10 years of decline, demand for
life insurance has risen in recent months.
Life insurance is particularly important for parents of young
children who have 10 to 15 years worth of upbringing expenses.
Even if you have life insurance through your employer, is unlikely
to provide enough coverage. What with people living longer life
insurance has actually got cheaper unlike other types of
Finding the right
Life insurance comes in two forms
Whole life insurance
Term insurance pays your beneficiaries a specific sum when you die providing
your death meets the condition of your contract.
insurance is always cheaper than whole life insurance. It's not
unrealistic to expect a 30-year-old healthy nonsmoking man to pay
between $140 and $240 a year for a $250,000, ten-year term policy,
and only about 50% more for double that. A whole life insurance
policy with a death benefit can cost five times as much or more.
Whether your beneficiaries
will want to use part of the proceeds of a policy to pay off a
mortgage or other outstanding debts.
Remember, too, that you'll need a policy for both parents--even if
one of you is at home with the kids full-time. "If a
stay-at-home parent dies, the survivor will have to pay for
childcare and perhaps some housekeeping services," says Peter
Katt, a fee-only life-insurance adviser in Mattawan, MI. So this
policy must be enough to cover those expenses, typically a minimum
of $100,000 for a parent who's not in the workplace.
The web offers a number of insurance search engines that let you
compare life insurance quotes we recommend Insureme.
It's a good idea to get insurance quotes from insurance
companies that sell directly to the public, therefore cutting out
the middleman insurance agents that generally bump up the insurance
You'll should choose a financially strong company so you can be sure it'll be around
when your not. A lot Insurance companies will offer to sell you a
special extras to benefit your life-insurance bill.