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Life Insurance

Life Insurance Policies

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LIFE Insurance – Customer-friendly

There are many types of insurance policies that can be purchased for your protection, but perhaps the most important is LIFE INSURANCE. The following are among the most important things to know about this type of insurance.


The nature of this insurance

This type of insurance will pay a cash benefit to the beneficiary named in the policy upon your death. These policies can cover most all incidents of death, and are available throughout a person's life.


There are two basic types of policies to choose from

Although there are many variations in policies, the two main types are term life and whole life. Term refers to a specific time period that the policy is active. When this period has expired, the insurance is no longer in effect. However, you can purchase another policy. The second type is a whole-life policy. This type of policy is more of an investment as it builds up cash value over time, so in your retirement years, you can sell it for its value.


Why you need this type of insurance

There are two main reasons to have a policy. The first is that you are the primary income producer for your family. If you die, then your loved ones will suffer financial hardship. The second reason is that you do not want to burden your loved ones with the funeral expenses when you die. This type of policy is ideal for older people with few assets.


Benefits to your loved ones

If you plan on sending your children to college when they are older, having a policy can cover this expense. It can also mean your family can stay in their home, because the mortgage will be paid off. In short, a policy will protect your family from financial hardship if you die. Although some insurance is paid in a lump sum, it is possible to arrange payments over the course of several years too.


You should take the time and think about the consequences of your death to other people. If there is a chance that one or more people will suffer hardship after you die, you should seriously consider buying a LIFE INSURANCE policy.

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