Representative example: For a 40 year old male, non-smoker, on a 20-Year term, $500K worth of coverage starts at under $48/month
Representative example: For a 40 year old male, non-smoker, on a 20-Year term, $500K worth of coverage starts at under $49/month
Representative example: For a 40 year old male, non-smoker, on a 20-Year term, $500K worth of coverage starts at under $58/month
Life insurance is not a mandatory thing, but it is a reliable and affordable product that can give you peace of mind. It may not be a pleasant thing to think about, but in the event of your death, your family will get support. It is an agreement between you and an insurance company. After your death, the insurer commits to pay the person of your choice (usually your loved one, your family) a tax-free sum of money. It is paid out in one full lump sum, which means your selected person will get it all at once. The money is meant to financially help your family if they lose income they depended on. Mostly it is used to make rent or mortgage payments, take care of children and their educational expenses, day to day costs. You may also choose to leave the money to your estate, trust, or make a gift to charity. In exchange for this service, you pay a premium periodically (monthly or annually). The sum is very individual because it depends on many factors such as type of coverage, the amount you want to leave, your age, health, medical history, and also lifestyle. For example, non-smokers have a lower probability to get sick, that's why also insurance rates are much lower for them compared to smokers. There are two types of life insurance policies, so you have to compare them and decide which one of them suits you best. Some insurers provide a customized option for couples too.
This type of insurance is for a fixed period. It can be 10, 20, or 30 years or until you reach a certain age. Your beneficiaries will be paid only if you pass away within the duration of the policy. You are not going to get back any money if you cancel your policy. Some insurers offer to renew the policy, but the premiums may cost you more every time you do it. Term life insurance is simpler and usually more affordable than permanent life insurance when you purchase it for the first time.
Also known as whole life insurance. It gives you coverage throughout your lifetime. They tend to be much more expensive than term life insurance, but they guarantee the payout in any case scenario. Also, your premiums won't change over the years. Unlike term life insurance, permanent life insurance builds up a cash value so you can get back some of the amounts if you decide to cancel your policy. In some cases, you are even able to take out a policy loan or use your policy as collateral for a loan.
A beneficiary is a person or organization you name to receive your insurance policy when you die. It can be your spouse, family member, friend, or charitable organization. You also have an option to name more than one beneficiary and assign different proportions of benefits to each of them. It is advisable to also name an alternate person in the case your first named beneficiary dies before you or at the same time as you. It would be wise to look at your beneficiary list from time to time and update it if it is necessary, and something has changed.
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