Information About
PHILADELPHIA LIFE
Articles
Available Amounts for a Philadelphia Life Insurance Quote
For many people, requesting a life insurance quote is on their list of things to do. However, there are several factors preventing them from completing it, including not knowing how much to apply for in terms of life insurance.
In most cases, many people find themselves purchasing the standard $100 thousand or $250 thousand to take care of their family. However, the amount that you need should be equal to five to ten times your annual salary.
What this means is that most people are not receiving enough coverage with $100 or $250 thousand. Instead, it will only cover basic burial costs, outstanding debts, and such.
Many families in Philadelphia use their life insurance policy to pay final illness expenses, estate taxes, and for living needs for the following months or year after the loved one has passed. In some cases, a life insurance policy is also used as a type of inheritance for others in the family.
In addition to the amount of your life insurance quote, you need to determine the type of life insurance quote that you want. The two basic types of life insurance are term and whole. The type you pick will play a large role in the amount of your life insurance quote.
Term life insurance provides coverage for a specific period of time. The amount of time ranges from five years to 30 years or more. During that specified time period, the amount of your premium will not change. However, once your coverage expires, you will most likely experience a change in premium and coverage to match your current needs.
Whole life insurance, on the other hand, is a permanent or lifelong type of policy. As long as you continue to pay the premiums, you will be guaranteed coverage upon the death of the insured person. Whole life insurance has also been known to build cash value, which can be borrowed against or withdrawn in some instances.
The type of life insurance that you choose will often be dependent on your age, your overall health, and similar factors. In most situations, a medical exam is also required, as well as a determining factor whether or not you qualify for a specific type of policy.
Before you begin requesting a life insurance quote from any of the Philadelphia life insurance carriers, it is best to discuss with your family your needs and your wants for any given situation. Then, you can trust that the policy you choose is one that will be a lasting decision.
