Term life provides a cash benefit should you die within the specified term. Term Life is ideal for covering revolving debt, such as house notes, car notes, etc. This policy does not build cash value, making it less expensive than whole life or other types of permanent insurance.
A whole life policy offers lifelong, permanent insurance protection that is ideal for individual, business or to cover the cost of a burial. Over time, a whole life policy builds cash value, which you may borrow against if needed. This policy has level premiums for the life of the policy.
Universal life insurance coverage, also covers you for as long as you live. The premiums are not as high as whole life and not as low as term life. This policy also builds some cash value that you can borrow against if needed.
Accidental Death Life Insurance is a distinctive term life insurance that pays the entire benefit amount to your beneficiaries if you die in an accident on or off the job. This is a very inexpensive way to insure the future of your family. You can even add Accident-Only Disability Income that provides a monthly benefit if you are totally disabled by an accident.
Guaranteed Issue Life Insurance has No Health Questions! No Medical Examinations! No Physical Examinations! They have a very simple application with lower coverage amounts and the premium stays the same for life. This is a great solution for those who have been diagnosed with a terminal illness or who have been declined due to health conditions.
One of the main reasons to get life insurance for children is because families often fail to accept the death of a child. A child's death can be emotionally devastating, both to the parents and to the remaining children. It can be financially devastating too. The family needs time to grieve and having a financial cushion is a good way to buy time without having to worry about loss of income.