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There are two basic types of life insurance: term life or cash value life. Some policies have elements of both types. The terminology is confusing and it seems like the insurance companies like it that way. Term life pays a sum to the beneficiary when the insured dies during the coverage period. Term policies don't accumulate value over the life of the policy. You can renew most term insurance policies for one or more terms even if your health has changed. You may find that the premiums increase each time you renew the policy. Cash value life provides a variety of features and benefits in addition to the death benefit of a term policy. Cash value life insurance policies have a savings element built into the policy that accumulates over the life of the policy. The insured usually has the option to withdraw, invest or borrow money against the value of the cash value life policy. Term policies are usually less expensive than cash value life policies.

Life Insurance is a contract between the policy owner and the insurance company where the insurance company agrees to pay upon the death of the policy owner. The money is paid to a beneficiary that is designated in the policy. The purpose of life insurance is to help the beneficiaries maintain their standard of living after the death of the insured. Many experts advise that you should not view life insurance as an investment. They recommend you purchase cheap term life insurance and separately invest the additional amount that the whole life policy would have cost in a higher yielding investment. On the other side of this argument, insurance companies and whole life insurance agents will tell you that the whole life policies have an accumulation account which receives tax deferral. This accumulation account and the postponement of taxes serves as an investment. What they sometimes fail to fully disclose are the high fees and expenses of the policy that make it difficult to compete with the normal returns of a securities or other investment. As with many issues of debate, there is no clear answer. What is best for you depends on your tax bracket, the economic envirnoment, your ability to be disciplined about savings and other factors. Seek the help of an independent expert agent who can help advise you depending on your financial situation and needs.

Deciding how much life insurance you might need can be difficult. The amount of coverage you should purchase depends on your financial position, the number of beneficiaries that need to be supported and the number of years they will need financial support. A common rule of thumb is six to eight times the your annual gross salary. Keep in mind, there are many factors that need to be considered and this may or may not be the right amount for your family. For instance, if a substantial amount of your annual gross income is from unearned income or investments, then the amount coverage you need may be less. Unearned income is an individual's income derived from sources other than employment such as interest and dividends from investments or income from rental property. The key to determining coverage is the existence of dependents and the degree of that dependency. For most people, the need for life insurance will be highest after starting a family and will decrease over time as the children grow up and become financially independent.

Our customers come from Milwaukee, Madison, Green Bay, Kenosha, Racine, Appleton, Waukesha, Oshkosh, Eau Claire, West Allis, WI and other cities in The Badger State to find cheap life insurance and other coverage from top rated insurance companies. Our Wisconsin insurance agent and broker referral network can help you compare rates from the comfort of your home.