Life Insurance.?

Question

Me and my partner would like to get life insurance.I'm 22 and my partner is 50. We don't know where to start. We don't 100% understand how it all works or what companys are best.

Answer 1

Well there are two main types of Life insurance, Term and Whole Life.

Term offers you a cheaper rate, but is like renting an apartment.  At the end of your term you walk away with out recieving any of  your premium back (there are some waviers that allow to get your money back, but will result in higher monthly payments).

at the end of your term you would need to buy another term policy.  However you'll now be 10, 20, or 30 years older and at a much higher rate.

Whole Life policies are more akin to buying a home.  They cost more a month initially, but remain at the same premium level for the whole of your life.  These policies also build cash value (like equity), so if in 20 years you decide to cancel the policy, you'll recieve a large chunk of money back.

Term policies are cheaper now, but will go up.

Whole Life  policies are more costly now, but will remain a level price.

Answer 2

I would check out this blog:  a good website that explains the difference in life insurance (and some other stuff). Look at the column on the left and click on "Everything you need to know about life insurance."

I've found some good information here too...

http://insurance.deal4-you.com

Take care.

Answer 3

Whatever you do, don't buy whole life insurance.  Only buy term-life.

Answer 4

Try the yellow pages...there are tons of guys in there...don't take the first program...shop around

Answer 5

Go to Yahoo Finance, click the Personal Finance tab and read about life insurance.

Answer 6

Wise move, considering the age difference. The idea behind life insurance is to help a partner cope with the sudden loss of income if you die prematurely. To get the best kind of insurance for your (very different) situations, speak with a broker. A broker works with several companies and can determine the best coverage and price. It will save you tons of time in research. To find a broker in your area, log onto a website like http://www.lifeinsurancewiz.com and fill out a form requesting a free quote.