Life Insurance

Life insurance is simply the form of insurance that covers a personís life. An insurance policy is prepared in which there will be an owner of the policy who must pay the premiums which is known as the cost of the insurance, a person whose life is covered called the life insured, whose death triggers payment of the death benefit of the policy, and a beneficiary or beneficiaries who receives the death benefit if the person whose life is insured dies during the period the policy is in effect.

One of the excellent features of life insurance is that the amount paid to the beneficiary is not taxed. It can be paid as a lump sum or a number of payment options that spread the benefit payment over a period of time.

Policies are available for temporary coverage or coverage that will last a lifetime. It is important for you to identify whether your need for insurance is short-term or permanent.†

When the beneficiary of the policy receives the insurance money, it can be used in any way the beneficiary chooses. The funds can be used to pay down mortgages, provide funds for education purposes, fund lifestyles, pay down other debt, cover funeral costs and much more.

Insurance does get more expensive with age, because, of course, the chance of dying increases as you get older.

There are two types of life insurance available, term life insurance and permanent life insurance. Term life insurance is usually sold in either a 10, 15 or 20 year term, however term 100 life insurance policies are also available, which in essence can be viewed as a whole life policy. Permanent life insurance variations include traditional whole life insurance and universal life policies. In addition, some professionals view term 100 life insurance as whole life insurance.†

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