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What You Should Know about Life Insurance
insurance is financial stability for you, your family and loved ones. A life
insurance policy helps to ensure that your dependents will have the financial
resources needed to protect the home and the income needed to run a household
when you die.
Life insurance is financial protection. The number one reason most people purchase life insurance is to replace income that would be lost with the death of a wage earner. A most important feature of life insurance is that the proceeds are tax-free. Life insurance can play an important role in estate planning, cash accumulation, retirement funding, and the transfer of wealth to your beneficiaries.
or Permanent: What Type of Life Insurance is Best?
How much insurance do I need? What
would my dependents need to live comfortably if I should die? How much can I
afford to pay for a policy? Can I afford the premiums for the life insurance I
I looking at life insurance to offer more than replacement of wages or income?
Am I looking for ways to fund future education costs, to pay estate taxes, to
supplement retirement or fund emergencies?
Is the life insurance company I am considering financially secure? How is the
company rated by industry experts, does the company have an acceptable claims
payment history, and competitive prices?
Benefits of Term Life Insurance
Cost less than permanent insurance.
While term policies are in effect, you
are typically offered the right to convert to a permanent policy without
evidence of insurability, the statement of information required by insurance
companies that proves you are an insurable risk.
You can purchase a large amount of term
insurance to complement your permanent policy at the lowest possible cost.
Benefits of Permanent Life Insurance
Premiums remain constant over the
lifetime of the policyholder.
Death benefits to be paid no
matter when you die. Some insurance companies allow death benefits to be
advanced to provide for nursing care and expenses for terminal illnesses.
Opportunity to accumulate cash
value, tax deferred.
Opportunity to withdrawal or borrow accumulated cash value.