Not everyone has a lot of money to commit to the purchase of a Life Insurance Policy. For those who think that all policies of this type are expensive, it helps to know there are many different types of life coverage. Here are some tips that will make it easier to choose something that will work fine for now and allow the client to add more coverage at a later date.
Starting Out with Term Life Coverage
There is no doubt that a term Life Insurance Policy is one of the most cost-effective options Considered the most basic of life insurance policies, the plan will pay a fixed benefit to a designated party when the covered individual passes away. This type of plan does not build cash value and generally does not require any type of physical examination in advance. What it does provide is basic coverage for a lower premium.
Keep in mind that this type of life coverage does not last forever. The plans come with a specified term or time limit. If the covered party does not pass away before the term is fulfilled, it is often possible to renew the plan for another term.
What has About Whole Life?
Whole life plans do cost more than term life policies, but they provide additional benefits. The more common plans accrue cash value, creating an asset that can be borrowed against if the need arises. There are also variations of whole life plans that can be purchased and funded outright. Some can even be funded in full up front if desired.
The bottom line is that no one should think they cannot afford life insurance. While it may not be possible to secure the ideal amount at present, even having enough to cover final expenses like medical bills and credit card debts will alleviate a lot of stress for those who are left behind. Talk with an agent from the Perdue Insurance Group today and explore some of the options. There is an excellent chance of finding a plan that will work for now and allow the addition of more coverage when it becomes feasible.
