Term Life or Whole Life options explained
Life insurance pays benefits to policy beneficiaries on the death of a covered person. Some policies develop value over time and can be cashed after a certain time. Term life insurance offers benefits for only the term of the policy – say ten years. Whole life insurance may develop a balance that the owner can draw upon.
Most offers for term life insurance are simple and are easy for companies to offer online. Most companies in the marketplace offer term life.
Be prepared for a physical exam for covered individuals. These exams are arranged by the insurance company after you have applied for coverage and may consist of blood tests, vital sign measurements and a review of medical history. Usually the company will cover these costs and will often perform the tests in your home for convenience.
Certain types of policies have some tax advantages. This means that the cash benefits from a policy may not be taxed by the federal or state government. Check with your accountant to be sure if you qualify for tax benefits.
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