How do I select the right life insurance plan for me?

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Asked June 25, 2012

1 Answer


Trying to find the perfect life insurance policy can be a daunting experience. Instead of trying to meet all of your family's needs with a single policy, it may be more economical to use more than one type and value of policy. This allows you to modify your insurance needs over time, making allowance for new family goals and putting old goals that have already been met behind the family. Your two main options are a term life insurance policy or whole life insurance policy.

Some types of life goals are best met with a term life policy. Making sure that there will be funds to put your kids through college is one such goal, and paying off the family property is another. In both cases, there is a definite time frame when the policy could be useful, after which the need for the coverage will be gone. That is exactly what a term life policy is designed to do for you, be there while the term is a necessity and then no longer be a cost burden when the need is gone.

For other life events, the need will never fade away. Making sure that your family is able to pay the bills, for instance, will not end, and a permanent life policy that never expires is the most suitable method of preparing for such events. Permanent life policies work best when they are taken out early in life, and some policies can even be set up so that they pay their own premiums after a few years.

It is not a question of trying to determine one perfect life insurance policy, but more a question of which policies do you need to meet the future goals of your family. For most families, this would be a combination of one or more permanent life policies and term policies that are purchased when the need arises.

Speaking with a qualified life insurance agent can help you decide which plan is right for you. Compare free life insurance quotes now.

Answered June 25, 2012 by Anonymous

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