There are few things that you can count on in this life. Almost everyone has heard the phrase “nothing can be said to be certain, except Death and Taxes.” And while hardly anybody wants to die, it is a fact that mortality among the human race is virtually 100%. However one’s passing does not have to mean financial hardship for the loved ones left behind. Life insurance is not a luxury item. It is a necessity for anybody who has a family that depends on their income.
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An alarming statistic shows that while 85% of adults sampled in a study believe life insurance is important, only 63% of them said they currently had some in place. There are a number of reasons for this fact. People don’t like to think of their own mortality, so they prefer to live in denial about it. A large number of the people in the study just didn’t know how to choose from the available choices. Another hurdle is that people simply don’t know about companies like Freedom Life Insurance, Primerica, and Xander Insurance which provide a wide range of insurance products that can provide better service than the bigger players.
Generally speaking there are two main types of life insurance. Term life insurance is the less expensive option for a young adult. Basically speaking, if you are young and healthy, your likelihood of dying is pretty low. So getting a term policy is fairly inexpensive and easy to get. The down side to term is in the name, when the term expires, so does the protection. And term policies get more expensive as you age and your health deteriorates. Freedom life insurance, Primerica, and Xander have a number of term options that fit most budgets.
The other mayor type of insurance is permanent life insurance. This type of insurance, like its name suggests, is permanent, which means it does not expire. Permanent life insurance is more expensive than term, but once its paid off it will never expire. There are several variations on this type of policy, whole life, universal life, variable life, etc. But they all have the same common idea, its insurance that you buy and a cash value option that can grow as a tax free investment.
For more detailed information you should speak to an agent of a reputable insurance company. Be aware there are plenty of options available and don’t settle for the first quote you get. Freedom life insurance, Primerica, Xander, Metlife, Prudential, and ING are just a few of the many options available. Do your homework, and remember your passing does not have to mean financial ruin for those that depend on you.