If you just had a child, one of the things that you should think about now is how you will provide for your child should anything ever happen to you and/or your partner. You are now responsible for your child's care for their entire childhood. One of the best ways to ensure that your child will always be taken care of is by investing in life insurance for both you and your spouse.
There Are Two Primary Types Of Life Insurance
One of the most important things that you need to know is that there is more than one type of life insurance coverage that you can purchase. The two main categories of insurance coverage that you can purchase for your life are a term life insurance or permanent life insurance.
Term Insurance: Term life insurance is designed to give a person coverage benefits for a predetermined time frame. For example, you can purchase a policy that will go into effect if you pass away for any reason in the next twenty years. Once twenty years has past, the policy is no longer valid and …show more content…
If you pass away in five years or seventy years, your family will still get the benefits associated with your policy.
Benefits Of Term Life Insurance
One major benefits of term life insurance is that you can ensure your family is provided for all the way till your kids are out of house and leading their own successful lives. For instance, if your youngest child is an infant, you'll want a term of around at least twenty to twenty-five years to ensure that your child is taken care of all the way through college.
However, you can always pay for smaller and shorter policies. A term life insurance allows you to purchase life insurance for when you need it most. Term life insurance tends to be more affordable because you can dictate the terms more. Term life insurance is generally designed to replace your income should you die.
Benefits Of Permanent Life
There Are Two Primary Types Of Life Insurance
One of the most important things that you need to know is that there is more than one type of life insurance coverage that you can purchase. The two main categories of insurance coverage that you can purchase for your life are a term life insurance or permanent life insurance.
Term Insurance: Term life insurance is designed to give a person coverage benefits for a predetermined time frame. For example, you can purchase a policy that will go into effect if you pass away for any reason in the next twenty years. Once twenty years has past, the policy is no longer valid and …show more content…
If you pass away in five years or seventy years, your family will still get the benefits associated with your policy.
Benefits Of Term Life Insurance
One major benefits of term life insurance is that you can ensure your family is provided for all the way till your kids are out of house and leading their own successful lives. For instance, if your youngest child is an infant, you'll want a term of around at least twenty to twenty-five years to ensure that your child is taken care of all the way through college.
However, you can always pay for smaller and shorter policies. A term life insurance allows you to purchase life insurance for when you need it most. Term life insurance tends to be more affordable because you can dictate the terms more. Term life insurance is generally designed to replace your income should you die.
Benefits Of Permanent Life