Life Insurance

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Term Insurance

This is a very good way to buy lots of coverage at a low price.

Term policies may be taken out for one year, five years, ten, twenty and even for thirty years but once the term is up, you have no more coverage. Especially good when you have large obligations but not a lot of money to spend. Both the premium and the death benefit remain the same throughout the policy term.

Examples of 30 Year Level Term Policy For a Non-Smoker

Whole Life

This type of policy assumes that you will keep it for your whole life. The premiums are much higher for Term policies. The reason for this is that the insurance company charges you more in the early years so that it can maintain a level premium in the later years when the premium should really be much higher. This policy also builds cash value that you can use for emergencies or as a supplemental part of your retirement plan. See Annuities.

Example of a Whole Life policy for a non-smoker

You are not limited to one or the other type of policy. There are various combinations of these two basic types of policies that will suit everyone's special needs and goals. The examples above are for the best non-smoker rate class and may vary for any particular person.