Need Life Insurance Help?

Need life insurance help? Yes, life insurance can be a complicated subject and many of us just need a little bit of insurance help, don’t we? Once you get the basics life insurance really isn’t too difficult to understand.

So where do you start? What do these words mean?

Term life insurance = covers you or someone else’ life for a specific term or period of time. Usually 10, 20, or 30 years.
Whole Life = covers the individual insured for their entire life as long as premiums are paid.
These are the two most basic life insurance words you will hear in relation to life insurance.

life insurance help
Term life insurance is popular amongst younger people because it is economical and can offer high face value (high payouts) to their beneficiaries in the event of death.

Term policies are typically 10,20,25, or 30 year policies. They terminate at the end of the term and all premiums paid into the policy are lost. Because of this the policies are typically pretty economical. They offer coverage in the event of the death of the insured for the duration of the policy term only.

Whole life insurance covers the entire life span, but is noticeably more expensive. The main benefit of whole life is that it gains interest, can sometimes be borrowed against.

There are many variations of the whole life policy. Variable whole life products, and host of other terms that can make a person confused. All of them are variations of the basic whole life policy but with features that can make them work better for different needs. In order to fully understand them you can read through our descriptions here, or talk to your local agent. Some of the features can get pretty complex, so don’t expect it to make sense the first time you read about them.

Getting the right Policy

There is some hope though. If you are unsure of what your needs are you can make things simple by taking your time.

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