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The right type of insurance coverage can help protect a person's family and assets. Life insurance is a vital type of protection. Here's everything consumers need to know about life insurance.
Life insurance is an important purchase for anyone who:
Someone who provides for a family needs life insurance. If they pass away and their income disappears, without life insurance, their loved ones could struggle to pay the bills. But someone who provides services needs coverage as well. A stay-at-home parent provides valuable services, which someone might need to be paid to do upon their death.
Even individuals who do not currently have people depending on them should consider whether they will need coverage in the future. It is easier and cheaper to buy coverage when young and healthy. Those who wait until they have dependents and need coverage may develop health issues in the interim that make coverage harder or more expensive to get.
Here are the key components of a life insurance policy.
RELATED: See The Ascent's guide to life insurance beneficiaries.
Learn More: Check out The Ascent's guide to cash value life insurance.
Here are the most common types of life insurance.
The life insurance cost can vary depending on policy type, age, health status, and whether someone is a smoker. Average costs of a term-life policy could be around $30 per month if purchased as a healthy young person or could be over $1,000 per month for an older smoker.
Whole life insurance premiums could be between five and 15 times greater than term life policies for coverage with a comparable death benefit amount.
Before you commit to a life insurance policy, take a look at our lists of some of the best options out there:
Here are some reviews of life insurance companies:
Check out the following articles to learn more about life insurance.
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