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Buying Auto Insurance (part 3 of 4)
Continued from part 3 Insurance Company Advertisements Deceive (part 3 of 4) If some of the millions of dollars spent on advertising auto insurance would be devoted to fair payment of injured insured's' own claims against their own company, we...
Changes to International Health Insurance
Those who travel overseas for business or vacation may want to know that two of the world's largest international health insurance plans - “Atlas Travel” and the “International Citizen Medical Plan” insured by Lloyds of London have changed coverage...
Commercial Auto Insurance for Your Home Based Business
Having your own home based business can be a dream, but are you protected? Many people remember to purchase business insurance, because often a home based business is not covered by a homeowners insurance policy. However, were you aware that your...
Critical illness insurance and life insurance cover for better and for worse.
There are three main types of insurance cover you can buy to protect yourself and your family: life insurance, private medical insurance and critical illness insurance. If you want your financial health to be completely bionic then you could choose...
Is There Any Such Thing As Affordable Life Insurance?
Do you need affordable term life insurance? This seems to be the million-dollar question. When you want to purchase life insurance you often do not know how much you need or if there is such a thing as having too much life insurance. What...
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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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