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How to Compare Life Insurance Quotes

There’s a good reason why shopping for life insurance might still be at the bottom of your to-do list. How can you justify spending a large amount of money for something you don’t understand?

That concern is reasonable. After all, you have two valuable things on the line: your money and the financial security of your family. If anything stops you in your tracks when trying to make sense of life insurance quotes, it’s confusing.  We hope to alleviate some of that confusion by providing guidance on the most important factors you must consider when you shop for life insurance. The better you know how to compare life insurance policies, not to mention how best to compare life insurance rates, the closer you will be to making the best decision that protects both your money and your family’s financial security.

What is life insurance?

Life insurance can be used for several things, but the most important one is to properly provide for the people you’ll leave behind one day. Covering lost income, mortgage payments, credit card debt, living expenses, funeral expenses, or even college tuition are critical concerns when you have others dependent on you.      Life insurance is the one thing that can help alleviate those concerns.

Life insurance products keep evolving and the options seem limitless. It is easy to get overwhelmed when choosing the right one     . The best place to start is understanding      the two primary life insurance categories and the distinct purpose each one serves.

Term life insurance

For many, term insurance fits exactly what they need a policy to do: provide money to their family if they die prematurely. It’s that simple. You pay a fixed premium for a set number of years. After that time ends, you can either renew the policy, typically at a substantially higher rate, or drop it all together if it is no longer needed. These policies are perfect for younger families who only need to cover a specific time span while they still have dependents under their roof.

Whole life insurance

Those who have longer term needs, perhaps with a spouse or special needs adult child who relies on your income, will fare better with      whole life insurance. Although this insurance type is a bit pricier, it offers a whole lot more than term life. Unlike term, premiums will stay fixed as long as the policy is kept active. Cash value is accrued within the policy that you can access tax-     free at any time and there is a guaranteed minimum return according to the policy’s terms.

So, what’s your best option? It really depends on what you want your insurance to do. Term life insurance is the cheaper option while you’re young, but it gets extremely costly as you age. These substantially higher rates are the reason why most term policies lapse. Having a policy that ends before you do means that the money you spent didn’t accomplish what you intended: provide a financial safeguard for your loved ones when they need it.

The most important thing to understand about life insurance is that for it to work, you must die with the policy in force. That’s why whole life insurance may be the better option if you’re either nearing or already in retirement. It offers permanent protection with fixed premiums regardless of changes in your health status, giving you lifelong coverage.      In fact, it’s an ideal solution for covering those costs your family members can expect to pay, such as           burial      and other      final expenses after you pass.

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