Whether it is apart of an employee benefits package or it is an individual plan, choosing a life insurance plan can be a stressful process. You want to make sure you are getting the right amount of benefits that best fits your current living situation. Life insurance was created to give the policyholder peace of mind if they pass away and that their family will be taken care of financially. Fortunately, choosing a life insurance plan is not as complicated as you might think and choosing the right one for your current situation will be once the best investments you will ever make.
Know The Different Plans
There are two categories of life insurance plans, term life and permanent, and you might be a better match for one plan more than the other.
- Term Life Insurance: This plan provides a policyholder with the greatest amount of coverage for the lowest amount of money compared to other plans, but it is only for a set amount of time. Depending on your age, term-life insurance will cover you between 10 and 30 years. Although, this policy only covers you during a specific time period. If you happen to pass outside the specific time period, then your policy will have no value.
- Permanent Life Insurance: This plan is good for as long as you live and pays a death benefit regardless when you pass. There are two forms of permanent life insurance, and one of them is universal life insurance which has flexible premiums and flexible death benefits. You can adjust your policy depending on where you are in your life and your specific family situation. The other type is whole life insurance consisting of fixed premiums that will not change over the course of your plan.
Consider Who Will Be Affected
When choosing a life insurance plan, you should think about who you will be leaving behind in the event you pass away. If you have a large family consisting of several children, a spouse, and parents, you will probably need a permanent life insurance plan. If you are young and have not started a family yet, your best option is probably a term-life insurance plan.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits, but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us through Twitter, Facebook, Google+, and Linkedin.