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Life Insurance: The Foundation of Financial Security

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Click " + " next to "What is Term Insurance?"
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How much life insurance do I need?

Although there is no substitute for a careful evaluation of the amount of coverage needed to meet your needs, one rule of thumb is to buy life insurance that is equal to five to seven times your annual gross income.

What is term insurance?

Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term policies can be renewed when you reach the end of a specific period which can be from one to 30 years. The premium rates increase at each renewal date and many require evidence of insurability be furnished at renewal for you to qualify for the lowest available rates.

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What is permanent insurance?

Permanent insurance provides lifelong protection and is known by a variety of names, described later. As long as you pay the necessary premiums, the death benefit always will be there. These policies are designed and priced for you to keep over a long period of time. If you don't intend to keep the policy for the long term, it could be the wrong type of insurance for you. Most permanent policies - including whole, ordinary, universal, adjustable, and variable life - have a feature known as "cash value" or "cash surrender value". This feature, which is not found in most term insurance policies, provides you with additional options.

What are the types of permanent insurance?

There are many different types of permanent insurance. The major ones are:

Whole Life or Ordinary Life

Premiums must be paid periodically in the amount indicated in the policy and remain constant over the life of the policy.

Universal or Adjustable Life

This variation of permanent insurance allows you, after the initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums maximums. You also can reduce or increase the amount of the death benefit more easily than under a traditional whole life policy.

Variable Life

This type of permanent policy provides death benefits and cash values that vary with the performance of an underlying portfolio of investments. The cash value of a variable life policy is not guaranteed, and the policyholder bears that risk. Good investment performance will lead to higher cash values and death benefits, however, poor investment perfomance will lead to reduced cash values and death benefits.

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