LIFE INSURANCE INFORMATION

Please see information on Life Insurance below.

        

LIFE INSURANCE

Life insurance offers a way of giving financial security for your family and other beneficiaries. When a person dies, they often leave a financial burden behind which can make the process of losing someone even harder to deal with. Life insurance means that at least financially, your family and loved ones won't be left with too much on their financial plate.

What Can Life Insurance Deal with?

Life insurance can help with some or all of these areas:

  • Paying for burial costs (funeral) and estate taxes
  • Give your family some income
  • Give your family money for mortgage/other loans
  • Provide college funding for the kids
  • Provide some retirement income for a partner/spouse
  • Other financial obligations

What are the Types of Life Insurance?

There are two main types of life insurance:

  • Term Life Insurance

Term life insurance provides a payout for your beneficiaries for a set period of time. In other words, the policy is set for a particular number of years which you decide when you buy the insurance. If you die during the period of the policy, the payout will be handed to your beneficiaries. If you are still living by the end of the term then the coverage will expire unless you convert the policy to a permanent life policy.

  • Permanent Life Insurance

Permanent life insurance provide lifetime protection. Generally it is more costly that term life insurance but it carries more benefits.

Life Insurance Extras

You can take additional cover on your life insurance, such as critical illness cover. This provides a payout on the diagnosis of a critical illness or medical condition, including:

  • Cancer
  • Heart Attack /Heart Disease
  • Blindness
  • Deafness
  • Stroke
  • Kidney Failure

There are more additional cover types, so as usual it is recommended to take your time in finding the right policy. America is a big country with a huge amount of insurers each with their own benefits and disadvantages. Which Way To Pay provides an easy comparison service to help you on your way!

        


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