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Canadian Funeral Insurance: Our Final Gift to Those We Love
Most of us don't like thinking about our own funerals, but no matter how much we ignore the inevitable, the truth is that when the time comes someone will be responsible for those expenses. The question is will it be our grieving loved ones who foot...
Home insurance aspects
One should never shy away from ensuring the security of one’s dream home by providing it with a home insurance coverage shield. Homeowners insurance covers more than only the structure of the house by protecting the homeowners and anyone named on...
Instant Canadian Health Insurance Quotes Online
Canadians can now conveniently shop for Canadian individual health insurance and dental insurance online. There are instant personal health quotes, which allow you to compare dental, health and drug plans from leading Canadian insurance...
Life Insurance – Do You Need It?
Many people are skittish about life insurance, because they feel that it is useless, or it makes them face their mortality, or they may arrogantly think that they won’t die. But let me reassure you, life insurance is not only useful, but also...
Tips to Save on Car Insurance
NEWS RELEASE Contact: Jordan Walt, (503) 653-8287 A.I.C. Insurance Agency Offers Tips to Help You Save on Auto Insurance Milwaukie, OR 2/18/2005 – Purchasing the auto insurance that is right for you can be confusing, especially for first-time...
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Term Life Insurance and Permanent Life Insurance
Term insurance and permanent insurance are two basic types of life insurance. Term life insurance is temporary, and it covers only a specific period of time called the relevant term. Permanent life insurance is the type of insurance where the policy is for the life of the insured and the payout is assured at the end of the policy. Term life insurance builds on cash value while permanent life insurance accrues cash value.
Now let's look at the pros and cons for term life insurance and permanent life insurance.
Term insurance has two advantages. First, its initial premiums are usually lower than the initial premiums of permanent insurance. Secondly, term insurance is better for covering needs such as loans or mortgages, which will disappear in time.
There are a few disadvantages in term life insurance: Coverage might become too expensive to keep or terminate at the end of the term. Also, the premiums increase with ages. Besides, paid-up insurance and cash value are usually not offered.
The
advantages of permanent insurance are as follow: You get a guaranteed protection for life as long as you have paid the premiums. Secondly, a cash value is accumulated with the policy and you can borrow from it. Thirdly, you can choose to set the premium costs whether fixed or flexible depending on your needs. Besides, a permanent insurance policy's cash value can be surrendered for cash value. In addition, you can add a provision to the policy for the option of purchasing additional insurance without having to providing evidence of insurability.
There are a couple of disadvantages in permanent life insurance. First of all, the required premium levels might make buying enough protection harder. Also, if not kept long enough, permanent life insurance might be more costly than term life insurance.
About the Author
Bill Walker is a freelance writer. He has written insurance related articles for websites such as Insurance Guide ( http://insurance-guide.netfirms.com )
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