Life Insurance Tools

Our goal is to create savvy life insurance consumers that are able to get the policy they want while staying within their budget. To do this we've pulled together several life insurance tools that will help save big money on your term life insurance policy.

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Protect Against Debt With Life Insurance

Are you and and your family protected against the unexpected? Have you taken the time to choose the right debt protection for you, your family, and your home? Is your largest asset — your anticipated future earnings — properly insured? If an interruption in your earnings would cause financial harm to you or your dependents, you need to have it adequately covered.

One of the ways to do it is with insurance-- life insurance to be specific. Life insurance provides a tax-free lump sum of money for your survivors in the event of your death. A life insurance policy for the breadwinner of the household will allow you to buffer your family if you are no longer around to provide for them.

It would prevent the bereaved family from suddenly being thrust into debt. The beneficiaries of the life insurance policy would be able to choose how to use the death benefit funds. They can pay off the mortgage, live off a monthly income or cover another immediate debt. The insurance policy essentially makes it possible to replace the income of the family provider.

The first step is weighing the family's income versus the accumulated debt. The next step is choosing the type of life insurance needed to support the family's future needs and to find one with an affordable premium. The younger the policyholder buys life insurance the lower the premium is likely to be. Choosing term life insurance provides relatively low premiums for a specific term, or length of time. A term life policy can also be 'rolled over' or converted beyond its length. Or, you can shop around for another term life policy in this highly competitive market and perhaps end up paying even less for coverage.

The other option is purchasing a permanent cash value life insurance policy that basically builds value over time and will cover you for life-- even until age 100. This type of insurance provides you with long-term protection, combining insurance with savings.

Monthly premiums are usually higher than they are for term insurance, but your premiums also build cash value in the policy — funds you can easily access by making withdrawals or taking out a loan.

Whichever you choose-- either term life insurance or permanent cash value life insurance-- both offer protection for an uncertain future that is more valuable than we might realize while we are younger and healthier.

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