Short Guide on Getting Life Insurance this 2019

​Getting life insurance depends on factors like your age, income, and family status. Taking into account all these factors is essential in identifying which insurance product or program fits you best. Planning to get one this 2019? Here's a short guide to help you:

What is life insurance?
Life insurance is one of the long-term and life-long personal investments. This often includes home-ownership and health credit membership in exchange for the insurer's regular payment. Another feature that it has is that a lump sum payment will be given to the beneficiaries of the insurer in case of death of the policyholder. 

Term Life Insurance Vs. Universal Life Insurance
Now, after having enough background about what life insurance is, you now need to decide on getting a policy from the two types of life insurance: term life insurance and universal life insurance. 

• Term Life Insurance - This model offers financial protection for a fixed period, usually ten or twenty years. You have options on choosing a mode of payment. You can do annually, semi-annually, or monthly. If in case, the holder dies, the beneficiaries will receive a certain amount indicated in the policy. This usually ranges from $500,000 to $1,000,000. This model is commonly used by holders that undergo a critical life stage like buying a new car, a home, or sending kids to school. Since it's only on a fixed period, it's less expensive than universal life insurance. 
  
  
• Universal Life Insurance - This model includes life-long or longer period of protection, usually twenty years, thirty years, or longer. This is way more flexible and upgradeable. Meaning, you can tweak a few things depending on your current and future needs. This is also free of income taxes but is generally more expensive than the term life insurance due to covering a longer time period. 

Tips on deciding what type to choose
To know which type fits best for you, you can always make a self-study about it by following these easy steps:

1. Understand how companies compute costs. You can do this by computing the amount you are capable of paying, and the amount you think is enough to cover your financial protection. 
2. Figure out your current financial status. You can do this step by computing your monthly income, and deducting your existing debts and expenses. 
3. If still uncertain, consulting with an expert can be the best step to take. 

At Insurance Marketplace, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at  (541) 779-0177 or Click Here to request a free quote.