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Life Insurance

Life Insurance Policies

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Life insurance is a type of financial protection coverage for individuals and families. It provides a monetary payout to a beneficiary should the policyholder die. Most people who have this form of coverage have decided to obtain their policy as a form of income to pay off debts.

If the head of a household should die prematurely, for example, the family income would cease. The payout of the policy amount would cover certain expenses such as funeral arrangements, the home mortgage, credit card balances, and similar debts.

 

Who Benefits From Life Insurance Coverage?

Families who are just starting out together to buy a home and raise a family often choose to purchase this type of policy. At this age, most people are not earning the income they will after years of experience in a given field. At the same time, they do not have a large savings account or retirement account. The balance on their new home mortgage is very high. A policy to cover the expected debts can be a good idea.

Adults who have an aging parent may wish to obtain a policy in the name of the senior citizen. This provides for death benefits covering funeral arrangements and burial.

Senior citizens often purchase a small policy to cover these same expenses. These people do not want to burden their children with expenses associated with their own demise.

 

Types Of Coverage

There are two major types of life coverage. One is called whole life and the other is known as term life. Whole life policies are a sort of investment on the part of the policyholder. The insurance company requires a monthly premium, and the policy amount can be paid in full to the beneficiary if the policyholder dies. At the same time, part of the money paid each month goes into an investment fund, so both the provider company and the policyholder realize a monetary benefit.

Term life policies contain no investment component. However, this type of coverage is generally less expensive. The younger the individual, the less expensive the coverage, especially if the policyholder is in good health. Most term policies are written for a period of up to 10 years. As the individual begins to build a retirement investment portfolio and saves money through a savings account, he or she may decide not to renew the policy. The policy amount is paid out in full if the individual dies during the term period.

 


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