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Life Insurance

Life Insurance Policies

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Introduction to Life Insurance

There are several kinds of offerings of life insurance policies, all of which can be bought for both you and your loved one’s protection. The following is a quick rundown of kind of insurance coverage.

Who needs it?

This type of insurance protection can provide a significant payout of cash to a named policy beneficiary should the policyholder pass away. This insurance can compensate for just about any incidents of death, and many of these policies can be utilized throughout a policyholder’s lifetime.

The two essential types of policies

There is a wide variation in policy specifics but nonetheless, there are really just two main types of coverage. One is called “Term Life” and the other “Whole Life.” "Term", as the name suggest, will cover a policyholder and the beneficiaries for a specific period of time in which the policy is active. Once the period comes to an end, the insurance protection ends and the person must then purchase a new policy should he or she desire to continue with having the protections. The second type, often known as “Whole-Life” will also come with the added benefit of functioning as an investment vehicle as it accrues cash value over a stretch of time. This kind of a policy offers far more flexibility and can even be sold or have a loan utilized from it should the policyholder so desire. It is, however, more costly than term insurance.

Who benefits?

There are two big motivations to purchase one of these kinds of policies. The first is to ensure that you, as the primary breadwinner for your family, can ensure that you loved ones are protected in the event of your passing. Another one would be ensuring that you never become a burden to your family with all the myriad of expenses left behind in the wake of your death, such as the expense of a funeral and the like.

Having the protections of certain life insurance policies can mean that, for instance, the cost of sending you’re a grandchild to college can be accomplished. It can also help your surviving loved ones to stay in the home since this coverage can often pay off one’s mortgage in full. Really, this policy is often seen as a financial safeguard to your family. Although some insurance benefits are paid out in lump sums, many opt to have funds paid out over time.

Big benefits

If you ever stop to think of how your family might fare in the event of your death, then the benefits in obtaining this important coverage are quite obvious. Good life insurance coverage is a no-brainer for many and can make the difference between financial abandonment and a family that thrives after you are gone.


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