Life Insurance

featured life insurance You should acquire a life insurance policy if there are people who are financially dependent on you who would be in dire straits should you unexpectedly die. Such people would include a surviving spouse, minor children, elderly parents who are under your care, or a business partner. Life insurance would pay for your final expenses, such as funeral costs and paying off debts such as credit card balances and a home mortgage. The policy should also pay for the care and education of your children and replace some of the income that your spouse has come to depend on, especially if he or she does not work or makes significantly less than you do.

Three types of life insurance exist.

Term life insurance is very simple. The policy will pay a fixed amount of money upon your death to the beneficiary whom you designate. Term life lasts for a specific amount of time and lapses afterward. Within that time frame, you keep the policy current by paying the periodic premium

Whole life insurance contains a death benefit and also serves as a savings instrument. The cash value of a whole life policy builds up over time and can be paid out once you surrender the policy, such as when your minor children have become grown and become self-sufficient. The premiums for a whole life insurance policy are a little greater than that of a term life policy.

Universal life insurance has all of the features of a whole life policy but with some added flexibility. Your insurance needs will no doubt change as you pass through various stages of your life. You can vary the death benefit and the timing and amount of the premiums periodically. Like a whole life policy, you can surrender a universal life policy for its cash value after a certain time.

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