity Life Association, A Legal Reserve Life Insurance Company, Oak Brook, IL; First Central National Life Insurance Company, New York, NY and Household Life Insurance Company, Detroit, MI, member companies of HSBC Insurance; Genworth Life and Annuity Insurance Company, Richmond, VA and Genworth Life Insurance Company of New York, New York, NY, only Genworth Life Insurance Company of New York is admitted in and conducts business in New York, member companies of Genworth Financial, Inc.; Gerber Life Insurance Company, White Plains, NY; Great West Life and Annuity Insurance Company, White Plains, NY; Integrity Life Insurance Company, Cincinnati, OH and National Integrity Life Insurance Company, Goshen, NY are both members of Western & Southern Financial Group, Cincinnati, OH; John Hancock, Boston, MA; Liberty Mutual Insurance, Boston, MA; Lincoln Life & Annuity Insurance Company of New York, Syracuse, NY and The Lincoln National Life Insurance Company, Fort Wayne, IN, both insurance company affiliates of Lincoln National Corporation, whose marketing name is Lincoln Financial Group; MassMutual Life Insurance Company, Springfield, MA; First MetLife Investors Insurance Company, New York, NY, MetLife Investors USA Insurance Company, Irvine, CA and Metropolitan Life Insurance Company, New York, NY, all three members of the MetLife family; North American Company Life & Health, Chicago, IL and North American Company Life & Health of NY, Garden City, NY are both members of Sammons Financial Group, Chicago, IL; Principal Life Insurance Company, Des Moines, IA; Protective Life and Annuity, Birmingham, AL; Minnesota Life, St. Paul, MN; Pruco Life Insurance Company, Newark, NJ and Pruco Life Insurance Company of New Jersey, Newark, NJ, member companies of Prudential Financial, Inc., Newark, NJ; Prudential Financial, Newark, NJ; ReliaStar Life Insurance Company, Minneapolis, MN, ReliaStar Life Insurance Company of New York, Woodbury, NY and Security Life of Denver Insurance Company, Denver, CO, member of the ING VOYA family of companies; Securian Life Insurance Company, St. Paul MN; Symetra Life Insurance Company, Belluvue, WA; Transamerica Life Insurance Company, Cedar Rapids, IA; First Symetra National Life Insurance Company of New York, New York, NY; Vantis Life Insurance Company, Windsor, CT.


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