So, you recognize the fact that you need life insurance and that is a good start. But which type of life insurance? There are so many life insurance products in the marketplace that serve different purposes. You may have a specific objective for purchasing a policy other than “if I die” or catastrophic coverage. There are policies that protect against catastrophe, develop tax-free cash value that you can borrow against, cover funeral expenses only and more. This life insurance infographic is a good starting point.
There are questions you should ask yourself before choosing the best life insurance for you. Are you going to use life insurance primarily as an investment? In that case, you need a whole life insurance.
On the other hand, if you are going to use life insurance primarily as protection for your family choose the universal life insurance. Furthermore, learn the two options for universal life insurance – variable and joint.
Third question – are you going to use life insurance strictly as a defense against catastrophe? In that situation, you should go for a term life insurance.
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