Archive for the ‘Life Insurance’ Category
If you have a family, you need to be prepared for the unthinkable. You never know what will happen, and you do not want to leave your family in the lurch if it comes to the worst. Life insurance was designed for this eventuality. Life insurance pays out if you die prematurely. Just when your family would need it the most, they would have a large payment to take care of them through the difficult time. Knowing that they will be alright if you are gone should help you sleep a little bit better at night.
The type of insurance you need depends entirely on your situation. Are you young with small children? Are you older and retired with grown children and only a wife left at home? Whatever your situation, there is a policy type that will work best for you. And as you age, you can make adjustments to tailor your insurance policy to your changing situation.
For the young person with a young family and a limited income, term life insurance is the most reasonable policy to get. Term life insurance is pure insurance. You pay a premium and your family gets paid if you die. You do not get any money back for cancelling the policy. The monthly premiums are usually very low, especially if you are young. This is the easiest type of insurance to get, as it usually just requires you to sign up over the phone or on the Internet with no requirement for a physical exam. The terms are set up by age group. You buy a policy for a certain age group and pay the same premium until you are no longer in that age group. When your term is up, you can buy another term or you can find a different policy to suit your situation.
For the middle aged person who wants to invest and have insurance, you can buy a whole life insurance plan. These plans cost a little more than term life insurance plans, but they have a better return. The money you put in to the plan is invested by the insurance company who gives you a guaranteed rate of return. When the policy matures, you can cash it in and use it towards your retirement, or whatever else you need it for. If you die before the policy matures, your family will be paid a lump sum as if it were any other life insurance policy.
For the older person who does not have to worry about taking care of a family that will be left behind, final expense insurance is the way to go. Funerals are expensive. With the casket, the headstone, the burial plot, and the funeral itself, the cost can add up very quickly. Final expense insurance pays out a lump sum to your family so that they can take care of these expenses and not have to worry about coming up with the money from another source.
You never know what will happen. Preparing yourself with the proper life insurance policy now can save your family time, trouble, and heartache in the future.
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