Why Do I Need Life Insurance

Posted by on Aug 8, 2014 in Uncategorized | 0 comments

iStock_000016106699MediumIf you have dependents and are uninsured, they may experience substantial, perhaps catastrophic, financial difficulties upon your passing. This is particularly true if you have a mortgage or other substantial debt. If you are insured, they’ll be protected against financial disaster…and you’ll sleep better at night.

There are two main categories of life insurance:

Term life insurance

Term life insurance is, as the name suggests, temporary. You may wish to be insured until retirement, or until your children are self-sufficient, or perhaps for the duration of a mortgage.

Most term policies are 10 years in length, although some carriers offer 5-, 15-, or 20-year terms.

Permanent life insurance

Permanent life insurance lasts for the duration of the life of the insured (provided premiums are paid up, of course!) and provides a death benefit to the insured’s dependents.

Permanent life falls into two subcategories: Whole and Universal.

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