By Dan 
If you are in need of a life insurance policy, it can be a stressful in many ways for the people involved. If you are considering life insurance policies, it’s important to understand the difference between what is term life insurance, and whole life insurance.
Whole life policies have a living benefit, and a tax-sheltered cash account that builds up inside. Customers using whole life insurance don’t pay taxes on the gain each year, and that money can be used in retirement to supplement retirement planning. So what is term life insurance? To explain what is term life insurance. no such benefit is available. Term insurance only has the actual life insurance coverage; there is nothing but a death benefit. In order for the benefit to be paid, somebody has to pass.
In the event of a person’s death, a life insurance policy provides their spouse, family or named beneficiaries immediate money for funeral costs and other everyday living expenses. Life insurance is designed to replace the income generated by a wage earner and to help cover things like mortgage payments, children’s college education and other major expenses over a lifetime.
First, while it may be difficult to think about, you need to figure out what your spouse and family would need financially if you weren’t around. Take into account your lost income, things like debts, mortgages, college tuition’s, or medical expenses. If you are unsure where to begin with this, there are tons of online applications available to assist you with the numbers side of obtaining a life insurance policy.
The next thing to think about is the type of life insurance policy you want to invest in. Spend some time researching what is term life insurance ,and what the difference is from a whole life insurance policy.
As a general rule, younger couples should look for a policy worth five to 10 times their annual income. A 35 year old healthy, nonsmoking male can purchase a $1 million, 30 year term life policy for about $700 a year, according to insure.com.
It is important to shop around for which life insurance policy will work best for you. Putting in research ensures that your family will be well cared for in the event of anything happening to you ,so it is important to make sure the process is done correctly.
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