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Usually it's not about how much life insurance you need. It's just how much money your family will need after you have left. When buying a life insurance policy, it's important to choose the right amount of coverage. You don't want too much, you don't need to pay for the protection. Neither do you want too little to leave your loved ones under-protected.
A life insurance policy is an insurance company contract.
The insurance companies offer a lump-sum payment, known as a death benefit, to beneficiaries upon the death of the insured, in exchange for premium payments.
Life insurance is typically selected based on the owner’s needs and goals.
Term life insurance generally offers protection over a specified period, while permanent insurance provides lifetime coverage, such as whole and universal life.
It is important to note that death benefits from all life insurance types are normally tax-free on income.
Life insurance provides financial assistance after an insured's death to surviving dependents or other beneficiaries.
So here are a few examples of individuals who might need life insurance:
Insurers use rate classes, or categories related to risk, to determine your premium payments; however, these categories do not affect the length or amount of coverage.
Several factors, including overall health, family medical history, and lifestyle, determine your rate class.
For example, tobacco use would increase the risk and hence cause your premium payment to be higher than someone who doesn't use tobacco.
One important decision is to determine the right insurance coverage for your needs.
A professional can analyze how changing economic and personal situations can affect you, providing you with timely financial information – which will ultimately help you select the investments that suit your needs.
Our mission is to help you achieve your goals by showing you ways of protecting what's important to you, investing in your future, and preparing for your retirement.