Q&A: what are the different types of life insurance?Which company are you with and you think that is good?
Question by seeking: what are the different types of life insurance?Which company are you with and you think that is good?
which company is good in NY?
Answer by the_dude
The major types of Life Insurance fall into the following categories:
Term, Whole Life, and Univeral Life.
The plan you select depends upon what you intend to do with the Life Insurance, and how much you can afford. Believe it or not, many people use Life Insurance as an investment tool.
As far as companies, one company may be very good for me, but lousy for you.
This is because companies rate you on a variety of factors, including but not limited to:
Age, marital status, driving record, credit score, health, where you live, children or no, and hobbies you have. (The industry calls them avocations- some, like skydiving, may be considered a risk)
You can see that because these factors can apply to many different people, companies have different standards for who they accept, and how much premium you’ll end up paying for the ccoverage you need.
The best thing to do is find a broker- this is someone who works with many companies, and therefore can inform you of the pros and cons for each depending on your situation.
It’s a good idea to let them know what you want the insurance for, and how much you want to spend. Be firm, but flexible. They do work on commission, and will try to get you to spend as much as possible.
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