New Year, New Life Insurance Coverage

Happy 2013. The new year means that many people will be making New Year’s resolutions to have a better 2013 than 2012. One of the things that people may want to consider to improve their quality of life is getting a new life insurance policy, or increasing their life insurance coverage.

Several benefits with life insurance

There are many benefits to ringing in the new year with new life insurance coverage. First off, you will be able to potentially financially protect your loved ones. Imagine what would happen if you were to pass away without a life insurance policy. Not only would your loved ones be left bereft by the loss of you, struggling emotionally without you, but they could face a huge financial hit. Without your paycheck, not to mention the cost to hold your funeral and to bury you, your significant others, and your offspring, could suffer financially, too.

There is also the potential peace of mind that is involved when it comes to having a life insurance policy. Instead of worrying about how your loved ones will do without you, you can be assured that they may be taken care of financially if you were to pass away.

In addition, if you are married, both of you having a life insurance policy can ensure that if one of you were to die, the other person would be covered financially, and that you would have the ability to have a funeral and burial paid for.

Several types of life insurance

There are two different main types of life insurance – term life and whole life. Their names give an indication of the type of coverage. Term life insurance would cover you for a term or time period. There are term life insurance policies available from 1 year to 30 years or more. Whole life insurance would cover you for your whole life. It is a lifetime policy.

Generally speaking, term life insurance can be significantly cheaper than whole life insurance, because it is for a set time frame.

In addition, some whole life insurance policies have an investment  component, which can add to the expense of the insurance, but give you an investment for your future. It is up to you as to what type of life insurance you would like to have, whether it would be term life or whole life insurance. Good luck this new year.

Lisa Swan writes on life insurance topics for sites like Best Life Insurance Deals.