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Life Insurance Rates Policy Info

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What kind of life insurance rates should you get? It depends. What kind of life insurance policy are you looking for? There are two main types of life insurance policies: whole and term life insurance. Term life insurance policies are for those people who want to pick a certain coverage period. If you are certain that you want coverage period for a whole life time (till the insured reaches age 100), then the whole life insurance is more appealing to you.

In addition, here are some terms that you should familiarize yourself with before applying for life insurance rates:

Beneficiary: The person who receives the death benefit after the insured dies.
Death Benefit: The amount that the beneficiary receives once the insured dies.
Policy Owner: The policy owner can be the insured, but doesn't always have to be. The policy owner (as the name states) owns the policy, and designates the beneficiary. The policy owner also has the authority to make changes to the policy.
Premium Payer: The premium payer can be the policy owner or the insured, but not always. Basically, the premium payer makes premium payments on the life insurance policy.
Insured: This is the person who's life the policy is taken against.

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