Life Insurance     

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If you ask an average person what LIFE INSURANCE means to them--many will say "it provides security for the family after a death". Many people does not understand that there are many types of life insurances.  We do not sell insurance and we suggest that you always consult with a licensed insurance agent regarding the best and proper policy for you.  There are many different types of life insurance available from many different companies.

The companies are all regulated by Federal and State regulators and it is always a great idea to do some checking to make sure the company you are looking at is in a strong financial position.  You are buying the company to pay you off in the future if something happens to you and you do not want your company to be having financial problems.

Life insurance pays out to a recipient in the event of someone's death, so basically is a way to give income upon a breadwinner's death. Life insurance pays out "cash benefits" to your beneficiaries. Beneficiary/beneficiaries are the people you name in your life insurance to receive money support.

Usually you can choose from lump-sum or monthly payments. A good life insurance does not just replace the loss of income, but it also gives money for funeral, tax, debts and covers payments for bills for a few months.

Types of life insurances:

Term life insurance: provides coverage for a specific term/period (1, 5, 10, 15, or 20 years) this is why it's also called the temporary insurance. This type of life insurance that is easier to understand for many people. It's this simple: if a death happens while being insured, then the policy will pay the beneficiary/beneficiaries.

Some people just want to be insured while their children are under the age of 18. Term life insurance covers you for a specific time, and if not renewed the term cancels. This type of life insurance gives you more for your dollar.

Whole life insurance: there is no end date to this life insurance, it covers you till you die. Upon the policy holder's death, the death benefit/policy face value is paid to the beneficiary/beneficiaries. Whole life insurance increases in cash value over the years.

After so many years, you can cancel the policy and receive the face value of the policy. At the same aspect, you can also borrow some cash from the policy, like a loan. So you're taking your own money out, but you have to pay it back. Many whole life insurance can be used as retirement income.

Universal life insurance: this is just like a whole life insurance, but gives you more flexibility. If you choose universal life insurance it protects you until death. Universal life insurance allows you to make changes within the policy ie: increase or
decrease death benefits or increase/decrease cash value.

Cash value is what the beneficiary/beneficiaries gets upon death. So, throughout the life of the policy you can make changes. You can also withdraw money, but remember to put it back or the death benefit will be affected.

There are also some factors to think while choosing a life insurance. Smokers are more likely to die first than a non-smoker. Life insurance companies takes this inconsideration, so that means that premiums are higher. Remember that your premium might increase upon renewing your policy.

There are many things to consider before choosing what life insurance you want or what life insurance company you need. Most life insurance company's websites allows you to calculate a quote before talking to a representative.

Having life insurance will benefit your family, children, parents, siblings, love ones upon your death. Don't leave your loved ones with heartache and debt. So please think about them!

 

 

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