Life Insurance: Check Out Different Providers, Plans
For many Americans, ensuring that their loved ones are taken care of after they die is enormously important. One of the ways they can ensure their spouse, children, or other loved ones are provided for financially is by taking on a life insurance policy.
There are a wide variety of insurance providers out there, and a huge range of options to choose from. You can purchase a term life insurance, which is one of the cheaper kinds of plans available, providing coverage at a fixed rate over a limited period of time. Or, you can buy a whole life insurance plan, which lasts over a lifetime and provides users with a tax-exempt plan that is much more flexible, and can even assist with retirement planning.
Some insurance providers give better rates to those who subscribe to additional types of coverage beyond life insurance, such as car or home insurance.
Before deciding on a plan, you should have an idea of what kind of benefits you're seeking, such as specific policies for children, retirement, long term care, and so on. FindtheBest.com suggests:
"Some will suggest that you simply need insurance to replace seven years of your annual salary. However, the right coverage depends on many factors including your age, your current income/earning potential, your net worth, the number of dependents you have, the age of your dependents, and the financial needs of your dependents. So before beginning your search for a life insurance provider, make sure you have a clear understanding of these important criteria so that you don’t purchase too much or too little insurance. Many people choose more expensive permanent policies (because of the cash value benefit), but aren't able to afford adequate coverage. On the other hand, buying less coverage than you need defeats the purpose of buying insurance in the first place. "
Refer to the chart below, courtesy of FindtheBest.com, to compare life insurance providers.