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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. Most people believe that life insurance is something that you don’t worry about until you are older. The reality is that anyone who has dependants should have a life insurance policy.

There are basically two types of life insurance: term life or cash value life. Some policies overlap and include elements of both. Term life insurance pays a sum of money to the beneficiary when the insured dies during the coverage period. Term policies do not accumulate value during the life of the policy. Under a term policy, you purchase coverage for a specific price that covers you the number of years you elect. If you die during that time, you beneficiary receives the value 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. Some policies lock in the premium for a guaranteed term but the premiums will generally be higher the longer the term. 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.

If there are people who depend on you financially having a life insurance policy will protect them if your earnings are no longer available. Determining the amount of coverage you need can be difficult. It really depends on your financial position, the number of beneficiaries that need to be supported and the number of years they will need financial support. Most experts recommend six to eight times the your annual gross salary, but this may or may not be the right amount for your family depending on your circumstances. For example, if much of your annual gross income comes from unearned income or investments then your coverage requirements might be lower. Unearned income is an individual's income derived from sources other than employment. It includes income from interest and dividends on investments and income from rental property. Normally your beneficiaries would continue to receive unearned or passive income if you were disabled or deceased. However, if there is any debt associated with the investments that are supplying the unearned income portion of cash flow, those debts should be factored into the calculation of need. The key to determining the right amount of 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.

Once you determine what type of insurance is right for you, use a non-biased third-party service to request quotes from local insurers, agents and/or brokers. Choose the kind of policy that has benefits that most closely fit your needs. To ease the process and help you make the best decision for your family, we can connect you with top agents who will answer your questions and compete for your business. Our customers come from Salt Lake City, West Valley City, Provo, West Jordan, Sandy, Orem, Ogden, UT and other great cities in The Beehive State to help your find cheap life insurance. Our Utah insurance agent network can help you compare rates from the comfort of your home.