Family Life Insurance Comparisons
Your growing family needs to make life insurance comparisons in order to determine the type(s) of coverage that best fits your life stage. 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 family life insurance options you want to compare types of coverage, and then get several life insurance quotes.
Family Life Insurance Coverage Types
Term Term Life comparisons focus on more than just rates and quotes. A growing family should compare a variety of features: length of term, convertibility, renewal guaranteed, or accelerated death benefit. Term life riders are important to compare also: accidental death, waiver of premium, spousal coverage, etc. |
Universal Universal Life comparisons focus on more than just rates and quotes. A growing family should compare a variety of features: cash value accumulation, credited interest rates, additional paid in premium. Universal life riders are important to compare also: guaranteed purchase option, long term care coverage, spouse and dependent term life riders, and waiver of premium. |
Whole Whole Life comparisons focus on more than just rates and quotes. A growing family should compare a variety of features: cash value accumulation, guaranteed purchase option, and paid up time frame. Whole life riders are important to compare also: spouse and dependent term life riders, and waiver of premium. |
Term Versus Whole? Term versus whole life: which is better? The two policy types are designed to address life insurance needs of differing time frames. Whole Life – permanent coverage to address the “When” in life. Term Life – temporary coverage for the “If” in life. The answer also depends upon your personal circumstances, risk tolerance, and ability to stick to a financial plan. |
Supplemental Supplemental Life coverage fills in the holes in group life policies. Many group plans 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. |
