Life Insurance Benefits

Life Insurance is a legal contract between you and a life insurance company with the purpose of providing an income to spouse, children or other beneficiaries in the event of your death.

There are two different categories of Life Insurance. Term Insurance is designed to provide death benefits for a specific time period. It is set up to pay a death benefit if a person should die in this specific time period. The most common term for life insurance is 20 years. Term Insurance has many benefits: it is relatively inexpensive to purchase initially. The reason for this is because your only paying for this death benefit if the death occurs during this specific time period or "term". Term life insurance is great for young couples just starting a family. It is affordable and offers high levels of coverage.

The drawback to Term life insurance is that when you initially start out, your payments are low and coverage is high, but at the end of your 20 year term you decide you still need coverage and the cost is much higher because your are now 20 years older. If you are in good health your premiums will be higher. If you have had any medical conditions in the past 20 years, you may not even qualify for life insurance. Some term life insurance policies do offer a provision that will allow a person to convert their term into permanent life insurance in the first few years of the policy.

The other type of life insurance is Permanent Life Insurance. Permanent is just that-as long as the premiums are paid, the death benefits are paid. One of the benefits a person receives from Permanent Life Insurance is that it has a cash value. That means you can borrow money on it. There is no need for a credit check on this type of loan. Basically the life insurance is the collateral.

The drawback to Permanent life insurance is cost. It is much higher premium than that of a term policy.

Timothy Gorman is a successful webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers discount life insurance, auto and home insurance that you can research in your pajamas on his website.

MORE RESOURCES:

Concepta Insurance Consolidation Facility Receives DOJ Clearance - MarketWatch

Health insurance sticker shock hits consumers - Chicago Tribune

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/1-0fd=Rurl=http://newsblogs.chicagotribune.com/triage/2008/12/health-insuranc.htmlcid=1276133500ei=pK40SZ2SI4PK8ASei-ydCgusg=AFQjCNEZHSKJZWj5ppkQoTa_U06hrt4sQgHealth binsurance/b sticker shock hits consumers/abrfont size=-1font color=#6f6f6fChicago Tribune,nbsp;United Statesnbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1Health binsurance/b sticker shock overcame Mickey Trznadel when he opened an envelope from Blue Cross and Blue Shield of Illinois earlier this year, b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/1-1fd=Rurl=http://www.marketwatch.com/news/story/Blue-Cross-Blue-Shield-Michigan/story.aspx%3Fguid%3D%257B5379FA18-BBBE-4084-A40A-AB5CFFB0BDAD%257Dcid=1276133500ei=pK40SZ2SI4PK8ASei-ydCgusg=AFQjCNEUhz9TdFzbk2q3iGsLplgT5Blx3wBlue Cross Blue Shield of Michigan Answers Attorney General/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/1-2fd=Rurl=http://www.mlive.com/annarbornews/news/index.ssf/2008/12/blues_michigan_ag_continue_hea.htmlcid=1276133500ei=pK40SZ2SI4PK8ASei-ydCgusg=AFQjCNG9C_P2FhjS0pvEChmP1T2Zu6p5NABlues, Michigan AG continue health binsurance/b fight/a font size=-1 color=#6f6f6fnobrMLive.com/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/1-3fd=Rurl=http://www.mlive.com/kzgazette/news/index.ssf/2008/12/blue_cross_blue_shield_of_mich.htmlcid=1276133500ei=pK40SZ2SI4PK8ASei-ydCgusg=AFQjCNFzP1XRrwRCNiDebRX1KXfiTsaXNwBlue Cross Blue Shield of Michigan continues push for health b.../b/a font size=-1 color=#6f6f6fnobrKalamazoo Gazette - MLive.com/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/1-4fd=Rurl=http://www.freep.com/article/20081201/FEATURES08/81201068cid=1276133500ei=pK40SZ2SI4PK8ASei-ydCgusg=AFQjCNEHXnaiMwZtt7CU8mLb8IAgruBCAwnobrDetroit Free Press/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/1-5fd=Rurl=http://www.crainsdetroit.com/article/20081201/FREE/812010270/-1cid=1276133500ei=pK40SZ2SI4PK8ASei-ydCgusg=AFQjCNGv83Vy4s5iSLwlYUe8TGV6oMG6CAnobrCrain's Detroit Business/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1276133500hl=ennobrall 23 news articles/nobr/a/font/div/font/td/tr/table

Morning Rounds Rising Stress Levels, Limited Health Insurance and ... - New York Times

Premiums for workers#39; comp insurance to rise 3% - Seattle Times

Drivers without insurance will have their vehicles towed after Jan. 1 - Dallas Morning News

State warns about auto insurance phone scam - Akron Beacon Journal

Navigators Expands and Strengthens Professional Liability Division - MarketWatch

Prudential PLC eyes AIG#39;s Taiwanese life insurance unit - MarketWatch

RAM Holdings Announces Commutation of $10.6 Billion Par MBIA ... - MarketWatch

Fabian Nunez Joins Zenith#39;s Board of Directors - MarketWatch

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