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Term life insurance: Did you know?

“While most permanent life insurance policies require a medical examination there are some term insurance policies that do not require  a medical examination to qualify.”

What is the main difference between term life insurance and other types of life insurance policies?

Other insurance policy types such as permanent life insurance include policies such as whole life, and universal life insurance. The main difference between term life and permanent life is that term life only pays out a death benefit and is only covering you for a specific term. Permanent life on the other hand, has a portion of your premiums that go towards an investment. This creates cash value in your policy. In addition, a permanent life insurance policy covers you for your entire life.

How do I know how much coverage I need?

It really depends on what your goal is and what expenses and obligations you think you would like to cover. As far as the death benefit coverage amount, the decision is really up to you. As a guide you can use our needs analysis calculator. The calculator results can give you an idea of the financial obligations you currently have. You can also plan for any additional expenses you would like to cover. This will include expenses such as children’s education and capital gains taxes on your estate. You can also get a good indication of what the premiums would be based on the coverage amount you select. At any time you can click here to request a free no obligation quote.

For a more detailed and personalized needs analysis, feel free to contact one of our friendly advisors. It is amazing how much you can learn about life insurance over a cup of coffee. Feel free to contact Sharon Bailey Network – Insurance div. at (647) 558-7491 Ext 4418.  We are always happy to hear from you.

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