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MAIN
Your
Money Insurance
Life Insurance
Fact is
- with or without you ... life goes on.
But facing
the fact of your demise, and actually doing something about
it, brings priceless peace of mind when you actually consider
what circumstances your family might face when you're no longer
around...
There are
car payments and other monthly bills, (not to mention the kids'
tuition and the monthly mortgage) which may prove a considerable
hardship for your family when they no longer can depend on your
steady income.
Whether you
choose the more affordable term
life insurance, the traditional whole
life insurance, or whole life's more flexible but riskier
alternative, universal
life, most insurance companies can cover most or all of your
family's expenses long after you've thrown off this mortal coil:
Term Life
Insurance
Term
life insurance is so-called because its protection extends
on an agreed period of time (anywhere from 1 to 30 years),
including a death benefit payable only during the agreed term
of coverage.
Monthly premiums
for term insurance are usually cheaper than "regular"
or whole life insurance, and are renewable annually. Each time
you renew the policy, the payments increase, but in theory so
will your earning power - making term life insurance the more
affordable option for young families just starting out.
Permanent
or Whole Life Insurance
You'll have
to pay higher annual premiums than for term life insurance, but
permanent life insurance payments never go up, so in the long
run payments are actually cheaper.
In addition,
permanent or whole life policies build up cash value that you
can later borrow against in the event of a financial pinch.
How Much
Coverage?
As mentioned
above, life insurance policies can cover more than the burden
of your final medical bills or funeral costs.
Consider your
family's financial obligations in the way of mortgage payments,
your child's education, or other ongoing costs that may factor
into keeping your family solvent after your departure. Many insurance
experts will advise that the amount of the policy you purchase
should be anywhere from five to eight times your annual income.
Finally, as
with any insurance policy or financial service offered, it always
pays to shop around before deciding on the best deal on life insurance
protection.
On the Web,
find out more about life insurance with facts and information
on what type of insurance policy is right for you and your family,
advice for first-time buyers, and online tools and calculators
for acessing how much life insurance you really need...
Life
Insurance - Excellent intro to the subject from MetLife
with a discussion on purchasing the right amount of life insurace,
a Survior Needs calculator, more at Life
Insurance 101 with facts on term life and permanent life insurance,
glossary, FAQ, related links.
Insurance.com
Life Insurance Center - One-stop browsing for facts and
how-to's on the subject including tools and calculators, tips
for first-time buyers, ways to save on life insurance and lots
more in their article library.
LIFE
- Clear guide to various types of life insurance, needs analysis,
tips on purchasing a policy, glossary, printable consumer guide.
Financial
Guide : Life Insurance: How Much and What Kind to Buy
- Good overview, policy comparision table, printable worksheets
for calculating needs, suggested reading, related links.
Clarkhoward.com
- Life Insurance - The radio talk show host & consumer
guide with online updates and tips for selecting and buying term
life, whole life, long term care insurance and related info.
also
see related article -> Don't
Waste Money on Insurance You Don't Need
also
see -> Term
Life Insurance
Universal Life Insurance | Whole
Life Insurance
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