‘Okay, so what’s the price?’ I hear you say. The easy thing would be to give you a cost breakdown, but I think it’s best to discuss the value before the cost.
To Define Terms
First, let me define terms. Life insurance is usually categorized in to two groups, Whole and Term.
Term Life Insurance is temporary coverage that has an expiry date, and lasts for a term of 20 - 30 years. It is the most affordable coverage, but the main drawback is that the price will be significantly more when you renew, as your older age effects your risk and therefore your premiums.
Whole Life Insurance is permanent cover, and will last for your whole life until your passing. For example, if you get a $50,000 coverage for $50 a month when you are 30, this figure will be the same amount when you are 60. The main benefit is that your price won’t increase, but it is much more expensive then term. An additional benefit to whole is that the the policy builds up a cash value, as a part of your policy invests in funds. This cash can be loaned against and withdrawn.
Which is better? It depends on your own financial plan. I’d encourage you to discuss this in detail, get in touch with us for more info.
What's In It For You
View Life Insurance as a safety net for your loved ones. With it, you can secure your family’s future, and you are able to guarantee fair prices if you enroll today. Furthermore, you can use whole life to save for your retirement and financial emergencies.
So how much does Life Insurance cost? The answer is, there isn’t one answer. The price is determined by your age, health, past health conditions and how much coverage you want. To get a price tailored to yourself, contact us for a quote and we’d be glad to help!
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