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About Life Insurance
Do I really need life insurance? People ask themselves this question all the time. Unfortunately, many people decide that it is not a necessity. Rather, they dismiss it as a luxury expense. This is often for 2 reasons. First of all, people fail to recognize the importance. Second, they overestimate the cost of life insurance policies.
In the big picture, it is crucial to remember that your life is the most important thing you have. It is clearly worth the investment of a small monthly fee. Consider the impact that losing you might have on your loved ones. Will they be able to manage financially without you? Will they be able to cover the costs of your burial and funeral? You have the ability to provide for your family in the event that the worst should happen. You can make sure they are taken care of with a reasonable monthly fee. Think of it as an investment! When you look at life insurance quotes, there are several different types to consider. Read on for details.
Term Life Insurance
A lot of people select term life insurance, because it tends to be less expensive. This type provides coverage for a specified time period such as 5, 10, 15, 20 or 30 years. Of course, once this time period expires, you then have to secure a new policy. This can be difficult if you have developed medical conditions. And, of course, increasing age means that you are statistically more likely to pass away, so premiums are higher. Consider your health and life expectancy. If a person chooses the 30 year duration option they have the longest period of coverage but that would not be the best for a person in their 20's. This means your policy would expire when you are around 55, when it is more expensive to get a new policy.
With term insurance, if a person dies during the 30 year duration, then the beneficiaries would receive the payout tax-free. If your investments aside from life insurance have been passed to beneficiaries, in most cases, the investments will be taxed prior to your loved ones receiving them. Term insurance is considered temporary insurance and may be beneficial for young people who can renew their policy easily every 5 to 10 years.
Whole Life Insurance
The next type of policy is whole life insurance. As the policy says it is in effect for your whole life, usually until age 100. Of course, this means you are continuously paying the premiums as long as you are alive. This is beneficial, because you do not have to worry about the policy expiring. An added bonus is that, when the whole life policy accumulates over time, it builds cash value which may be borrowed from the owner. The whole life policy may have substantial cash value after a period of 15 to 20 years and many investors have taken notice of this. In times of extreme monetary need, you could take advantage of this option rather than borrowing from a third party.
Take a look at some quotes and assess your needs to figure out which option is best for you!