Life Insurance Made Easy Healthshare

Life Insurance Made Easy

We insure our cars and most individuals will even pay a monthly premium on cellular devices, but we often fail to include life insurance as one of our priorities.  When we’re young, we just don’t think that it’s necessary or in some instances, believe we can’t afford it.

The reality is – we can’t predict our life spans. Have you thought about what would happen to your family financially if something happens to you? Getting a life insurance plan in place gives you that peace of mind that your loved ones will not feel the financial burdens.

Anyone who has family members dependent on their income can’t afford not to have life insurance. I’ve explained the common life insurance programs below to help you understand how each type works and help you make the best option that fits your needs.

Term Life

When we think about “term” life insurance, as the word suggests, the policy covers the insured for a fixed amount of time. This is the least expensive type of life insurance. It provides security for our dependents that we leave behind. The plans are flexible and you can choose a premium according to the family’s budget. There’s even an option that provides protection if you should become disabled to work.

Whole Life

Whole life, unlike term life insurance, provides lifelong coverage. In addition, the plan will ensure payment at the time of demise regardless of when the policy was purchased.  One of the benefits of having whole life is its cash value. The insured can accumulate enough savings to help in times of need instead of placing a second mortgage on the house.

Universal Life

The universal life policy is like whole life except the plan provides flexible premiums and bereavement benefits. Additionally, it provides financial assistance in the event of adverse changes to the insured’s financial condition. Some universal life policies even provide long-term care coverage since long-term care costs can drain the savings rather quickly.

What Life Insurance Truly Means

Life throws us all curveballs. Having a life insurance policy on you and/or your spouse means that the family is protected, should someone die unexpectedly – in a car crash, through an unexpected illness, or some sort of freak accident. Getting life insurance only seems complicated; however, it’s a simple task, and most people are surprised at how low the rates usually are. And remember, it’s best to get one in place sooner rather than later because premiums increase as you age.

 

Wiley Long is President of HSA for America, and a passionate advocate for consumer-based solutions that will improve price transparency and lower health insurance and medical costs for people purchasing individual and family health insurance plans.

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