Author Box
Articles Categories
All Categories
Articles Resources

Cheap Life Insurance Guarantees Protection to Your Family's Finances

March 01, 2012 | Comments: 0 | Views: 179

Death is a very inevitable possibility to everyone but often people don't like to think about their own demise and ignore the importance of getting insured to protect the finances of those they will leave behind.

Whatever your age is and family situations you have, it is important to buy even a cheap life insurance policy so the future of your loved ones will be secured. When you die, somebody will feel so down for your loss and this is already very heavy to deal with. You would not want this burden to be added with financial troubles as they need to pay a huge sum of money for your funeral arrangements. Without a policy, your family will have to worry how they can survive without your income.

When you have decided to purchase cheap life insurance for yourself, you can get instant quotes online which you can compare so you can select the best policy for you. Most people choose a term policy because this seems to be the cheapest option that covers the policyholder within a specified period of time. Here are the different types of term life insurance that you can choose from:

1. Level-Term Insurance- In this policy, the death benefit remains the same for the whole term of the policy. A lot of this type of policies comes with fixed guaranteed premiums but there are some that don't give premium-rate guarantees and it is likely for the life insurance firm to increase the premium during the coverage term.

2. Decreasing term policy- This is also termed as mortgage protection insurance. In this policy, the amount of insured money correlates with the amount in your mortgage. This means that when your mortgage decreases, the amount that your insurer pays will also decrease. This policy has been chosen by a lot of people to make sure that their outstanding mortgage can be paid off when they die unexpectedly. This coverage is also likely to be taken out to pay off other debts like loans and school fees.

3. Increasing term Policy-This policy can be a portion of the policy or added as a rider. Often, this is called Return of Premium Benefit; however, the benefit takes effect up to 20 years. In this policy, there is an increase in the benefits in every ear of the policy's term. Because of this, this is a more expensive policy than level term and decreasing policies. This works on the cash value return instead of the premiums. The beneficiary will be paid with the cash value when the policyholder had already paid the benefit before he died.

A policy doesn't have to be unaffordable that you tend to ignore its importance to you and your family. If you want cheap life insurance options, you can go online and navigate other available alternatives.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Cheap Life Insurance


Life Insurance Policies


Life Insurance Calculator


Buy Life Insurance

Auto insurance is probably one of the most expensive insurance types in Canada. An average car insurance policy in Canada costs approximately $1,200 per year and in Ontario, the largest Canadian

By: Alex Saltykov l Insurance > Car Auto l July 09, 2013 lViews: 553

Your house is often your largest investment that you need to protect via insurance. We created a list of multiple savings tips related to Home insurance and hope that these will help you to save a

By: Alex Saltykov l Insurance > Home Owners Renters l December 27, 2012 lViews: 380

Most auto insurance companies design specific car insurance policies for classic and antique cars. If you think you have a classic car and want classic car insurance, you will need to be sure that

By: Richard l Insurance > Car Auto l October 17, 2012 lViews: 570

Business Overhead Expense Insurance Plans can provide cash flow to the business in the event of a disability to a key employee or owner. For a small, growing company it might make the difference

By: T. Spencer White l Insurance > Disability l July 17, 2012 lViews: 243

Workers compensation costs are rising. According to a recent report by the Workers Compensation Research Institute (WCRI), indemnity costs per claim (the loss of earning capacity, payments for lost

By: Kelly C. Williams l Insurance > Workers Compensation l July 08, 2012 lViews: 221

One of the most helpful government programs out there is the SSI Disability program. A person that is legitimately disabled, and cannot work to provide an income for themselves for their family

By: Oleg Winter-Burnett l Insurance > Disability l July 04, 2012 lViews: 282

People insure their lives in order to protect their loved ones and their estates. They want to purchases policies which offer the most protection at the least possible costs. They also want coverage

By: Anissa Williamsl Insurance > Life Annuitiesl June 13, 2012 lViews: 180

A lot of people like to avail of educational insurance packages and medical insurance packages for themselves and for members of their family. However, a lot of people are still somewhat allergic to

By: Joanna Stevensl Insurance > Life Annuitiesl June 13, 2012 lViews: 162

Life insurance helps you feel comfortable in facing the future. It helps you worry less about the problems that are yet to come. It is simply a pact between the company and the client. The latter

By: Russell Whistlerl Insurance > Life Annuitiesl June 12, 2012 lViews: 198

Life insurance is usually meant to provide a financial cushion for the bereaved when their breadwinner dies. It comes in two main types; term and permanent. The former is widely preferred by most

By: Anissa Williamsl Insurance > Life Annuitiesl June 12, 2012 lViews: 217

Of course there are several ways to pay for final expenses. The decision on which method to use is based on a few factors, two main ones being your finances and your health.

By: Philippe Derayl Insurance > Life Annuitiesl June 11, 2012 lViews: 269

The typical size of income that retirees can expect from their pension fund has plummeted in recent years and some figures suggest that women are worse off than men. One recent study showed that

By: John T Hughesl Insurance > Life Annuitiesl June 11, 2012 lViews: 185

Life insurance for women is similar to that of men. But women must take into account some changes in her such as her weight and habits which would affect the amount of premiums that she should pay

By: Jessah T Lopezl Insurance > Life Annuitiesl February 28, 2012 lViews: 171

A promotional lanyard is used to be a tool used by people in the old days as a means to attach their weapons at. However, in the modern times, the usability of lanyards is not only limited for these

By: Jessah T Lopezl Business > Advertisingl February 28, 2012 lViews: 171