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Life Insurance

LIFE Insurance

If you are one of the many people who have the forethought to plan ahead for the end of your life, you may realize that your family may be faced with expensive medical bills related to your final healthcare needs. Funeral costs can also be much higher than you might initially think. Many people purchase at least a small life insurance policy to cover these expenses so that their family avoids unnecessary hardships, but it is also common to purchase additional coverage. After all, you may have a spouse and even a few dependents who have a critical need for your income. Without your income, their lives could become very stressful. Without supplemental income, huge changes in lifestyle may need to be made. A second job may be required, and other changes may also be needed.

There are multiple types of life insurance available for you to explore, but all provide your beneficiaries with cash benefits when you pass away. In many cases, a life policy specifically excludes coverage if you die from specific events, such as suicide. You can establish the amount of coverage that you wish to purchase. You can also choose how long you want the coverage to remain in place. For example, you can choose a 10-year term, a 30-year term or even coverage that remains in place for your entire life. Factors that influence the cost of your coverage are your age and health status at the time when you purchase the policy, your lifestyle factors, your policy’s benefits, the length of the term and more. This gives you flexibility to set up an affordable policy that is right for your family’s needs.

The benefits from a life policy can be used for any desired purpose by your beneficiaries. They most commonly are used to pay off debts and to supplement lost income. However, they can also be invested so that they produce regular income for the family, used to supplement a surviving spouse’s retirement plans, used as an inheritance for heirs and more. Determining how benefits will be used can help you to determine the right level of coverage to purchase.