taxes, outstanding debts or uncovered medical expenses which your dependents are responsible for paying when you depart this life. The proceeds from a policy can be a saving asset to the people you leave behind. It will provide economic stability to your family once your income ceases to exist. With the money from your policy, loved ones can pay off mortgages, college tuitions, and maintain their current lifestyle without worry.
What Are Your Life Options?
There are three basic types of life insurance, Term, Whole life, and Universal. Which one would best suit your needs?
Term life is the least expensive and has no investment component. It is similar to car or home owners insurance. You can pay monthly or annually and you are insured for a specific death benefit.
Whole life is a system where you build up cash values at the same time having protection. Whole life policies provide a lifetime of protection for a level premium. Some policies are set so premium schedules could pay premiums for 20 years and then stop, all the while maintaining the lifetime coverage. But it is much more expensive than term life insurance.
Universal life provides the comfort of life protection with the benefit of tax-deferred investing. Universal life policies are the most flexible life programs and can be tailored to individual's specific needs. The investment options within a policy are dependent on the insurer. Most companies offer a wide range of investment options from fixed income to equity based investing.
But What Life Do I Choose?
There are many choices when it comes to life and many companies to choose from, so it is important to work with a knowledgeable broker who can get quotes from all the companies. As your age increases, the costs increase so now is the time to call your broker is you are considering life insurance.
Article Source: Articles Beyond Better
Ivon T. Hughes, The Hughes Trustco Group Ltd. Online Broker – Get a FREE Quote TODAY! Tel: (514) 842-9001 Email: info@trustco.ca Web: www.hughestrustco.com
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