Why Cheap Term Life Insurance in Ontario California?
Confronting your own mortality is never pleasant.
When we are young, single adults the idea of worrying about death seems morbid. Plus, since we are usually in good health at that age, it seems pointless to waste money on a monthly premium. But as we get older and assume more responsibilities, it’s necessary to start planning for the unexpected. Our decision is usually inspired by the birth of our children. The last thing anyone wants to do is leave their loved ones behind to face tough financial choices that could’ve been avoided. Life insurance is the most reliable way to safeguard your family’s financial future in the event of your untimely passing. The question isn’t whether or not you need life insurance but what type of life insurance policy you should buy.
The decision usually comes down to two main types of policies: term life or whole life. Term life provides coverage for a specific period of time. Whole life, or permanent insurance, can cover the entire life of the policyholder. Depending on your specific situation term life insurance might be the best bet; for instance, younger people tend to purchase term life insurance while older adults who no longer have children living at home and typically less debt are more apt to choose whole life insurance. There are exceptions to the rules. Term life may make sense for older adults who are unable to purchase a whole life policy or just need to cover their final expenses. A more affluent younger person may be interested in a whole life policy because of the cash value the policy accumulates, which may be borrowed against. Whether or not term life is the right choice is less dependent on your age than on your family and financial situation.
Most of the features that we will discuss here apply to guaranteed level term life policies since most people have this type of term life coverage. There are few different kinds of term life policies, each with unique selling points, that are worth looking at briefly:
Annual Renewable Term Life Insurance- This option locks the policyholder into a certain number of years of insurability, during which time a person may renew the policy on an annual basis without taking a medical exam each time.
Decreasing Term Life Insurance- The death benefit of this policy will gradually decrease over time. Someone who requires more coverage initially, perhaps due to the expense of having dependent children in the home or because they want their coverage to dovetail with their mortgage payment schedule which slowly declines over the years, may find this type of policy appealing.
Return of Premium Term Life Insurance- Provided they are still living when the coverage expires, holders of this type of policy will have their premiums refunded. In this sense, ROP offers some of the benefits of whole life since the policy does accumulate value.