I need a life insurance policy?

I am wanting some information about life insurance policies and how they differ. Are some better than others? Anyone here have any experience with this topic. Are there some policies that are not specific about how you die and they will pay? Just curious since I want this to be simple. Thanks for any help.

Whether or not some policies are “better” than others is going to depend on your individual circumstances. What are your main concerns? Do you have children you’d want taken care of financially if you passed away? Do you have debt that will need to be paid off in the event of your death? If so, is it installment debt that will be paid off at a certain time like a mortgage? What type of budget do you have?

There are two main types of insurance: Term, which is relatively cheap over a set period of time (5, 10, 20, 30 years, etc) but after that set period of time the cost goes up (sometimes a lot) and if you ever cancel the policy or can’t afford it anymore, you have nothing to show for it.

Then there’s permanent insurance. There are many types of permanent insurance (whole life, universal life, variable universal life, etc) and they tend to be more expensive, however they are designed to last your entire life, or until age 121 if you’re still alive. Depending on the type of policy you select, your premium may never change or you may have a flexible premium, but the premium should never drastically increase. Also, a portion of your money will be held in a subaccount within the life insurance (think of it like a savings account) which will earn interest or may be invested in the stock/bond market. This way, if you ever need the money, you can access it or if you cancel your policy you at least get this money in return.

Both of these types of insurance will cover any type of death with the exception of suicide during the first 2 years of the policy. I would suggest staying away from an accidental death policy because it won’t do you any good if you were to develop terminal cancer.

Both types of insurance are good, but they meet different needs. I would suggest that you find a local insurance agent (get some recommendations from friends or family if you don’t already have an agent) and just ask him to educate you and help you decide what type of policy is best for you. Everybody’s situation is different and therefore everybody may need a different policy. Good luck, life insurance is a great product to have and I hope you get well taken care of.

Insurance Information : What Is the Best Kind of Life Insurance?