Life Insurance Coverage Options for Your Husband

Getting life insurance for your husband could be one of the most important purchases you ever make for the well being of your family. In many cases, the husband is the sole provider for the family or at least contributes a good percentage of the income. If something were to happen to them without life insurance, your family could be financially devastated. Getting a good life insurance policy for your husband should be at the top of your priority list. Here are a few options that you can look at to insure your husband against the unexpected.

Whole Life Insurance

Whole life insurance has been around for many years and it is still one of the most popular life insurance plans out there. A whole life insurance policy offers several distinct features that are not always present in other plans. The most important feature of whole life is that it is considered a lifetime policy. Other policy types lapse after a certain date, which can lead to a time period of not being covered. In fact, if your husband dies after a term policy lapses, it would be like you never had life insurance at all.

Another key feature of whole life insurance is that it actually accumulates cash value as you go. This is a great feature to have as you get older and gives it an investment aspect. If you come upon hard times, it is nice to have a source of savings to fall back on. You can cash out the policy if you need to or access the funds through a policy loan. Regardless of how you get the money, it's nice to have a little nest egg building as you pay your premium.

Term Life Insurance

Another popular life insurance policy is the term policy. This is not a lifetime policy as it has a set period of time that it goes for. For example, when you get the policy, you decide ahead of time how long you want it for. If you choose a 20 year policy, the policy will last for 20 years. After that, you lose any benefits you had.

The big advantage to a term policy is that it is significantly less expensive than whole life insurance. Term life insurance only provides a death benefit for your husband during the term of coverage. There is no investment aspect or cash value to grow. Therefore, you only pay for the death benefit, which is really what life insurance is all about.

Many investment gurus believe that term insurance is superior to whole life insurance. They say that you should get a term policy and invest the difference between term and whole on your own. Most of the time, you will be able to gain a higher interest rate than you would with a whole life insurance policy. You would also have access to the money whenever you may need it.

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