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Who Needs Life Insurance?

Do others depend on you financially? Do you have a family? Do others depend on you financially? How long could your dependents maintain their current lifestyle without your income? Will they be left with funeral expenses? Will there be legal expenses? If you answer yes to any of these questions, you need to consider life insurance.

How Much Life Insurance Coverage Do You Need?

If you are single, have no children or are part of a two-income household, you will only need minimal life insurance. Even if you are young and single, a life insurance policy can provide enough money to cover your funeral expenses.

If you have dependents, such as a non-working spouse, children or parents who rely on your income, life insurance should be your highest priority after basic living expenses.

The amount of life insurance you need depends on your particular situation; who will you need to financially protect and for how long? One common rule of thumb is to multiply your annual income by 17 and purchase a policy in that amount. For example, if you make $50,000 a year, you should have $850,000 in life insurance.

What Kind of Life Insurance Do You Need?

There are two basic types of life insurance policies: term life and permanent life insurance.

Term Life Insurance is the most basic type and is meant to provide coverage for a specified period of time, usually 10 to 30 years, in exchange for a set monthly premium. This type is usually the most affordable option for individuals under the age of 50.

Permanent Life Insurance lasts for the insureds entire life, as long as premiums are paid. Permanent policies combine a death benefit with a savings component. This can build cash value, which can be withdrawn or borrowed against to meet future financial goals.

The two main types of permanent life insurance are whole and universal life insurance.

Whole Life Insurance provides a fixed benefit amount and a fixed premium amount. The benefits of Whole Life Insurance include cash value, dividend payments, secured asset for loan collateral and cash payment for final expenses, such as burial costs, estate and probate taxes. One major advantage to this type of policy is that you can cancel it and receive a rebate for any cash value that has been accumulated.

Universal Life Insurance is similar to Whole Life, as they both have cash value that accumulates in tax-deferred savings over time. Universal policies, however, have a greater degree of flexibility than traditional Whole Life policies. Universal Life policies give you the ability to adjust the premium amount and benefit amount over the term of the policy. You can select two different types of death benefits per Universal policy and opt for the death benefit to only pay what has been accumulated in the cash value of the policy. This would cost less than electing a fixed death benefit plus the cash value.

Additional Resources

Finding the right life insurance policy for your family and loved ones can be confusing. LifeInsurance.org provides several easy-to-use resources to help you make more informed decisions.
Some of the resources include:

About Us

Our goal is to provide consumers with objective information and the tools so they make an educated decision on what product is best for them. LifeInsurance.org is neither a company nor an agency. We do not sell insurance policies to consumers, and so our focus is on both educating and providing you access to leading providers. As a service to our readers, we enable users of LifeInsurance.org to search for insurance quotes from leading companies who sell the policies, and can provide you with quotes along with guidance in buying the right policy. The information presented on LifeInsurance.org is intended for general consumer knowledge. We do not provide advice on individual situations or legal issues.

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