Life insurance is exactly what the words state, "Insurance on your life." Depending on the situation or the person's health, each individual will decide on the best life insurance plan which suits their needs.
If you are a young married couple and each person is healthy with no terminal medical problems, then choosing a life insurance plan needs to reflect this. Term life insurance for a couple which are aged less than 30 years old can be option as a safety precaution but is not the best choice when looking into long term. The reason is term only lasts up to 30 years and only covers for death benefits. This means if your partner dies before the age of 60, then you are covered otherwise after the 30 years, there are no more benefits. Life insurance quotes on term tend to be very inexpensive for a very high coverage amount, dependent upon your age.
The term life insurance plan can be changed and renewed always, but if you are looking toward long term, then a fuller plan would be a universal plan. This plan covers death benefits as well as while a person is still alive. For example, if you have a sick parent or partner and you have to quit your job to stay home and take care of them, this plan will cover your expenses while out of work.
A few factors to consider when debating to buy life insurance; if you lose your job and have a mortgage and bills to pay, the universal coverage will help pay these continuing expenses. Another positive is if a partner should pass on, the coverage from your life insurance plan will cover all the expenses without leaving your partner scrambling and stressed for money during a very difficult time.
Life insurance quotes range from $2.00 per month through $500.00 per month. This range is due to the amount of coverage chosen, the type of plan, and the amount of years the plan is in effect for. The younger a person is, the less expensive a life insurance quote can be. As individuals grow older the price for both types of life insurance plans increase; researching and signing up for a plan at a younger age may save you lots of money in the future.
Copyright © 2008 by The New York Times Company.