Term life insurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time (Usually 10 – 40 years). After the period is over, coverage at the previous rate of premiums is no longer guaranteed, and the client must either waive their coverage or renew coverage with different benefits. If the policy holder dies during the term, the death benefit will be paid to the beneficiary. Overall, term life insurance is the least expensive way to get coverage, however it is for a set period of time.

Term life insurance generally covers 10 – 40 years, while permanent policy covers you for the rest of your life. They both offer a tax-free death benefit, but term life is cheaper and temporary, while whole life will cost more, securing you for life however. You may always switch to a lifetime plan if you apply for term insurance though.

Death Benefit depends on the plan you apply for.  When you die, your insurance policy will provide your family with your death benefit plan. Payments may vary from $250,000 – $1,000,000 depending on your plan. These benefits are tax free, and the value. could be increased in stock indexes.

The best plan is whole life insurance. This plan offers your death benefit will be guaranteed to your family without tax. It gives you the opportunity to increase your benefit too, through the stock market. This plan also gives you a fixed premium from when you first purchase the plan. Although this plan may be pricey, so if you are looking for a more value plan, Universal and Term life insurance are also great options.

Life Insurance is easy and should not require much stress after you’ve chosen a plan. You will be expected to fill out an application, describing your daily lifestyle and health condition. Depending on your plan, you may also have to apply for a free medical exam. Both steps would lead you to your cost, and you’re done!