The first thing to decide on, before purchasing life insurance, is which Life Insurance Company to deal with. This is very important as you will be tied into a contract with that company for a long period of time and you will not be able to change your mind after you have signed the policy. A trusted and reputable Life Insurance Institution will have several options to choose from. Qualified Life Insurance Agents, like those at Taik Insurance Associates, can explain the concept of life insurance, and offer good customer service to back it all up.
The Term Life Insurance Policy is one type of life insurance that is particularly suitable to young families and is more affordable, as the rates are lower for younger policy holders. These rates are based on how much cover is needed as well as the age and health of the individual taking out the policy. A Term Life Insurance Policy has a life of anything between 10, 20 and 30 year term. At the end of the term, this type of life insurance policy does not retain a cash value.
The other type of life insurance is Whole Life Insurance. This type of insurance policy has the same coverage as the term policies, with maturity dates, however, this type of life insurance policy does retain a cash value at the end of the term. The rates are higher for this type of life insurance and the coverage amounts available are lower than term policies.
Your selected Life Insurance Company will assign a Life Insurance Agent to your case to assist you in choosing the most suitable option for your personal needs and the affordability of your financial situation. A good Life Insurance Agent will establish a good working relationship with you which will be maintained throughout the life of the policy.