How much does your spouse, or your children, or even your parents or your siblings, depend on you financially?
If your answer to that question is something along the lines of "quite a bit," you’re probably a candidate for buying some form of life insurance.
After all, this type of insurance helps you secure your loved ones' futures by providing for them financially in case something should happen to you.
How and when you provide for your spouse, children, parents, or siblings depends on which kind of life insurance policy you purchase.
Term life insurance, for instance, covers you for a specific number of years--that's where the "term" part of its name comes into play-the longer the time period, the higher the premiums, and vice versa.
Cash value life insurance, on the other hand, accumulates a cash value up to its maturity date, and you can use or borrow against that amount in various ways without canceling the policy.
Term life insurance premiums tend to be lower than those associated with cash value life insurance policies, by the way, although the former don’t build up cash values like the latter do.
Unfortunately, there’s more to shopping for life insurance than simply selecting either a term or a cash value policy.
For instance, should you decide—after considering what kind of coverage you need, how long you’ll require that coverage, and what you can afford to pay for it-a cash value product would be the best option for you and your loved ones, you'll have to whittle things down yet again by choosing between a whole life, universal life, or variable life policy.
You'll also want to answer the following questions regardless of which type of policy you wind up purchasing:
Once you've completed these steps, you should be ready to compare life insurance quotes for policies from a variety of companies and then use that information to figure out which one is right for you.
QuoteWizard can help you do just that by connecting you with custom-matched agents who will work hard to find an affordable life insurance policy that will protect your loved ones and their financial futures.