For those you love, give the gift of life insurance.
Valentine’s Day is often a reminder to focus on the one’s in our lives who you love and remind them why they are important to you. When it comes to expressing this love with a gift, one might not initially think of getting life insurance, but we like to say around here – “if you love someone, you should have life insurance”. Life insurance is not for yourself, but for protecting and helping those you love, as it helps financially protect the home, children, education, retirement, final expenses, and medical expenses.
Having life insurance is a key part of taking care of loved ones financially. Make it part of your sound financial plan. Without life insurance, a household could find that they have immediate trouble paying even just the living expenses if their primary wage earner has passed away. So you may have decided that getting a life insurance policy is the gift you want to give, which leads you to wonder if there are different types of life insurance.
What are the Types of Life Insurance?
Term LIfe Insurance
One of the more common and most affordable life insurance options is a term life insurance policy. This kind of policy has a set amount of years at a set premium that you agree to pay in exchange for coverage. Once that term period is completed, the policy will either terminate or some companies give you the option to extend the term, but at a higher premium.
Permanent (Whole) Life Insurance
You can probably guess the difference with this kind of life insurance – it is designed to last your entire life. Within this catgegory, there are actually a couple types you are able to choose from and there are pro and cons to those that you can sort and weigh depending on your goals. Whole life insurance policies are designed to last your whole life while you pay a premium. On a similar branch of a whole life policy is a universal life policy, which has a cash value account that you can build up and are able to take money out of if you need to.
What is the Average Cost of Life Insurance?
While giving the gift of life insurance for those you love who will carry on after you is priceless, we know it still needs to be accessible and you may still be wondering “what kind of cost are we looking at?” The cost of life insurance does get more expensive with age, so the earlier you get one, the better, so you can secure the best rate possible! The average monthly cost for a 35 year old non-smoker with $500,000 in coverage would look similar to the costs below:
Male: 20-year Term Life policy: $28/month
Female 20-year Term Life policy: $23/month
Male Whole Life policy: $150/month
Femaile Whole Life policy: $140/month
We know there always feel like there are more questions than answers, so give us a call and we can go over all of your options and evaluate your needs and help you to answer any questions you may have. We are here to help you secure this gift of life insurance for those you care about most.