Get Life Insurance - A Good Resolution For 2008

Justin Scott

If you don't have life insurance, imagine what would happen to your family or anyone who depends on you if you weren't around to support them. Term or whole life insurance is an easy and affordable way to make sure your family doesn't lose their home, education or the lifestyle they are used to. Now is the time to shop for this important protection, and here are some tips.

Life insurance protection comes in two basic types: Term and Permanent. Term life is coverage that's set for a certain amount of time such as 10 or 20 years. Your rate doesn't change throughout the term. You can often renew the insurance at the end of the term, but your rate will probably go up. For example, you might get a policy that would pay a $500,000 benefit to your beneficiary if you die during the 10 -year term. What you pay for the premium depends of course on a lot of factors such as your age, health and if you use tobacco, but it may be lower than you think.

Permanent life comes in different types such as whole, universal and variable. With this insurance you pay a premium for lifetime coverage, and often your policy may act as a savings vehicle by building cash value. Permanent life tends to be a bit more costly than term.

Many people decide what type to choose based on their current situation. For example, a younger family may want the more affordable term policy to cover their new mortgage and future education costs for the children. An older couple may choose permanent as a way to provide protection and add to their retirement portfolio.

The good news is that life insurance rates have been decreasing over the past few years. Do some comparison shopping as rates can vary quite a bit from company to company. Go online to different company Web sites, or visit a comparison site that will give you different quotes and allow you to enter your information once.

When you find a quote you like, make sure you understand what you are buying before you purchase it. Asks questions of the agent or company representative.

Of all your resolutions, this one could give you the most peace-of-mind and be the easiest to accomplish. Get started today.

Justin Scott is a free-lance writer. Here is a site to get free comparison life insurance quotes: LowerYourInsurance.com

The site also provides more information about saving on term and whole life insurance.

Compare low cost life insurance

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