Adequate life insurance to cover your income producing ability is a product that is really needed today to give peace of mind. Life insurance was originally conceived to protect a man's family when his death left them without income. Over time is has developed into a variety of policy plans. In a "whole life" policy, fixed premiums are paid throughout the insured's lifetime; this accumulated amount, augmented by compound interest, is paid to a beneficiary in a lump sum upon the insured's death; the benefit is paid even if the insured had terminated the policy. Under "universal life," the insured can vary the amount and timing of the premiums; the funds compound to create the death benefit.With "variable life," the fixed premiums are invested in a portfolio (with earning reinvested), and the death benefit is based on the performance of the investment.
In "term life," coverage is for a specified time period (e.g., 5-10 years); such plans do not build up value during the term.
Annuity policies, which pay the insured a yearly income after a certain age, have also been developed. In the 1990s, life insurance companies began to allow early payouts to terminally ill patients. In other words, a policy holder with a grave illness could now access some of their life insurance funds to use as they choose.We've searched all over the web and have located a few quality companies that we feel are not only financially sound and secure, but which also offer competitive rates.
You don't need to even sit down and visit with an agent, all the information gathering and work can be done over the internet.You'll find the best life insurance for your needs that will comfortably fit into your budget. Solid life insurance will give you peace of mind and confidence.
By: Mike Yeager