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Life insurance

Life Insurance – Protection for Your Family

Life insurance is one of the best things you can do for your family. It guarantees your policy will provide money to a designated beneficiary upon your death. You have to pay a defined premium, and keep your policy active. In exchange for your premium, the money benefit is paid upon your death. If you die while your policy is inactive, then your beneficiaries receive nothing. Having life insurance is a way to make sure no one suffers financially upon your death.

This type of insurance is viable for anyone who has people depending on them. It can also serve as an investment package. Depending on the policy, you can use the insurance to grow capital. This is accomplished by paying premiums that gain interest until the payout of the benefit.

Buying life insurance can be tricky. You have to know exactly what you’re getting and how much it will cost. The insurance company calculates the price of your policy based on information collected on your application. They also take into account your health history, lifestyle, and age. The insurance company uses mortality tables to calculate life expectancy, and determine the cost of the policy.

If you agree with the cost, then you pay the agreed upon premiums to keep the contract active. Upon your death, the insurance company will require a notarized death certificate or other proof of death. Once that’s received, the company will pay the claim. Payment may be a lump sum or installment payment.

Some common types of life insurance are term, whole life, universal life, and variable life. Some policies have a fixed benefit, and some gain value over time. Speak with an insurance agent to learn about your options.