With proper guidance from a reliable insurance agent or company, this decision can be made easier for you. Term Insurance Ideas From New York Life describes some various types of life insurance policies available including term, whole life, and universal life. Term insurance is inexpensive at younger ages, but the rates increase as you get older. This type of insurance can be purchased for one, five, or ten years or more, depending on your needs and what you can afford to pay in premiums. Whole life guarantees a fixed premium designed to provide permanent coverage for your entire life.
Universal life offers lifetime protection with a cash value accumulation.
This type of policy features both flexible premiums and adjustable death benefits according to your needs. To know how much insurance you need, a good place to start is at Term Life Insurance from 1stQuote. Here, you can fill out a simple worksheet to help calculate your needs and the needs of your other family members. One rule of thumb is that young couples need at least five times the amount of their joint income, besides the amount of their mortgage payment. Some parents may wish to carry Life Insurance for Children .