Growing Family Benefits
- Don't get pregnant without us!
- Enjoy security for your family
- Ask for employee paid options at work
Family Life Insurance
Life Insurance Comparisons for Young Families
Your young family needs to make life insurance comparisons in order to determine the type(s) of coverage that best fits your circumstances. Each family has varying goals that might include replacing lost income due to a sudden death, or accumulating assets tax free for college or retirement.
When comparing life insurance options, a young family may want to contrast the types of coverage, learn about the features and rider options available, get several quotes to determine what fits your budget, and speak to licensed agent who will focus on your needs rather than closing a sale.
Family Life Insurance Policy Types
Term Life Term life provides the most affordable death benefit option, and is often the foundation for many young adults and couples just getting started. Term policies allow for the largest death benefit for the smallest cost, but should not be the only policy type you select. Find out about features and riders unique to temporary contracts.
|
Universal Life Universal life is one of two permanent, or cash value, insurance options to consider. Flexibility in premium payment, cash accumulation, and death benefit amounts are the primary advantage of this contract type. Be sure to compare two unique features: credited interest rates, additional paid in premium. A long term care rider gives young parents an additional method of preserving assets.
|
Whole Life Whole life insurance is the other permanent contract option that new parents should compare and contrast. The primary advantage of these policies is the guarantees: fixed death benefit, and locked-in interest rates. You know exactly what you are paying for. Married couples often gravitate to the security of the guarantees. Understand the features, and optional riders to understand which is better.
|
Term Versus Whole Life Term versus whole life insurance: which is better? The two policy types address different challenges. Whole is permanent coverage for what will happen: you die eventually. Term is temporary coverage for what may happen: you pass away far sooner than expected. The answer depends upon your circumstances, risk tolerance, and ability to stick to a financial plan.
|
Supplemental Life Supplemental life coverage fills in the holes in group policies. Many group contracts do not provide adequate coverage for all of your dependents. Plus, your policy ends when you leave you employer. Get the right amount of coverage that you can keep no matter where you work.
|
