Well, if you search this question using Google, then the answer to the question “What is life insurance?” is: “insurance that pays out a sum of money either on the death of the insured person or after a set period.”

It is the simplest way of putting it. Why then doesn’t everyone have life insurance? A major reason is that purchasing the right policy is not as simple as the definition above. The life insurance market present you with many companies, which provide many products. Each of those products differs in terms and conditions, as well as price. Every product created by the insurance companies is intended for a different target group.

We are life insurance brokers and it is our job to help you understand, which life insurance product best suites your current needs. Let’s take a look at ways of approaching this issue.

Term vs Whole Life

One of the first questions that comes to mind of people we talk to is, “Term or While Life Policy?” Clicking on the link will take you to a separate article we devoted to this topic. Essentially it comes down to do you want to rent or own your policy? Various policies have multiple benefits and you must always well define whether you are getting a policy as portfolio diversification or for the death benefit.

Juvenile Whole Life Insurance

A policy can also be setup for your children, which will allow you to set aside money for their future. An  example can be a college fund, which at the same time secures their insurability in the future.

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