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Term Life Insurance Basic Information

What is life insurance?

Life insurance is a product used to replace the loss of income that occurs when someone dies. It is a contract between you as the insured person and the life insurance company or "carrier" that is providing the insurance. If you die while the life insurance policy (contract) is in force, the life insurance company pays the death benefit (or coverage amount) to the beneficiaries you have designated.

Your life insurance program should accomplish more than just replace your lost income. Your life insurace should cover all of the new expenses that occur after you are gone: funeral expenses, taxes, probate costs, childcare, elderly care, etc. And what about future expenses, your life insurance should also cover all future college expenses for your children, as well as your partner's retirement expenses.

Do you need life insurance?

The reason you need life insurance is surprisingly simple: life insurance allows you to be sure that those who depend on you for financial support will be financially protected, in the event of your untimely death. The sad truth is that many people either have no life insurance or not enough life insurance. We've all seen stories in the news about families destroyed both emotionally, as well as financially, upon the death of the family breadwinner. Term life insurance eliminates this financial burden on your loved ones. With premiums for term life insurance at all-time lows, you can get the right protection and a great value.

Term life insurance vs. cash-value life insurance.

Personal Finance Managers have long recommended term life insurance over cash-value life insurance as the sensible choice for most life insurance consumers. They state that with term life insurance, you pay only for the protection you need and only for the length of time your dependents are financially vulnerable. These experts also claim that most people would fare better buying a low-cost term life insurance policy and investing the substantial savings in a portfolio of no-load mutual funds. The savings of term life insurance vs. cash-value life insurance can run from hundreds to thousands of dollars per year.

Increased competition among life insurance companies has dramatically lowered premiums in recent years. A term life insurance policy offering $250,000 worth of life insurance protection that cost $600 a year, just seven years ago, would have an annual term life insurance premium of about $275 today. When we say we can save you 30-70% on your term life insurance premiums it is not just marketing hype.

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