- What kind of life insurance do I need if I have a family?
- June 11, 2013
By Emily Miller
Families who are interested in ensuring the safety and financial stability of their loved ones should look towards getting a life insurance policy. These policies offer a wide variety of options to fit individual needs.
Knowing one’s needs for life insurance will make the process of selecting a policy much easier. For example, it’s crucial to determine whether a whole or term life insurance policy is in a family’s better interests.
Whole life is generally a more expensive option, but also serves as a lifelong investment option that can offer considerable financial flexibility at various times of one’s life, such as during the retirement years.
A term life insurance policy offers coverage for a specific number of years, and premium costs will rise as a person grows older. It is the less expensive option for those who need basic protection.
According to the American Council of Life Insurers, the combined amount of individual life insurance protection in the U.S. stood at $19.2 trillion as of the end of 2010, having grown at an annual rate of about 4 percent since 2010. The average American was also said to carry $162,000 in life insurance coverage.
Experts typically advise people to carry life insurance coverage amounted to five and seven years of their annual income, with more funds advised if there are other needs, such as children’s educational expenses, to consider.
- Category: Life Insurance, Tips
Life Insurance Quotes
Leave a Reply