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Life Insurance – Why Do I Need It?

Many people want to buy life insurance, but don’t think they can afford it.  There are two major different types of policies available; whole life and term life. Term life is more affordable than whole life policies.Whole Life InsuranceWhole life policies are also an investment opportunity.  They combine the benefits of a term life policy with investment components, which offer investments in stocks, bonds, and money market funds, as well as building cash value that can be borrowed against, much as a home equity line can be borrowed against.Term Life Insurance
Term insurance provides for live coverage only. Upon the death of the insured individual, the term life policy will pay out in the amount of the policy to whoever is named beneficiary. Term life policies can be purchased from anywhere between one and 30 years.Rates as well as a variety of insurance policy options are available to those who perform careful research and understand the basics of life insurance terminology.  A personal finance consultant may help individuals determine the fine points of a variety of insurance policy options and rates, as well as representatives from major insurance companies such as Northwestern Mutual, Mutual of Omaha, Met Life, New York Life, and insurance policies offered in combined auto and home insurance policies.Who Needs Life Insurance?Life insurance is designed to protect the financial security of families in the event that one of those family members dies in a tragic accident or as a result of an illness or disease. It is designed to cover the costs of medical bills, funeral arrangements and burial, to pay off bills, and to provide a sense of financial security to those left behind.Insurance for SeniorsIt’s never really too late to buy life insurance. Still, the longer a person waits, the more expensive the policy can be. The cost for most types of life insurance policies is determined by age, the  health of individual, the type of insurance coverage and the amount of coverage that a person wants. Most major insurance carriers offer senior life insurance, but seniors can also get discounts and benefits from organizations like the American Association of Retired Persons when it comes to term insurance.Seniors are often eligible for term insurance policies that don’t require medical exams, but such policies offer low death benefits. Sometimes, a person may decide to purchase low monthly premium insurance policies to help pay off remaining debt as well as coverage for funeral and burial costs.The three most common types of life insurance generally available to consumers:
Term Life- these don’t accumulate any cash value, and the face amount of policy as well as premiums remain fairly constant. Premiums may rise but such terms must be stated in writing in the policy. If an  individual outlives the terms of the policy, he or she will not receive a payout.
Whole Life- accumulate cash value, guarantee death benefits, and offer fixed premiums
Permanent Life- this type of insurance remains in force until the policy pays out or unless policy expires or lapses due to lack of payment.