How to Buy Life Insurance
Although in today’s digital age you can buy insurance in many places, and online, it is always best to work with an independent insurance advisor, who can guide you through the options that will fit your specific needs and long-term goals.
What is Life Insurance?
Put simply, if you were to pass away, life insurance will help protect your loved ones financially. There are two primary types of life insurance — term or permanent. Term life insurance provides insurance protection for a set period — typically 10 to 40 years. Permanent insurance provides coverage for life.
How Does Life Insurance Work?
A life insurance policy is a contract between you and an insurance company. In exchange for your premium payments, the insurance company provides the coverage amount, also known as the death benefit, to your named beneficiaries should something unexpected happen to you.
Do I Need Life Insurance?
A simple rule of thumb is if you have shared debts or anyone relies on your income for their financial well-being, you should consider getting life insurance coverage. And every person’s life insurance needs are different and depend on many factors, such as how many dependents you have, how much you expect to earn, and even your gender.
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