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About Life Insurance

There are two basic types of life insurance, term life insurance and whole life or permanent life insurance. Term life insurance provides coverage for a set number of years for a level premium payment each, and pays your beneficiaries if death occurs during this period. There is also what is called Return of Premium term life insurance, which will return the premiums you paid at the end of the term. While this is more expensive initially it can be a safe investment, review the options with your agent.

Whole life or permanent life insurance pays a death benefit to your beneficiaries whenever you die. There are different types of whole life, universal and variable life and variations of each. Whole life provides a steady death benefit but the premium will rise each year as you get older.

You can purchase a life insurance policy with or without an exam. Companies that sell policies where no exam is required usually limit the size of the death benefit and are considerably more expensive to purchase. Purchasing a policy after a paramed exam is completed and full underwriting done by the insurance company will usually provide a much lower premium per year. The paramed exam is a quick and easy exam that can usually be completed in your home or office and takes about 15 minutes.

Life insurance can be used to replace your income for your family and secure your children's future or college education, pay off a mortgage or other debts. Insurance can also cover final expenses (which can be $10,000 to $20,000 or more) and pay for federal and state death or estate taxes. It can also be used as an inheritance or charitable donations.
 
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