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term life insurance company rating
The first thing any student journalist is taught in pursuing articles for a newspaper is to ask the 5 WвЂ™s. That is, ask the questions, Who, What, Where, When, and Why.В When you think about it, that isn’t a bad approach for purchasing life insurance. While waiting for a fast response to your use of our insurance quote matching service, why not see how we would answer the 5 WвЂ™s.
Who should buy life insurance?
Regardless of the type of insurance you purchase, the fact is, nearly everyone needs life insurance. Children, when insured at a young age, will have much better opportunities for good coverage later. Newlyweds and families have a great deal at stake and need to be cognizant of the burden they would leave behind, and empty nesters and seniors need to both plan for their final expenses and consider opportunities to create additional retirement assets or income.
What type of life insurance should you purchase?
The type of life insurance you purchase will vary according to your needs and your intended use of it. If you only need to cover some large debt, such as a mortgage, and have already made plans for building your retirement assets, you may be satisfied with a Term policy. If, however, you want something that lasts your entire life, builds cash value, and gives you options for increasing your retirement income or leaving a legacy to your loved ones, you should look at either whole life or universal life.
When should you buy life insurance?
The earlier your purchase your own life insurance policy, the better. First, any type of policy will be less expensive when you are young. More importantly, however, it is much safer to rely on a life insurance policy than a fortune teller. Most of us donвЂ™t know what is about to happen to our healthвЂ”be it sickness or accidentsвЂ”that could change our eligibility as quickly as tomorrow. One fateful trip to the doctor resulting in the news that you have cancer or diabetes eliminates you from about 90% of the life insurance options you would have had. This is one decision that should not be put off until itвЂ™s convenient, or until you begin to think you might actually need it soon.
Why should you purchase life insurance?
The obvious answer is to pay the cost of your funeral and to pay off other bills if you should die unexpectedly. However, life insurance can do so much more than just pay for a funeral. Properly managed, life insurance proceeds can mean the difference between security and homelessness for those who remain behind. Since it is tax free and does not go through probate, it is money available immediately to pay doctor or hospital bills along with other responsibilities of the deceased. If is also beneficial to the insured even while he or she is still living as a policy with cash value can be used as a source of emergency funds or can even be cashed in to help create additional retirement income.
Always purchase life insurance through an experienced, trusted agent who is willing to take the time to show you several options appropriate for your needs and guide you toward companies with high ratings and a policy most suitable for you.
How should you buy your policy?
Begin by using our free online service to request quotes and get connected with an agent in your area. Do not purchase a deceptively cheap policy through the mail as these policies are rarely what they appear to be. Life insurance uses its own language; most people do not understand all of the terminology, but the company has no obligation to make sure you understand it before they take your money. It is up to you to allow an agent to take the responsibility of making sure you understand before you buy.
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