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Along
with your savings and investment strategy, life
insurance should be part of your long-term financial
planning. You may not like to think about it,
but your death can be costly to your loved ones.
At the very least, there will be funeral and burial
costs. There may also be estate taxes and outstanding
debts to pay, such as medical expenses not covered
by health insurance. If you have dependents, they
will have to cope with these costs while no longer
having your income to rely on. The proceeds from
a life insurance policy can be of tremendous value
at this time. It will provide economic assistance
to your family so they can pay off the mortgage,
college tuition and other ongoing expenses and
maintain their current lifestyle. |
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There are many choices when it comes to life
insurance and over 1,500 insurance companies
to choose from, so it is important to work with
a knowledgeable insurance agent or company representative.
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FACTS
AND STATISTICS : |
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The
primary business of life insurance companies is
no longer traditional life insurance, but the
underwriting of annuities — contracts that
guarantee a fixed or variable payment over a given
period of time. Nevertheless, the sale of such
life insurance products as whole life and term
life policies in particular remains an important
part of the business. |
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Life
insurance is protection against financial loss
resulting from death. It is an insurance company's
promise to pay your beneficiary a specific amount
of money when you die in exchange for timely payment
of premiums. |
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Why
do you need Life Insurance -
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Although you may not think about it,
your ability to earn income is a significant asset
and life insurance helps replace lost income in
the event of your premature death. Here are some
reasons people buy life insurance. |
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- To replace income
the family would need to maintain their standard
of living after the death of a wage earner. |
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- To pay off a mortgage loan and other
personal and business debts or to create a rent
fund. |
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- To create a
fund for children's education. |
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- To create a family emergency fund
or a fund for a family member with special needs.
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