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Life Insurance
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Life Insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future. Remember life is calculated on age. Everyday you live the closer you become to death the higher the rate. For a free no obligation life insurance quote, please fill out our life insurance quote form.
There are mainly three types of life insurance.
Term = A life insurance policy with a guaranteed premium for a specified amount of years. After that point the insurance company has the right to raise the premium, which in mostly all cases they do!
PROS
- Usually this plan is very attractive because it is the cheapest.
CONS
- After the term is up the company will raise the premium. Since you are uncertain what your health will be at that time this can be dangerous. If the premium is to high you can cancel the plan, however if you want to get a new policy remember Life insurance is calculated on age. (You are 20 years older)
Universal Life = A life insurance policy that gains interest from company investments. The premium can vary but paying the target premium is wise, in most cases it will keep the premium level (same).
PROS
- Considered permanent insurance, since the premium has the potential to stay the same. Is Cheaper than whole life insurance.
CONS
- Policy can lose value if target premium is not paid. Interest that is gained is used towards the end of the policy to support the premiums.
Whole Life = A life insurance policy that gains dividends which increases the value of the policy. Also considered permanent and the top of the line.
PROS
- The premium doesnęt change; the face value is increased by the dividends paid to the policy.
CONS
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