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Advice for Buying the Right Kind and Amount of Life Insurance
Life insurance, the only security you know your family will have when you’re gone. Here’s some essential life insurance advice that can help you out to secure your family’s future.

When it comes to taking care of your family when you’re gone, you can’t afford to leave anything to chance or luck.

Almost everyone has life insurance, but do you know if you have the right life insurance? Are you sure everything is set to be taken care of when you’re gone? If you’re not sure then keep reading, this might just be the most important article of your life.

The first step is deciding how much insurance you want. Companies will give you different quotes, some might even advise you against life insurance and tell you to invest it. The fact is, deciding how much insurance to have in case of unforeseen circumstances is not easy, and completely your choice.

One of the easier solutions is the Five Times Annual Income rule; multiply your annual income by five, and insure yourself for that amount. It may sound like a great rule at first, but there are other factors to consider; the number of children you might have, your spouse’s income, and your living expenses. Life insurance is meant as a replacement for the income your family would lack in your absence, if they can continue on without you, then a smaller, less expensive, policy would be right for you.

When you know the amount you want to insure, the next step is deciding on a policy.

Term insurance is the simplest, you select an amount of time to be insured and pay during that time frame. If anything happens to you, the insurance will pay the face amount of the policy.

Whole life insurance is a permanent type of life insurance, based on your age when the policy is bought, it has a fixed premium. There are many benefits and drawbacks if this policy is handled well or badly.

Universal life insurance is a combination of term insurance and a savings fund. You pay a premium once a year, depending on what amount you want paid to your policy and savings fund, and though the premium can vary you earn interest on your savings fund. In the end, should the policy come into use, your family will be paid the face and cash value of the policy.

Variable life insurance lets you target one or more investment funds with your policy. The investments can be changed 2-5 times per year and have control of where it is invested, though it is risky. A variable life insurance policy is much like investing in the stock market.

And finally there is variable universal life insurance, a combination of variable life insurance and universal life insurance. You can choose to pay for your policy and invest the rest in stocks and bonds if you so choose, much like the universal insurance.

Knowing with policy to have is important, doing your research and finding the right one for you will help you save money and secure your family’s well-being for the future.

More Advice on Buying Life Insurance – Compare Them
Another thing to keep in mind when shopping for life insurance is to compare them, choosing which one is the best for you. Paying your premiums once a year can save money, always check if it’s a feature of the policy you choose. Buying one large policy, instead of having multiple small policies, can save money as well. Companies are inclined to offer discounts for customers who buy insurance from them exclusively. Finally, look into group insurance, with your employer paying for part of the premium. Saving money when getting insurance is just as important as having the insurance itself.

Getting life insurance isn’t easy, and making sure you get what’s right for you can be even more difficult. Following the tips above can help you find the right policy as well as help you save money, something everyone can appreciate.

Hopefully, the policy you choose will never be needed, but having it is the best way to secure a safe future for your family, and isn’t that the most important thing of all?
 Jun 25 2012

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