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Where Can You Find Affordable Life Insurance

10.26.2009 · Posted in Health Articles

When it comes to life insurance, there are many reasons why people choose not to purchase a policy. One major reason an individual may choose not to have life insurance is the fact that they have no dependants. Another reason is the belief that the only reason to buy life insurance is to cover funeral expenses, and if that is the case it is much easier to pre-pay for the funeral expenses then take out a life insurance policy. One of the most common reasons people choose to forgoe life insurance though, is the expense. Many people know how benficial life insuance is, they just cannot afford the monthly premiums.nnMany individuals carry a life insurance policy from their employer. This is often an amount that is a multiple of there salary. For example, if an ideal is making $50,000 a year then their life insurance coverage may be two times the salary ($100,000), three times the salary ($150,000) and so on. Although this is a great benefit to have, what happens should they lose their job. Although theses individuals feel set, and find no need to take out additional life insurance, this is not a wise choice. There have been many Americans over the last few years who have lost their jobs, and any life insurance coverage that went with it.nnThere are plenty of people who have chosen to purchase their own life insurance policy, to provide for their dependants when they pass away. If you are interested in purchasing life insurance you must first determine what type of policy is best for you, a whole life policy or a term life policy. Whole life policies are policies that cover you until you pass away. The amount you pay monthly depends on your life expectancy, current age, and overall health. Whole life policies grow in value, and actually let you borrow money against the policy if you have a specific need that meets the lending criteria.nnA term policy insures you for the face amount of the policy for a specific period of time, usually five years. Both policy premiums are based on the age of the insured when the policy is written. A term policy renews every five years and the premium is adjusted for the current age of the insured at renewal. Term life policies are much cheaper life insurance policies than whole life.nnAfter you have decided on the type of life insurance policy that you want to take out, and the value of the policy that you want, you can then begin to contact agents, brokers, or utilize the internet to find the best rates available to you.

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