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Life Insurance
Life insurance is insurance that is taken out on a person’s life. This insurance pays out upon the death of the insured party. While often difficult to purchase something that takes effect when you become deceased (ie. Die), life insurance is one of the most important insurance policies to evaluate. The reason is that over your life that are others that come to depend on you such as a spouse or child in particular. These are people that you care for and care about their wellbeing. If you die, in addition to the loss of a loved one they may face hardships and not be able to meet financial obligations. Purchasing a life insurance policy can help ensure that if you die unexpectedly or ‘before your time’ that your loved ones can have the protection of increased financial security.
Life Insurance Types
There are many types and flavors of life insurance and we encourage you to spend time with your insurer broker to understand them in detail. The main life insurance policies are:
'Term' insurance where you pay of the term of the policy and if you die during the Term then your beneficially (the person that you select to receive the payment) is paid. If you dies after the term then there is no payment. This is good if you choose to cover the term of your high earning work years as this is the time where you loved ones are most impacted if you decease.
'Investment Policies' such as whole life insurance, universal life insurance and variable life policies are policies which are hybrid of insurance and savings vehicles and can be in place until you die regardless of when that is.
Life Insurance Quote
When you review your quote, the biggest factors that impact the cost of life insurance are the type and amount of coverage that you want, your age, your sex and your health. The last three factors are drivers as the insurance company uses them to run through models to determine your life expectancy and then calculate the premium.
You insurer broker should take the time to help you find the policy that is right for you. If they do not then we suggest you find one that does. As we said before this could be your most important insurance policy.
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