Life Insurance

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• Life Insurance 101

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Do I really need life insurance? For most the
answer is yes. Life insurance protects those who
depend on your paycheck. If you die
unexpectedly, life insurance will provide your
dependents with funds to replace your income.
If family savings are not available, it can
also serve as an emergency fund for medical,
legal and funeral costs. There are two major
types of life insurance, term and whole life.
Term insurance pays only if death occurs during
the term of the policy, which is usually from one
to 30 years.
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Whole life or permanent insurance pays a death
benefit whenever you die. To determine how much
life insurance is needed, start by thinking about
the following questions 1. How much debt do you
have other than your mortgage?  2. How much do
you spend each month?  3. How much do you save
each month?  4. How much income do your survivors
need if you arent around?  In most cases you
will need enough to cover your income including
health insurance, funeral and medical costs and
additional funds such as relocation or education
expenses in order for them to better support the
family.
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• According to the Insurance Information Institute,
  you should review all of your insurance needs at
  least once a year. Especially if you have life
  changes such as
• Marriage or divorce
• A child or grandchild who is born or adopted
• Significant changes in your health or that of
  your spouse/domestic partner
• Taking on the financial responsibility of an
  aging parent
• Purchasing a new home
• A loved one who requires long-term care
• Refinancing your home
• Coming into an inheritance
• source http//www.theherald-news.com/2015/05/14/
  life-insurance-101/avkca91/

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Thank you.!!