Are you one of those people who think that life insurance is just another extra expense that's not really necessary? We could always find something else to do with those funds, and the truth is until we have a family of our own and start to accumulate some assets, we really don't give it much thought at all. Just like homeowner's and auto insurance which provides us with extra confidence that we would be covered if something were to happen, life insurance is another policy. We want our loved ones to be covered financially in case we should die. So they can afford to take care of things such as burial or cremation at least.
Since we are living in the age of credit, we tend to carry a good amount of debt through our working years. Most of us have mortgage payments, car payments, credit cards, personal loans and student loans to name a few. Many companies offer their employees life insurance coverage of some sort that could be purchased at a reduced rate. Depending on your specific situation, it may be a small amount or maybe twice your salary. There are many that choose to buy from their friendly neighborhood life insurance agent for added coverage.
Premiums are based on the type of policy and the age of the person that wants the coverage. I always get offers in the mail offering reduced coverage if I were to act right away. Term and Whole life insurance, what is the difference between the two. Term policy is just what it sound s like you are purchasing an amount for a specific amount of time. Usually twenty years the premiums stay the same and don't have any cash value. A whole life insurance policies on the other hand does build cash values and can be borrowed against.
Personally, I think life insurance is a splendid idea, because you don't want to leave your family with all the expenses. Many companies only specialize in that alone. And local insurance agents can help you better choose your policy. Remember, the older you get the more it costs to get insured so it would be smart to do it while you are still young and get it over with.
