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Why You Should Tailor Your Term Life Insurance
While several consumers may be confused as to whether to buy whole or term life insurance, the first thing to be aware of is specific tailoring. You may be able to tailor your policy so that it suits your unique financial situation and hence the benefits of life insurance are specific to you. There are generally always different factors to consider.
For example, do you want life insurance for the short or long-term? What is the purpose of life insurance for you? What are the benefits of life insurance that you need and want? When you have figured this out initially, you may want to get free quotes for a number of different policies. To figure out how to get affordable life insurance, visit our affordable life insurance page.
Product Options for Whole and Term Life Insurance
The product options and benefits of life insurance policies may vary significantly. While term life insurance has a set premium for a certain number of years, whole may cover you for your whole life. When you die, your named beneficiary will generally receive a payout, and if you live beyond the term, you may be able to extend it again. One of the benefits of term life insurance policies is usually a cheaper cost, especially for young and healthy adults. For more information on the benefits of term life insurance, visit our article “Advantages of Term Life Insurance.”
On the other hand, whole life insurance generally has a set premium and a cash value that typically builds over time and can be borrowed against if needed. The premium, though, may usually be higher though it may be viewed as a savings account by many. While it may also cover needs in the short run (through borrowing), it also can be used for larger expenses such as long-term care and even college or other expenses.
Figuring out the right policy for you, whether it is whole or term life insurance, may take some time and effort but may be worth it. Your choice is dependent upon your unique situation and needs. You can use the services of a CPA or lawyer to assist you with this process, if needed, to be more confident in what you have to deliver.
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