term life insurance versus permanent life insurance

Life insurance – The past 2 years of my life has been very hard for me. Not only that I’ve suffered from depression but the situation triggered an illness and made me sick. But now I must say that I finally recovered from that situation and I am feeling much happy and healthier now.

It’s very expensive to get sick these days because almost all the basic commodities are too high. But it would not be a problem at all if you have health insurance that will shoulder your medical expenses just in case you need it. The past 2 years of my life made me think that I must get a health insurance. I want to be prepared just in case something bad will happen in the future.

Before, I thought I was going to die. One day I woke up and I was having a hard time breathing. My heart rate reached 120 to 145 beats/min even I was just doing nothing. And that made me realize that health insurance is not enough. Bad things can happen anytime and I don’t want my family to have financial problems when that situation happen.

So now I’ve made a research everything about life insurance. I found out that there are many types of life insurance. If you are having a hard time in deciding what type of life insurance that you need then I think this will help you fully understand the difference of term life insurance and permanent life insurance.

Term life insurance is one option if you need to be insured for a limited period of time. It means that the life insurance company will shoulder the expenses for a certain period of time. The minimum term life insurance policy is one year and it’s up to you to decide if you still want to renew your life insurance to continue the said coverage. Knock on wood but just in case you died during that term, then the company will give all the benefits to your chosen beneficiaries. But worse case is that when you die the day after your term life insurance expires, then your beneficiaries would not get anything from the life insurance company.

Another option which I would recommend is the permanent life insurance. Permanent life insurance simply means you will be fully insured until you’re gone. Of course the benefits that you can get depends upon what you’ve paid for.Permanent life insurance will give you more benefits and that means the said premium would be much more expensive compared to term life insurance. You can get more benefits like higher cash value for the beneficiaries if the said program is maintained for a long period of time.

In buying life insurance, you must first fully understand what you’re going to pay for to avoid any hassles to your beneficiaries when the time comes that you’re gone.

You may want to read:

Things to consider in getting health insurance

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Tags: health insurance, permanent life insurance, term life insurance, term life insurance policy

This entry was posted on Tuesday, October 14th, 2008 at 6:55 am and is filed under Personal. You can follow any responses to this entry through the RSS 2.0 feed.