{"id":3159,"date":"2020-03-11T11:43:32","date_gmt":"2020-03-11T08:43:32","guid":{"rendered":"https:\/\/chatzistefanou.gr\/how-to-pick-the-best-life-insurance-plan-for-every-budget\/"},"modified":"2020-03-11T11:43:32","modified_gmt":"2020-03-11T08:43:32","slug":"how-to-pick-the-best-life-insurance-plan-for-every-budget","status":"publish","type":"post","link":"https:\/\/chatzistefanou.gr\/en\/how-to-pick-the-best-life-insurance-plan-for-every-budget\/","title":{"rendered":"How to Pick the Best Life Insurance Plan for Every Budget"},"content":{"rendered":"
 What universal, whole life, and term life insurance actually mean<\/strong><\/div>\n
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What are those different forms of life insurance? They split into three vaguely named categories: universal life insurance, whole life insurance, and term life insurance.<\/div>\n
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But you\u2019re better off thinking of \u201ctwo overall types of insurance,\u201d says Lauren Silbert, VP and general manager of The Balance. \u201cOne is permanent\u2014or until you die\u2014and one is temporary. Universal and whole life insurance are permanent. Term life insurance is temporary,\u201d lasting as long as the time period for which you signed up.<\/div>\n
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\u201cTerm life insurance is really common and often the type your company might offer to you as a benefit,\u201d Silbert adds, usually extending around 5-30 years.<\/div>\n
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With any of these plans, it\u2019s important to note, the same basic mechanism stays in place: While a plan is active, if the policyholder dies, a payout goes to a beneficiary (or beneficiaries) that he or she previously assigned.<\/div>\n
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The advantages of permanent life insurance are pretty self-evident. These insurances remain intact as long as the policyholder is alive and paying the annual premiums. Another way to look at this: If you die just after the expiration date of term life insurance, your loved ones get nothing.<\/div>\n
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The supreme affordability of term life insurance<\/strong><\/div>\n
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That dedication, however, comes at a hefty cost. \u201cTerm life insurance isn\u2019t just less expensive than whole\u2014it\u2019s a lot less expensive,\u201d notes Allison Kade, the editorial director at Fabric, a site and app geared toward connecting parents with life insurance policies.<\/div>\n
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In some cases that could mean term life insurance that\u2019s \u201cclose to 20 times less expensive,\u201d she adds. \u201cA 30-year-old, non-smoking man in excellent health in Washington, DC, might get a quote of $460-plus per month for $500,000 of coverage on a whole life policy, according to a quote we got from State Farm, and only $24 a month\u201d for similar coverage though on a 20-year term through Fabric.<\/div>\n
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Fabric focuses on term policies, believing that if \u201cyou\u2019re looking to help protect the people who depend on you financially during the time they need you most, such as while you\u2019re raising young kids, term life insurance is the simplest and most affordable way to do that,\u201d Kade says.<\/div>\n
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The other pros of whole and universal life insurance<\/strong><\/div>\n
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While they come with much steeper premiums, universal and whole life insurance have other distinctive advantages. They\u2019re also by no means the same thing.<\/div>\n
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\u201cThe major benefit\u201d of permanent policies other than longevity, according to Silbert, \u201cis that they accumulate a cash value over time [with a set amount of interest] so you\u2019re able to borrow against it.\u201d In other words, you could access that cash in the form of a withdrawal or loan or even use it to pay down premiums (exact terms will depend on the specific insurance company and plan).<\/div>\n
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Whole life insurance is the most solid, and by the same token the most locked-in, option. Its \u201cpremium rates do not change over time, so they guarantee a strict payout,\u201d Silbert says.<\/div>\n
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\u201cUniversal life is similar to whole, with more flexibility,\u201d Kade says, meaning the exact death benefit and the amount and frequency of premium payments may be adjusted (subject to terms of the contract).<\/div>\n
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Premiums along with cash value on universal life can rapidly rise or drop with market conditions. But this avenue sometimes make sense for those who don\u2019t want to predict their exact financial situation years ahead of time. (Though, again, if precarious finances are a significant concern, term life insurance may ultimately be the way to go.)<\/div>\n
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So which life insurance plan is right for you?<\/strong><\/div>\n
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\u201cHaving any type of life insurance is a good choice to protect your loved ones from undue hardship after you die. So if you\u2019re just choosing between types, good job,\u201d Silbert says.<\/div>\n
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When it comes down to the brass tacks of buying a plan, it\u2019s crucial to shop around\u2014and do so with both immediate and long-term goals in mind. If you\u2019re attracted to the security of life insurance \u201cbut you\u2019re not able to contribute a lot of capital to a policy right now, term life insurance may be for you,\u201d Silbert adds. \u201cJust remember you\u2019re usually at your healthiest when you\u2019re younger, and premiums can change dramatically based on your age and health.\u201d<\/div>\n
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On the other hand, \u201cif you\u2019re ready to contribute to a more guaranteed policy and think the cash value of a permanent policy is a good investment vehicle for your personal situation, you should consider whole or universal life.\u201d<\/div>\n
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It\u2019s smart to think of such an investment as part of a broader portfolio. Sturdy investments in stocks, bonds, and mutual funds have their own unique upsides for the future even when death isn\u2019t in the equation.<\/div>\n
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Of course, if your brain is still feeling scrambled by the possibilities, know that there\u2019s help.<\/div>\n
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\u201cFind a financial adviser that you trust and have them take you through all of your options and potential scenarios,\u201d Silbert suggests. \u201cThey have explored so many different situations for their clients, and they can usually clarify any questions you will have.\u201d<\/div>\n
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https:\/\/money.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Few if any types of insurance are less talked about yet so critical than life insurance. Its significance is right there in the name: If the unfortunate fate we don\u2019t like to talk about suddenly and unexpectedly befalls you, life insurance is there to ease the process for all those around you after your passing.<\/div>\n
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We don\u2019t like facing down potential doom, but digging into the details of life insurance policies is paramount to getting optimal coverage. And as with any insurance, there are a lot of details to consider. Whether you\u2019re contemplating the options provided through your employer or other offerings on the private market, just the basic different forms of life insurance are enough to make you feel deeply uncertain.<\/div>\n
 <\/div>\n","protected":false},"author":2,"featured_media":3160,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"\nHow to Pick the Best Life Insurance Plan for Every Budget - Kyriakos Chatzistefanou<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chatzistefanou.gr\/en\/how-to-pick-the-best-life-insurance-plan-for-every-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Pick the Best Life Insurance Plan for Every Budget - Kyriakos Chatzistefanou\" \/>\n<meta property=\"og:description\" content=\"Few if any types of insurance are less talked about yet so critical than life insurance. 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