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 xcept for some exotic estate tax planning
schemes that only apply to a few people, life insurance is strictly a temporary measure. Its purpose is to ensure
that your income will be replaced if you should pass away before the end of your  productive working life, paying your debts and providing for your family in
your absence.This means that the only type of life insurance you should need is Term insurance. Whole life, Universal life, Variable Universal life and other types of "permanent" life insurance that combine insurance with a savings or investment plan were designed for one reason: to extract money from you, the policy holder, for the purpose of enriching the insurance company and the agent who sold it to you. Life insurance is, by definition, a temporary need. Savings and investment are a permanent need. When you combine the two, as in a Whole life policy, you are either paying too much for the insurance or earning too little on your investment (or both). You are always better off if you take the same budget and buy Term life insurance and invest the remaining funds separately. How much life insurance do you need? Many people are underinsured. Most rely too heavily on Term insurance from an employer, which is risky if you change employers. Few have enough coverage to adequately care for dependents after an untimely death. (Don't forget that your elderly parents may qualify as your dependents later in life!) Term life insurance is not expensive, as shown in this table of representative premiums. You should consider up to 12 times your current income. Term life insurance comes in many shapes and sizes. Short-term, long-term, higher and lower premiums, and various levels of coverage. Let's talk about which option is best for you. Get a current quotation on insurance rates by using our convenient online form. |
Insure... Life
Did you know...? The tradition of holding a wake started as just that – an attempt to wake the deceased person. Before modern medicine, diagnosing a sickness-induced sleep or coma was not always reliable. A wake, or party in the dead person's honor, was held with the deceased present, in hopes that if he wasn't really dead, the noise would wake him up! |
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