30 year old female $1,000,000.00 in Life Insurance 20 year term
$38.85
30 year old male $1,000,000 in Life Insurance 20 year term
You should consider term life insurance if:
You need life insurance for a specific period of time. Term life
insurance enables you to match the length of the term policy to the
length of the need. For example, if you have young children and want to
ensure that there will be funds to pay for their college education, you
might buy 20-year term life insurance. Or if you want the insurance to
repay a debt that will be paid off in a specified time period, buy a
term policy for that period.You need a large amount of life insurance, but have a limited
budget. In general, this type of insurance pays only if you die during
the term of the policy, so the rate per thousand of death benefit is
lower than for permanent forms of life insurance.
Unlike permanent insurance, you will not build equity in the form of
cash savings.
Keep in mind that premiums are lowest when you are young and increase
upon renewal as you age. Some term insurance policies can be renewed
when the policy ends, but the premium will generally increase. Some
policies require a medical examination at renewal to qualify for the
lowest rates.
You should consider permanent life insurance if:
You need life insurance for as long as you live. A permanent
policy pays a death benefit whether you die tomorrow or live to be 100.
You want to accumulate a savings element that will grow on a
tax-deferred basis and could be a source of borrowed funds for a variety
of purposes. The savings element can be used to pay premiums to keep
the life insurance in force if you can’t pay them otherwise, or it can
be used for any other purpose you choose. You can borrow these funds
even if your credit is shaky. The death benefit is collateral for the
loan, and if you die before it’s repaid, the insurance company collects
what is due the company before determining what’s goes to your
beneficiary.
Keep in mind that premiums for permanent policies are generally
higher than for term insurance. However, the premium in a permanent
policy remains the same no matter how old you are, while term can go up
substantially every time you renew it.
There are a number of different types of permanent insurance policies,
such as whole (ordinary) life, universal life, variable life, and
variable/universal life.
American
General Life Companies - American
National - Western
Reserve Life
West
Coast Life - First
MetLife Investors Insurance Company - John
Hancock ING
ReliaStar Life Insurance Company - Lincoln
National Life Insurance Co. Prudential
Financial -
Transamerica
Financial Life Insurance Co.
