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Life Insurance

 

 

The basic building block of financial planning is protection. By getting enough life insurance you are protecting your

loved ones so that the money is there to continue their lives without disruption. It has been said that getting life insurance

is an honorable and selfless act and that is so. You are taking responsibility for the financial future of people you love.

Congratulations on this first step and it is our goal to help you find the most efficient and economical method in building

one of the building blocks of sound financial planning – life insurance. Find the best term life insurance quotes by using our

instant and anonymous online term life insurance quote system. You'll get great rates with the exact coverage you are looking for.

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Their are many types of life insurance to fit individual needs and circumstance. The following are some of the basic types of

life insurance available.

Term Insurance 

The simplest form of insurance. You purchase coverage for a specific price for a specified period. If you die during that time,

your beneficiary receives the value of the policy. There is no investment component.

Whole Life

Similar to term, but you purchase the policy to cover your "whole life" not just a set period. Premiums remain level throughout

the life of the policy, and the company invests at least a portion of your premiums. Some firms share investment proceeds with

policyholders in the form of a dividend. Many companies will offer "a relatively low guaranteed rate of return," but in reality pay

at a rate in excess of the guarantee.

Universal Life

You decide how much you want to put in over and above a minimum premium. The company chooses the investment vehicle,

which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you

can use against premiums or allow to build.

  • With some policies, sometimes called Type I or Type A, the cash account goes toward the face value of the policy on the death
  • of the policyholder.
  • With a second variety, sometimes called Type II or Type B, the beneficiary receives the face value of the policy plus all or most
  • of the cash account.
  • While Type II is meant to provide a partial hedge against inflation, it demands higher premiums as you get older than Type I.

A variation of a universal policy, often called universal variable life, allows policyholders to choose investment vehicles.