Life insurance isn’t for those who have died — it's for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.
Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.
3 Surprises That Can Derail Even the Most Cautious Retirement Plan
Before you can plan your retirement, you need to know the facts. This helpful guide will show you the surprises that you should be aware of when planning your retirement. It will be immediately delivered to the e-mail address you provide. We take your privacy seriously, and will not share your information with anyone.
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