A unit of life insurance is the minimum amount of life insurance coverage you can purchase, and an increase in your coverage will be a multiple of the basic unit cost.
If, for example, the life insurance company deals in units of $1,000 of life insurance coverage, you could purchase five units to receive $5,000 in total life insurance.
And, if each unit costs you $5.00 per month, then a $5,000 life insurance policy would cost you $25.00 per month.
Some insurers offering funeral plans like Colonial Penn and others offering small life insurance plans may charge a unit rate per $1,000 of life insurance coverage.
Before you buy your life insurance policy make sure to find out how long your rate is guaranteed to remain the same, or if the rate per unit ever increases in price after a certain period of time.
If, for example, the life insurance company deals in units of $1,000 of life insurance coverage, you could purchase five units to receive $5,000 in total life insurance.
And, if each unit costs you $5.00 per month, then a $5,000 life insurance policy would cost you $25.00 per month.
Some insurers offering funeral plans like Colonial Penn and others offering small life insurance plans may charge a unit rate per $1,000 of life insurance coverage.
Before you buy your life insurance policy make sure to find out how long your rate is guaranteed to remain the same, or if the rate per unit ever increases in price after a certain period of time.
RSS Feed
