life insurance – Who need life insurance

If nobody depends economically on you, you may not need life insurance. If you have people or family members who depend on you, you may want to have enough insurance to make her family pay their debts and to provide some income. Consider your circumstances and the type of quality of life that you want to have your dependents when you decide to buy or not life insurance and how much to buy.

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To help you decide if life insurance is right for you, ask the following questions:

Do you need to replace your income in order to maintain your spouse, children or other family members?
Do you have debts, such as mortgages, credit cards, student loans or other debts?
Do you want to help their children pay for College?

Will your survivors need money to pay his funeral expenses or the cost of allocation of your assets?
Do you have a large amount of goods that may be subject to State or federal taxes?
If you answered Yes to any of these questions, consider buying life insurance.

How to buy life insurance for you or for someone else

You can buy a life insurance policy for yourself or any person who granted permission and agree with the process of assurance of the company. The person who buys the policy the insured or the policyholder, and is responsible for the payment of insurance premiums.

People usually buy life insurance for themselves, to provide money to your spouse, dependent children or other family members. In some cases, you might want to purchase a life insurance policy for someone else and appoint yourself as the beneficiary. For example, if you are divorced and get alimony (child support, by its English name), it might want to buy a policy of life insurance for your ex-spouse, to replenish the loss of alimony in the event that your ex-spouse’s death.

Creditors can buy life insurance policies to people who lent money. The policy death benefit will cover the balance of the loan in the event that the person dies before the end of the loan. Sometimes businesses buy policies to cover the lives of their employees or partners that are important to the company. This is known as insurance company, or purchase agreement.

Types of life insurance

There are different types of life insurance: term life insurance, permanent life insurance, a combination of both and death and accidental dismemberment.

Term life insurance

Term life insurance policies are generally less expensive and less complicated than the permanent life policies. There are two types of term life insurance policies: temporary life policy renewable annually.

Temporary renewable life policy is annually for a term of one year, in which the insurance premium is adjusted each year based on your age when you renew the policy.

The level term policy is sold with terms of five, 10, 15, 20, 25, 30 or more years. The insurance premium is designed to make it the same for the period of the term. Some level-term policies guarantee that the insurance premium will not change, but other policies only guarantee that insurance premium will not change for some years, although the term is longer. It is important to read the policy to know how long is guaranteed that your insurance premium will be the same.

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