You have a job, a car, a home and a family. Life is good right? Well
sometimes life has a funny way of turning things upside down. Your
sudden death can not only affect you, but it can effect everyone you
care about. You want to protect your loved ones in the event of your
death. This is why you're going to buy life insurance. However, you are
not made of money. You need to make sure you buy the right kind of life
insurance.
Fortunately there are only two types of life insurance. There's term
life and whole life. This makes it relatively simple. Before you go
shopping though, you need to remember some information. Insurance isn't
something that you buy, rather, it's something that's sold to you. Be
aware that insurance is sold on commission so you may not be getting
what you need. Educate yourself on your situation and research the
products you buy. Your insurance agent should be someone you trust.
Term life is basically insurance that you must renew every year. It's
not worth anything. If you don't pay your premiums, your coverage
expires. However, it's a more affordable insurance product. Make sure
you have enough coverage. Usually that's equal to, at a minimum, 3
years of your annual salary. You also want to purchase a term that
suits your needs. Meaning, you don't need as much coverage if you're a
single person but if you have parents or dependents, you will need
more. Remember coverage is all about replacing income. It's not to make
people rich in the event of your death. The more coverage you get the
less you have to spend today.
Whole life is part insurance and part investment product. It's more
expensive than term life. It also tempts people to purchase less
coverage because it costs so much money. Whole life also earns
insurance salesmen better commissions, so be careful. They might be
selling you a policy without your best interests in mind. It's
generally a bad idea to mix your insurance and investments together.
Choose wisely. Term life is better for most people.
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