Benefits of a Permanent Insurance Policy

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Most everyone needs a life insurance policy at some point or another, especially those with young families. It doesn’t matter who you are, at some point the need will arise for one, and when it does, you will need to decide what type of life insurance policy you want to have.
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You do have your pick of them, but the ones that most people end up choosing between is a term life policy or a  permanent insurance policy, also known as whole life insurance. Both types have their own merits, and term life insurance is definitely cheaper, however the downfall with term insurance is that it expires at the end of the term. Permanent insurance, is permanent- for your whole life and offers a guaranteed pay out to your beneficiaries upon your death.

This type of protection is very important for your family and once you have the plan set up in place, you never have to worry about it again- you just pay your premiums and maintain that peace of mind knowing your family will be protected.

If you go with a term life insurance policy you will find that you pay a lower price, but the contract will expire after a number of years. You can typically choose the number of years you will have, but if you do not die during those years, your family will not receive any benefits. In addition to that, it feels like you are putting a time limit on your life, which is something that no one wants to do. Term insurance can be great if you are on a budget and just need to have coverage until your kids are grown, or out of college, the mortgage is paid, and or your partner can financially make the bills.

A permanent insurance policy is better for lasting peace of mind. You will know for sure that there will be money for the funeral, to pay bills, to pay the mortgage, and for your loved ones to continue on with their lives while they will be grieving and unable to care financially for things otherwise. It is more expensive, but it will stay in effect your your entire life. As long as you pay the monthly premium, you can be sure that there will be a payout eventually. Note that this will cost more than a term life insurance plan, but with it your family will be set for life. If you have the income, we recommend you try this plan.

Author: Tom

As I was researching life insurance for myself and my family, I decided that it might be helpful to put what I learned into an impartial, unbiased guide so that other people might have a shortcut to learning about life insurance: it's just too easy to get lost in all the information on the internet!

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