How much is life insurance? What are the types of life coverage? And how do you sign up for life insurance?
I talked about these points with Erin Gobler at Sound Dollar – here’s what we discussed.
- The reason term life coverage is more affordable. Term life insurance is cheaper because the coverage ends after a certain period.
- Through term insurance, you’re essentially ‘renting’ the death benefit for the pre-determined length of the coverage.
- On the other hand, permanent insurance remains active until you die.
- The insurance company knows you’ll die at some point, so they must collect more premiums to cover the death benefit.
- To sign up for life coverage, your best bet is to find a financial professional who understands life insurance and types of policies and get their advice.
- But if you’re a DIYer, numerous resources (including online life insurance calculators) can help you determine the amount of life coverage you need and what type of policy may be best for you.
If you want to learn more about life coverage, I recommend you read the entire article from Erin Gobler – and speak with a financial professional today.