There are many important factors to consider when choosing a life insurance plan, making this a particularly challenging process for many people. By trying to understand the potential cost, duration, and other factors of each policy, you can better determine which policy is best suited to provide for your family in the future. If you are in the process of deciding between term or permanent life insurance, consider the pros and cons of each as you choose the right coverage for you and your family.
Term Life Insurance
While this type of coverage is often known to be the most cost-efficient of the two, it comes with a price in the form of time. Unlike the lasting duration of permanent coverage, term life insurance typically covers you for a fixed period of time, usually between 10 and 30 years. Premiums for this type of coverage are determined by the sex and age of the policyholder, as well as their overall health as determined by a physical exam. If something should happen to the policyholder once this period has passed, their family will no longer benefit from their coverage unless the policy is renewed beforehand.
Permanent Life Insurance
As indicated by the name, permanent life insurance guarantees coverage for the policyholder throughout the duration of their lifetime. There are several forms of permanent life insurance, all of which vary in benefits, premiums, and overall values of their policies, Among this variety, are universal, whole life, and variable coverages that can often be customized with adjusted premiums and death benefits over time.
Benefits of Life Insurance for Your Family
No matter which policy you choose, life insurance is an essential form of financial care and protection for your family. Although leaving your family behind is often a difficult thought to comprehend, knowing that they will be taken care of is a comforting thought despite the uncertainty of the future. Young, growing families are often candidates for term life insurance, as it is often the most affordable and practical option for adults who are young and in otherwise good health. Permanent life insurance would be a suitable option for older adults who may be more comfortable with the certainty and consistency of the benefits that come along with a lifelong policy to serve any financial dependents that they may have.
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.