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Do I Need Life Insurance?
by Vicky Curaza
http://www.ainsurancesite.com/

Anyone who has people depending on their income and other
benefits, whether it's an aging mother, a child, or a
spouse, should invest in a life insurance policy. This
policy can help your family after your death and keep them
from being burdened with your expenses.

More than 2,000 companies sell life insurance, and it can
be difficult to decide which one to use. Be sure to check
out the company's history before you make any decision. If
you don't trust the company or if they've had problems, you
don't want to depend on them for your needs. Make sure they
look like they'll be around for while. A policy with a
bankrupt company does you no good. Use ratings books to
make comparisons between companies with policies that will
be a benefit to you. For example, the Fitch ratings give
you ratings information on all insurance companies.
Standard's and Poor's Index (the S&P) will give comparisons
for all companies all in one location.

After you choose a company, you have to decide the kind of
policy you need. You can get term life insurance or
permanent life insurance.

If you choose term life, it will expire after a certain
time. You will pay on the policy until a renewal date, at
which time you will need to get the policy again to
continue coverings. This policy is not an asset; it's
simply an insurance.

If you get a permanent policy, you keep it until your death
without the need to renew. The policy will gain value as
time increases and you pay more on it. Then, you will be
able to borrow against the value of the policy if needed.
If you have a long-term investment plan, this policy won't
work for you. If you want to have insurance for your entire
life, this plan will work.

Some people also choose non-guaranteed life insurance.
These policies will cover you if you die. They're very
simple and not always renewable. A company can refuse to
renew if your health worsens or you ago. The premiums on
these policies are not guaranteed and will go up when you
renew.

If you don't want to make hefty payments up front, a term
life policy may be the way to go. You will be able to pay
over 10 or more years in most cases, making the monthly
payments much less. You will have the same monthly payment
over this period and will be able to make the payments over
time instead of all at once.

Permanent life insurance comes in several types. You can
get whole life insurance which is a renewable type of
insurance, and you can have extended payment times. You can
make payments throughout your life to avoid paying higher
rates on renewal.

If you get a universal life insurance policy, you have more
flexibility. You will be able to make changes to your
coverage throughout the life of the policy. You can choose
to pay a higher premium as well, making it quicker to pay
off.

Finally, variable life insurance will permit you to change
the benefits of your policy. You may be able to get a cash
value for the policy from the company, making it more of a
financial asset than the other policies.

If anyone depends on your financial contributions, you must
have a life insurance policy. Consult an insurance
professional before making a decision on the kind of
program that will work for you. Just don't put it off; your
family depends on you.

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