Here are the basic types of life insurance you should know before choosing one:
Permanent life: Offers lifelong coverage that doesn't expire so long as the premiums continue to be paid. This type of life insurance also typically has a cash value component that grows over time. However, these policies are usually much more expensive than other types of life insurance such as term.
Term life: Provides coverage for a specified period of time or "term", often between 10 and 30 years. Term life insurance typically allows a policyholder to provide a larger death benefit for a much lower premium than permanent life insurance. Some term life insurance policies allow the policyholder to extend the term or convert it to permanent coverage. Coverage ceases when the policy term ends.
Final expense: If you’re older or require protection for burial or other end-of-life costs, final expense insurance is reasonable and easy to qualify for.
How do I pick the right life insurance?
First, you have to consider these questions,
These questions might help you evaluate how long your loved ones will require coverage and which policy is best. Use our life insurance calculator to determine coverage amounts and understand how long you should have life insurance coverage.
When it comes to protecting your family’s financial future, life insurance is a crucial consideration. That’s why we’ve partnered with Ladder to make simple, affordable and flexible term life insurance available to Nudge Money customers.
Ladder makes it easy to apply for coverage. You can do it online in as little as 5 minutes, with no medical exam, only health questions asked, for up to $3M in coverage. The policies are uniquely flexible and adjustable as your needs change so that you’re never overpaying for more coverage than you need. Start your application