Finding the Best Arizona Life Insurance
What Are My Options?
According to the Insurance Information Institute, there are two kinds of basic life insurances, with some significant differences between them. However, boiled down the term, and whole life do essentially the same thing, they pay out a fixed amount of money to someone if they die.
Term Life Insurance:
This choice is geared in the direction of younger people because it’s of a temporary nature that covers you for a period of time, usually 1, 10, 20 or 30 years. It is great short-term protection at a very reasonable price. You will also pass on with no tax to the beneficiary.
Whole Life Insurance:
It has the same idea as a term, but this policy is designed to last forever (or till you die). It also has a few bells and a whistle to it.
- The bell: It has a savings account that accrues cash and can help pay later premiums.
- The whistle: Whatever money you accrue, you could borrow and not pay tax on earnings. You will also pass on with no tax to the beneficiary.
Universal Life Insurance:
It’s a lot like the whole life plan however with a shinier bell and two whistles.
- Shinier bell: It too accrues interest and usually at a slightly higher rate.
- Whistle 1: You can kick in extra money to benefit from the higher interest.
- Whistle 2: You can borrow on the cash values and not pay back until death.
How Much Does it Cost?
It depends on how much coverage, your age, health, occupation, and even hobbies. Basically, the younger and more healthy you are the less expensive it is.
What’s So Great About an Independent Life Insurance Agent?
Independent agents simplify your workload by comparing insurance rates for you with multiple companies.
Most importantly, they’ll be there to help your own family when the time comes. The outcome of insurance claims may be strongly impacted by who you are working with and how easy they make it for you and your loved ones.