Life insurance is there to protect and provide for your loved ones and dependents in case of your death. It can be the financial protection your family needs for the future. Can you afford not to have life insurance? Where can you look for affordable life insurance?

There are four major types of life insurance, including:

    • Whole Life Insurance is often associated with high premiums

 

    and large insurance amounts.

  • Endowment Life Insurance has a higher premium and may not be affordable for everyone.
  • Term Life Insurance is the least expensive type of life insurance. Term Life Insurance will pay the Face Value of the policy only during the term period of the policy. If your death occurs after the policy lapses or expires, then the insurance company will not pay. Term Life Insurance only provides life insurance protection. There is no cash value. With research and shopping around, you can find the policy which will work best for you.
  • Universal Life insurance has a flexible premium. The policy uses part of your premium to buy life insurance protection and part to invest in the cash value part of the policy. The premium is paid into an accumulation fund which is maintained by the insurance company. Varying amounts of interest is earned in this fund depending on interest rates of the money market type. With the flexible rates you may be able to afford this type of insurance and be able to build up a cash value to be used after your death.

To find the most affordable type of life insurance you must do some research and shop around. The difference in premium rates can vary greatly with different insurance companies. Use the Internet to your advantage to search out these insurance companies and get quotes to compare. Shop around and compare prices and you will find the best policy for you.