Life insurance is the most necessary insurance to protect your future. In the event of your death, your life insurance will provide compensation to your heirs.

Variable Payment Life Insurance

This type of insurance pays out a lump sum at the time of death.  Its price changes every year or every five years. It is the cheapest option until you reach age 50, at which point it becomes very expensive.  Use of this option in combination with other life insurance policies can reduce your costs considerably.

Fixed Payment Life Insurance

This insurance type also pays out a lump sum at the time of death, but its price is fixed for the entire term of the insurance. It can be purchased until the age of 75.  While it may seem expensive initially, over the years it will be much less costly than the variable payment option, up to 50% cheaper.  The right combination of fixed and variable payment policies will allow you to save on life insurance.

Annuity Insurance

This type of insurance is paid out as a monthly annuity after the policy holder’s death. It allows for advance planning as to how much income your family will receive monthly in the event of a disaster.  It has a predefined period, so the cost of the insurance decreases each year, but the payout amount can be increased without proof of health status. When used in combination with a lump sum policy, annuity insurance will ensure that your family will have financial stability in the event of the worst.

Mortgage Insurance

This is a variant of life insurance that pays off your mortgage in the event of your death. It is required by many banks in order to get a mortgage.