$100,000 Life Insurance Policy
If you are looking for a life insurance policy that has a large cash value, you may want to go with $100,000 life insurance. This may be enough to take care of debt accumulated throughout your life and if you have a spouse and children, this should be able to take care of them for a while. Finding a $100,000 life policy may be a bit difficult, especially if you are older or have pre-existing health conditions. Some insurance agencies may offer this option without doing a health screening or will charge you more to obtain this coverage. When trying to figure out how much money you should get on a life insurance policy, you should take a look at your life; do you have a mortgage? Do you have multiple loans taken out? Do you have a family who needs to be taken care of? These all play a role in the decision-making process.
You will then need to calculate how much you owe on loans, bills, mortgage and how much money will keep your family stable until your spouse can take care of things. If a $100,000 life policy will take care of all of these, then it may be a great idea to begin searching for an agency. Finding $100,000 life policies might be difficult or even impossible, depending on your current situation, so you may want to go with term life insurance until you find a better option. With this coverage, you will purchase life insurance for either 5, 10, 20 or 30 years. It may be best to go with 20 or 30 year term policies, especially if you are older and don’t want to have to reapply for term life when your policy ends – by this time, your rates will soar due to age.