Car Insurance Vs Life Insurance.
Auto or Car Insurance :
It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage: Property coverage pays for damage to or theft of your car.
Life Insurance :
It is insurance that pays out a sum of money either on the death of the insured person or after a set period.
A life insurance policy is purchased to protect against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
You would never go without car insurance...and legally you can't, yet there are thousands of people without life insurance. Which is more expensive? and which is more beneficial? Below are my actual policies and their coverage. You decide.
CAR INSURANCE
A car insurance policy is purchased by vehicle owners to mitigate costs associated with getting into an auto accident.
(Illustration)
Auto or Car Insurance :
It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage: Property coverage pays for damage to or theft of your car.
Life Insurance :
It is insurance that pays out a sum of money either on the death of the insured person or after a set period.
A life insurance policy is purchased to protect against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
You would never go without car insurance...and legally you can't, yet there are thousands of people without life insurance. Which is more expensive? and which is more beneficial? Below are my actual policies and their coverage. You decide.
CAR INSURANCE
A car insurance policy is purchased by vehicle owners to mitigate costs associated with getting into an auto accident.
(Illustration)
My car insurance premium is $46/month. My policy coverage:
Bodily Injury Liability - $100,000 per person/$300,000 per occurrence
Property Damage Liability - $100,000 per occurrence
Deductible - $500
If I get into a car accident, I can repair my car after paying the $500 deductible. If my car is totaled, I will be paid out an amount by my insurance company to replace my car based on their determination of the worth of my car.
LIFE INSURANCE
A life insurance policy is purchased to protect against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
My Lincoln life insurance policy premium is $26/month. My policy coverage:
Death Benefit - $500,000
Deductible - $0
If I should pass away, my son will receive $500,000 income tax free...I'm worth much more than that according to my son.
You can probably get by without a car. Could your family get by without your income or you?
Bodily Injury Liability - $100,000 per person/$300,000 per occurrence
Property Damage Liability - $100,000 per occurrence
Deductible - $500
If I get into a car accident, I can repair my car after paying the $500 deductible. If my car is totaled, I will be paid out an amount by my insurance company to replace my car based on their determination of the worth of my car.
LIFE INSURANCE
A life insurance policy is purchased to protect against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
My Lincoln life insurance policy premium is $26/month. My policy coverage:
Death Benefit - $500,000
Deductible - $0
If I should pass away, my son will receive $500,000 income tax free...I'm worth much more than that according to my son.
You can probably get by without a car. Could your family get by without your income or you?
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