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Life Insurance Options

Life Insurance Policy Types

Buying a life insurance policy is a very important decision and you should do take it judiciously. Your familyís financial future depends on it. You buy a life insurance policy to ensure that your dependants continue to get financial support even after your death. This vital purpose should not get defeated by a wrong decision.

The circumstances and requirements of every individual are different. This affects the type of life insurance that you choose. Carefully consider your situation and needs and know your choices in depth. You have two main options when it comes to life insurance. Both of these have their advantages and disadvantages. The suitability of a particular type totally depends upon the individualís future planning and present conditions. It is a mistake to take it for granted that one of them is the right choice and the other one is wrong. You need to understand the pros and cons of each type to determine which one you should buy.

Permanent Life Insurance

This type of life insurance policy once started keeps running for the entire life time of the insured, unless he stops paying the premiums. Since this is a long term policy you should keep in mind that you should be able to pay the premium for the rest of your life. It gives guaranteed death benefits to the beneficiaries of the insured since it can expire only with his death. This policy also accumulates cash value over a period of time and the insured can borrow from that to be reimbursed later. However this type of policy comes at a steeper price because it is bound to give the death benefits after the demise of the insured. The beneficiaries may use the policy amount in any way they want. A type of permanent life insurance is offered specifically for seniors above the age of about 60 years which is meant to cover the final expenses of the person.

Term Life Insurance

Unlike the previous type, this one remains active only during the particular term for which the policy is bought. The policy expires after the completion of that term. The insurance company will give the death benefits only if the insured person happens to die within that term. In most cases the insurance company does not have to pay any claims so these types of policies are cheaper. Some policies give the option of getting your premium back in case of no claim. You may have to pay higher premiums to get this feature but it is worth considering.

Since the two types of life insurance give different advantages some people prefer to take both for greater security. With careful future planning you can take a term policy during the years when your financial responsibilities are greatest and then switch over to a permanent policy for the rest of your life.

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