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Life Insurance

Life Insurance is Important

Life insurance provides financial assistance to your family once you’ve died. It preserves your family’s way of life so they will be able to survive with you gone. At the least, the policy should cover burial fees and medical costs.

This policy is great for you if you have dependants who you don’t want to suffer financially when you die. You cannot count on the government or anyone else to care for your family. Life insurance is a great way to provide for them one last time.

You start by selecting a policy that suits your needs. Then you pay monthly or annual premiums to keep the policy active. When you die, your insurer will pay your family or anyone named as a beneficiary, the amount specified in the contract.

Types of Life Insurance

Universal is a permanent policy that provides lifetime coverage. You can lower or raise the premiums for the duration of the policy. This is a life coverage policy, so the premium payments are usually higher.

Term offers financial protection for a specified duration. It may last for 20 years or more, but at a certain point you will not be able to have this type of policy. The premium rates remain the same for the selected coverage period. This policy is one of the least expensive.

Whole is a permanent policy. Premiums are fixed and cannot be changed. This policy doubles as a savings account for the insured. It also accumulates tax-deferred with time. This can help you save money and increase what your beneficiaries will receive. If you want to save money, then this policy is probably good for you.

Your best bet is to speak with an insurance agent for more information. Choosing the best life insurance policy is a big deal.






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