Monday, November 3, 2008

Preparing for the Inevitable


Benjamin Franklin once said, "In this world nothing can be said to be certain, except death and taxes".  He is right.  Death is inevitable.  It will happen to everyone of us, and it will come unexpectedly.  For practical reasons, I am plannning to get a life insurance for protection of my son.

There are many forms of life insurance.  The simplest form and the most inexpensive is term life insurance.  It provides coverage for a limited period of time.  After that period, the insured can either drop the policy or pay annually increasing premiums to continue the coverage.  If the insured dies during the term, the death benefit will be paid to the beneficiary named therein.

There are a lot of insurance companies offering term life insurance policies.  Term life insurance rates depend upon the features of the policy and the length of the coverage.  Before making a choice, it is best to shop around and compare the rates to see which insurance company offers the best price for the best policy.  Companies which specialize in term life insurance coverage can help prospective buyers make their choice.


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