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Basic Information on Life Insurance: What Options Do You Have

As you gather information on life insurance, our website here at Spectrum Direct is a good place to start. You'll find that as you learn more, your wants, needs, and budget for life insurance will become clearer. Soon you'll be able to make an informed, educated decision on what type of insurance to purchase and how much coverage you should get.

Life insurance provides benefits in case you die while you are covered by the policy. The insurance policy is for a dollar amount that will be paid to your beneficiaries in the event that you die while your policy is in effect. If you have people who depend on you for income, you probably need information on life insurance. Getting a life insurance quote from a company like Spectrum Direct will show you the options available to you and how much your premiums will be each month. Premiums depend on variables such as age, gender, occupation, and medical history.

There are basically two types of life insurance policies: term and whole. Universal and variable insurance policies are subcategories of whole life insurance. Term life insurance provides coverage for a specific period of time. When the term is up, you can usually renew the policy, but your premiums could be much larger than they were initially.

With whole life insurance, you can accumulate some benefits while you are still living. For example, your policy can accrue a cash value which you can borrow against. It is also an investment vehicle that can augment your retirement savings or pay for your child's education.

Other Types
Universal life insurance is another type of permanent life policy. It is a flexible policy where you can choose the benefits according to your current needs and change them at different life stages. Many times, you can also choose your premium, and if you skip a payment, it will be deducted from your death benefits. As with whole life insurance, with universal insurance you can borrow from its cash value.

Finally, there is also variable life insurance. This type of policy allows you to tie your life insurance value to the value of the financial markets. You can decide how the money is invested and your cash value can grow faster. However, if the market is poor, your death benefit could also lose value. With variable insurance, you can also borrow against its cash value.

Keep browsing our site for more information on life insurance or a life insurance quote. When you have questions or are ready to speak to a representative about information on life insurance, feel free to call us. We are eager to help you protect your family's needs by planning in advance.

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