What type of life insurance is right for me?

Finding the right type of life insurance for your situation can seem stressful, but Insurance Best Prices can help. Learn more about the different types of life insurance policies to find the right one for you.

Types of Life Insurance Policies

Term Life Insurance

The most popular life insurance coverage option for individuals and families is term life insurance. Term life insurance, also known as pure life insurance, is a type of life insurance that pays out a death benefit if the policyholder passes away during the specified term. When the term expires, a policyholder can renew their policy for another term, allow the term policy to expire, or convert the policy to permanent coverage.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that gives a certain amount of coverage for as long as you pay the monthly premium. As you contribute to your whole life insurance policy, you can borrow against it for cash when you need it.

Universal Life Insurance

Universal life insurance is a form of permanent life insurance that accrues and earns interest as you make premium payments. This means that your life insurance policy can also double as a savings account.

Final Expense Insurance

Final expense insurance is also known as burial insurance. This type of coverage helps cover end-of-life costs like funeral expenses, remaining medical bills, credit card debt, and more. Final expense insurance policies don’t typically require medical exams, which make them a good option for older investors or those with pre-existing conditions. There are different types of final expense insurance including guaranteed issue life insurance, simplified issue life insurance, and critical illness insurance.

Finding the best life insurance for you

First, decide how much life insurance you need based on how much your dependents would need and how much you can afford. Many people aim to contribute 10 to 12 times their income. Next, use InsuranceBestPrices.com to get free life insurance quotes and compare providers to secure the best coverage for the best price.