This Maine life insurance guide is intended to help you decide upon a policy that will best suit your needs. You have to first learn about the two main types of life insurance in Maine so you can choose the one that is best for you.
The two main types of life insurance are whole and term life insurance There is a rather large difference between the two. It is important to understand the difference when choosing a policy so that you are able to get adequate coverage that will accomplish your goals as far as what you want from life insurance coverage.
Maine whole life insurance gives you permanent coverage and it has cash value. This means that you can borrow against it. Usually this type of life insurance also gains in value over time. The premiums are also usually fixed and will not go up over your lifetime as long as you keep current on payment. Whole life insurance will pay out to your beneficiary upon your death.
Maine term life insurance is temporary insurance. It will cover you for a specified period of time. You usually have the option of renewing the policy when it reaches the term end date. It does not have cash value and you can not borrow against it. The money you pay for the insurance is not reimbursed at the end of the term if there is no payout. The policy will pay out upon your death.
Some policies, both whole and term, will offer pay outs for different situations other than your death. You could receive a pay out if you are not able to work due to an illness or injury. You may also receive some type of payment for the loss of an appendage, digit or sense, such as sight.
You need to look at your policy carefully before signing it to determine the type of policy and the type of pay outs. You should have a goal in mind when buying your policy. Is it to help your family with expenses upon your death or as a safeguard in case something happens and you can not work? Do you want the policy to also act as an investment or offer a payout? Having a goal will help you to choose the best Maine life insurance policy for your needs.
Be sure that you compare rate from multiple insurance companies to find the best policy. Get started finding Maine life insurance quotes today!