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The Anatomy of Life Insurance

Apart from food, shelter, clothing, education and the opportunities to living a good life, life insurance is an important thing you can give your children when you pass away. No one can claim otherwise as death is a certain event, that a life insurance keeps your dreams for your family afloat when you leave them in this world we live in. Hence, it is important to understand the ins and outs of life insurance and what benefits can be derived from it.

A life insurance policy guarantees a certain amount to your family or any beneficiary/beneficiaries upon your death. For such, you will be paying a monthly premium for the said life insurance policy, with premiums varying depending on your age, gender, occupation, medical history and other factors specified. Other types of life insurance provide benefits for the policy holder and the family while the former is still alive, a helpful aid to your retirement and for your kid’s educational purposes.

Many would ask, “Do I need life insurance?” The answer is always yes. Your monthly income provides for your family’s food, clothing, shelter, education, perks, vacations and many other things. What if you lose your monthly income? See, no matter how outstanding your work performance is or how good business is today, there’s a multitude of causes out there that may affect the stability and security you provide your family. That’s why you need life insurance.

Now that you know how important life insurance is, be sure to get the best term at a cost you can readily sacrifice for. Below are the types of insurance and their characteristics:

Term Life Insurance is the least expensive and the simplest type, with their policies that do not accrue cash value and are fixed for a given period. Premiums for this type are lowest when you are young and increases as you age. Term life insurance can also be renewed and its policy pays your beneficiary a fixed amount after your death for the period that your policy stated.

Whole life insurance provides cash value and over time, builds up a cash value on tax-deferred basis. Some insurance companies provide annual dividends as well. Whole life insurance is sought for its added benefits of cash accessibility to its plan holder or beneficiaries even before the former’s demise. It is also usually used as a supplement to retirement funds or pay for the kids’ college education.

Universal life insurance is a flexible type of plan with policies accruing interest and allowing policy holder to adjust death benefits and premiums to current needs. This life insurance type stays in effect as long as the plan holder’s cash value can cover policy costs.

Variable life insurance is a scheme for folks who want to tie the performance of their insurance policy to the movement of the financial market. As a policy holder of a variable life insurance, you get to choose how the money can be invested and the same money will have the chance to increase, depending on the market movement.

There are tips also to getting the best choice for life insurance. One is not to buy if not needed and get hold only of policies that is actually needed to keep your family financially secure. Also, shop around for life insurance policies with competitive price and while at it, don’t smoke or quit as this will increase your rates. Look for guaranteed and renewable policies when planning to get a term life insurance so you will not have to waste time shopping around. Buy only optional forms of coverage such as riders if needed. Lastly, always shop around, compare rates and coverage. There are thousands of life insurance companies to choose from so know more about your top choices and hit the right mark in getting the low cost but the best life insurance plan.

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Article By: russelroyan
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