Imperial Valley News recently identified a few key points to help people decide whether life insurance is something they should purchase to protect their family's future, and if so, which type is the best fit for their needs.
According to the news source, life insurance protects family and loved ones from financial hardship that could occur after someone dies. While any life insurance is better than none, employee-sponsored life insurance usually offers coverage limited to one year's salary only.
In terms of expense, there are different options that allow most people to find an affordable plan. While whole life insurance plans offer a full range of benefits, term life insurance provides a specific benefit for a set period of time so the policyholder can save money while still providing protection.
E-Wisdom reported that term life insurance will provide the highest level of coverage at the lowest premiums because it is a death benefit and can only be claimed in the case of someone passing away. Typically term life insurance policies can be purchased in terms ranging from five to 30-year periods. Once the term expires, policyholders can choose to renew the term but at a different premium.