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Life Insurance: What Am I Paying For?

Life insurance is a valuable insurance policy – even though it may not always feel like it! Does life insurance feel like a weighty outgoing each month, rather than a good value investment? After all, unlike a house or car, you’re buying peace of mind—rather than something you can physically touch. Premiums can increase over time and seem to fluctuate more than you’d like them to. A life insurance policy is designed to maintain your family’s finances when you are no longer there to do so. From paying funeral expenses, remaining debt, and your child’s college fund, life insurance is a policy that wholly supports your family. What makes life insurance premiums rise? Put simply, as long as you pay regular premiums to a life insurance company, then the policy should guarantee to pay out a sum of money if you die within the term of the policy. In essence, the greater your risk, the ... Read more