Interested in Life Insurance? Now is the Time! - Ami Ahuja

Interested in Life Insurance? Now is the Time!

life insurance

Many people debate whether they want to purchase life insurance. For someone who is young and healthy, it may seem unnecessary or daunting to think about getting sick and passing away. In these uncertain times, though, it is always better to be prepared and not have to worry should there be a life-ending illness. There are many different types of life insurance policies available. Financial professional Ami Ahuja is here to make getting insurance a painless process. She will help you understand the pros and cons of different types of policies and determine what is best for you and your family. Read on to learn about two types of life insurance: whole and term life insurance.

Term Life Insurance

Term life insurance is the most straightforward option. It provides coverage for a certain amount of time, usually between 10 and 30 years. If you think you might need coverage in this time frame, a term policy is the way to go. This is a great way to cover those who haven’t built up a savings safety net yet and would need the financial help if one spouse were to pass away. This plan also works well for those seeking out an inexpensive option. With term insurance, the cost is typically about 5 times less than other types of policies. The cost of term life policies increases with age. Also, if you happen to live past the end of term, you will need to renew the policy. A lot of term life insurance policies have a conversion option that people pay for in case they think they will want to switch to a whole life policy at some point. According to nerdwallet.com, this is something to think about if you are in a better position to afford whole life insurance as you get older or if you are thinking about estate planning.

Whole Life Insurance

A whole life insurance policy is a form of permanent insurance. This type of policy does not expire and will last until the policyholder passes away. A benefit of whole life insurance is that it has cash value outside of the death benefit. This is perfect for those who are concerned about leaving their family an inheritance. It is also a good policy to have if a person has a dependent for life, like a special-needs child, who will need care after they pass away. It usually takes 12-15 years to build up a cash value. The cash value is equal to how much the investment is worth. A whole life insurance plan has more expensive premiums than term life insurance, but over time the policyholder can end up saving money.

Contact Ami Ahuja To Discuss Insurance Policies

Now is a great time to consider purchasing a whole or term life insurance policy. Remember, even if you are young and healthy, insurance provides a safety net for your family should the unthinkable happen. Ami Ahuja is happy to help you find an insurance policy that works for you and your family. For more information, contact Ami today.

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