Best Life Insurance Policies

Best Life Insurance Policies

(This is a guest Blog Post from Lauren Cohen )

Many people become overwhelmed while trying to find the best life insurance policies available on the Internet. The short answer is that there is no policy that is best for every person. Each individual has varying circumstances that determine which policy best suits their needs. To get an idea of which type of policy may be better, it is important to understand the basics of a few popular life insurance choices.

Term Life

This is one of cheapest policy options. As its name implies, term life provides coverage for a specific amount of time. It is also easy to buy. Individuals must simply decide how long of a term they prefer and how much coverage they need. However, the policy does expire at the end of that term. With the average lifespan lengthening, some people end up outliving their policies. When this happens, they are forced to pay more for a new policy or go without coverage. Whether people outlive or cancel their policies, there are no refunds.

Return Of Premium

This policy is similar to term life. However, policyholders can get the money they invested for coverage back at the end of the term. It is also affordable and easy to find. Some of the funds are invested, but policyholders do not get any investment returns back. In a way, this is similar to giving the insurer a free loan. For some people, it may be a better option than traditional term life.

Whole Life

This type of insurance is permanent, and the invested funds are put in a savings account that grows without tax penalties. If policyholders need money later in life, they may withdraw funds from this account. However, the death benefit is lessened when they do so. This type of coverage is an excellent estate planning tool. Since it comes with so many benefits, whole life coverage is expensive. Finding the right policy can take time and research without the right tools. Finding the best life insurance policy does not have to be a hassle. Our company offers free side-by-side quotes from the top insurance providers, which eliminates the need to spend hours researching each insurer one by one. We also offer access to valuable tips and answers from qualified advisers. Our goal is simply to help consumers find life insurance that fits their budgets and individual needs.