At Timetrust Financials, we assist our clients in taking a closer look at the various insurance packages existing in the market. Our experienced and licenced brokers have done a thorough analysis and discovered that this is one of the key problems affecting people of all ages.
As an independent company, we deal with various financial and insurance companies. Our partners realise that we are not under any commitment to sell any of their products. We assess our clients and tailor their insurance needs to achieve the maximum benefit. Whether you are looking to invest in a life insurance, mortgage insurance, travel insurance, car insurance or any other insurance, we guarantee you that we will get you the best quote.
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How much does life insurance cost?
There is no set price for life insurance. Insurance companies consider a number of factors when calculating your annual premiums. They consider the amount of the policy and its type. Your age and sex and your health and smoking history are also factors.
Types of insurance
There are two basic kinds of life insurance: term and permanent.
Term insurance is best suited to cover short-term expenses. These include paying off a mortgage or paying for your child's education. Term insurance gives protection for a specific amount of time, typically of 1, 5, 10 or 20 years or until the policyholder reaches age 65 or 70. Premiums remain constant during the term of the policy but increase if the policy is renewed. Benefits are paid only if the policyholder dies during the term of the policy.
Permanent insurance offers the best coverage for long-term expenses, such as replacing income lost to your family should die prematurely. There are several types of permanent insurance:
- Term-to-100 insurance is a special type of permanent insurance that has no cash value if you give up the policy. Premiums are normally payable for life (or to age 100), but could stop earlier.
- Whole life permanent insurance features premiums that remain fixed as long as the policy is in place. And the policy remains in effect for as long as premiums are paid.
Whole life policies build up cash value over time. This cash is paid to you in the form of dividends. These dividends can be used to lower premiums, to purchase more insurance or to pay for term insurance.
- Variable life policies maintain the premiums and the amount of coverage at fixed levels. Part of the premium goes into a cash value account and is then invested in securities. You can borrow money from the policy. But money cannot be withdrawn from the policy during your lifetime.
Life insurance is a good idea if you have children or dependants who depend on your income. An insurance policy eases their financial burden in the event of your death.
Life insurance is a contract between an insurance company and you, the person who bought and who holds the policy. This contract requires the insurance company to pay a specified amount in the event of your death. It also specifies a beneficiary, or the person who will receive that payment.