Term and Whole Life Insurance Policies
Reader’s Question:
I need help in choosing the right life insurance policy for me here in California. I was told that I can go either with term or whole life insurance, what is the difference between them?
Gavyn
Salinas, CA
Term life insurance versus whole life insurance is quite a famous issue in terms of life insurance. Term life insurance policy is agreed upon a specified length of time, or what is called term, is being paid out if the policyholder dies with the term period. Term life insurance plan could be renewed if needed prior to its expiration, but at the end of the term, the policyholder normally loses almost all of the premiums paid for the life insurance plan.
In general, whole life insurance policy begins while you’re young, and it increases in value over time. The face value of this type of policy is worth after a specific time, and the cash value, or the amount your beneficiaries would essentially receive, is what you have paid in over time. Over the years, the premiums of a whole life insurance policy increase. But you could come across average whole life insurance policies that would let you pay the same premium for your whole life, if you are willing to pay higher rates in the beginning.
In essence, term life insurance versus whole life insurance is the difference between buying a life insurance plan for five, 10, 20 or more years and buying a life insurance plan when you were still young until you pass away without the need to renew the plan or be concerned about policy lapses.
Your Guide To Senior Car Insurance
Reader’s Question:
I’m helping my grandpa to get his senior car insurance here in California. I am not a senior driver yet so I don’t know what we can do to get low cost insurance for him. Can you help me?
Len
Sacramento, CA
Hello Len! It’s nice to know that you’re helping your grandpa in getting his senior car insurance. Before you get one, make sure to consider these things first:
- The kind of car insurance coverage that your grandpa wants.
- Where you would purchase the car insurance – through the insurer or through a broker?
- Things that can help you get and maintain lower car insurance rates for your grandpa.
Of course you would want to get the required liability insurance coverage in the state of California and that would include:
- $15,000 for injury or death for every person.
- $30,000 for injury or death of more than one person.
- $5,000 for property damage.
You may also consider getting optional car insurance coverage like Medical coverage, Uninsured/Underinsured Motorist, Uninsured Motorist Property Damage, etc. depending on your grandpa’s need.
Now, you may want to consider getting your grandpa’s senior car insurance directly from the insurance provider through the Internet since that would be easier on your part. It’s also free of charge, and of course, you can possibly find the lowest car insurance rate from there if you will just compare insurance quotes wisely.
Meanwhile, to help you get cheap senior car insurance consider these:
- When you shop for car insurance quotes, get higher deductibles;
- Tell your grandpa to get mature driving course since this would lower his insurance rates;
- If your grandpa is driving an old car, don’t get Collision and/or Comprehensive coverage;
- Lastly, explain to your grandpa the importance of driving a low profile car in getting low car insurance rates.;
Those are helpful things that can help you get low cost senior car insurance for your grandpa. I hope I was able to help. Good luck!
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