Choosing Your Life Insurance Policy
Reader’s Question:
I don’t understand much about life insurance but I surely know that it can help my family here in Louisiana so much when I do depart this life. I heard that I can choose between whole and term life insurance policies. In order for me to know what policy should I get, will you explain to me the differences of these two types of life insurance plans?
Phil
New Orleans, LA
Among the available life insurance policies, term life and whole life are the two types of life insurance policies that people choose from. As a beginner, a lot of people are having difficulties making a decision on which type of life insurance policy they have to get. But if these things will be explained to you, your choice for your life insurance Louisiana would be totally easier.
Term life insurance is a type of policy wherein your beneficiaries will get the death benefits if you pass away with a specified number of years (term), which is commonly 10-30 years. If you choose to get term life insurance, you will pay the premiums for the term period and if you depart this life during the term, your beneficiaries will receive the benefits. But if you pass away after the term life insurance policy expires, your loved ones won’t get anything. Term life insurance has lower rates and most people who get this are aware that at the end of the term, they probably have fewer obligations so they don’t need to have much coverage.
Whole life insurance provides coverage for your entire life so it’s a sort of an investment. If you think that you will have a lot of liabilities later on in life, this type of life insurance plan would be helpful. Also, if you have this for your life insurance Louisiana, you are making cash value on it that can be borrowed against or cash in before you pass away.
Gay Life Insurance Information
Reader’s Question:
Is it true that I will have very expensive life insurance rates since I’m gay?
Ralph Louie
Buffalo, NY
Good question. This is a very serious issue among many LGBT (Lesbian Gay Bisexual Transsexual) activist and the community as a whole. While it is true that some life insurers out there are not very “friendly” to the LGBT community and would slam people like us with quadruple the amount of premiums, there are still insurers out there who will be happy to provide you good life insurance coverage at an affordable prices. The trick is to be able to differentiate the former from the latter.
My suggestion to you is to work with local LGBT groups and advocates in your area to identify the gay friendly life insurers in your state. I also suggest that you use the free life insurance quote search on this website to help you find the best rates for gay life insurance policies on the market. This should help you maximize your chances of getting the right policy for you at the right price.
Of course you still need to make sure that you are choosing the right kind of life insurance policy. You should know who you’re trying to insure should anything untimely happen to you. Term life coverage is ideal if you are raising a child or paying mortgage and only need life coverage for a specific period of time. Whole life coverage is best if you are planning long-term and can five you a lot more benefits and policy features.