Individual Life Insurance Quote
What a difference an Insurance Policy can make in life.
Though it seems there is a bewildering array of policy types and names, they all boil down to two basic forms of life insurance: permanent and term. As a rule, permanent needs should be covered with permanent, temporary needs with term insurance. Often, a combination of policy types does the best job for you.
So, what is a temporary need? A mortgage; high needs for continuing income when your children are young; some business obligations; and so on. What are known Permanent needs? Funeral expenses; supplementing a survivor’s income; covering capital gains taxes at death, especially if family property is to be passed on to the next generation; and children who remain dependent for their lifetimes, often due to a disability.
When examining an existing insurance policy make sure to reassess:
- Your cost of insurance increases with age
- Type of existing coverage
- Current health status
- Your past needs versus current needs.