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Basics Of Life Insurance

By Emery Holiday

Dying is an unfortunate reality for everyone and life insurance is designed to protect those left behind. Financial hardships resulting from a family member’s death can be devastating. Life insurance provides some security from the loss of a loved one’s financial contributions. They pay a lump sum to the named beneficiaries when the insured dies.

Today term insurance is one of the more widely purchased life insurance products on the market. It provides life insurance for a specified period of time. Term policies are typically issued for periods of 10, 15, 20 or 30 years. However, the length of coverage varies from product to product. Term policies are attractive because they often provide the lowest cost coverage of any life insurance product. Although, once the term is up, insureds are left without coverage. Insureds often find buying new insurance after term insurance quite expensive since their advanced age is considered a higher risk by carriers.

Whole life insurance is a type of permanent insurance. That means it has no predefined period of coverage. As long as premiums are paid, it will remain in force until the insured dies. Whole life also accumulates cash value which can be borrowed against by the policy owner, then used however they like.

Universal life, much like Whole life, is a type of permanent insurance policy. It builds up cash value in a separate account. Universal policies are considered a flexible life insurance product as the built up cash value can be used to pay premiums. In addition, if no cash value is available to pay the premiums, rather than the policy lapsing there will be a reduction of the death benefit to keep it in force. More and more people are choosing Universal life as their permanent life insurance policy due to its flexibility.

Life insurance serves the very important purpose of ensuring a family is provided for if a loved one dies. It is an essential part of a financial planning strategy. With so many different types of policies available, there is always a product to fit your specific needs.

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categories: life insurance,insurance,financial planning,retirement

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Article Citation
MLA Style Citation:
Holiday, Emery "Basics Of Life Insurance." Basics Of Life Insurance. 19 Jun. 2010. 3 Aug 2014 <>.

APA Style Citation:
Holiday, E (2010, June 19). Basics Of Life Insurance. Retrieved August 3, 2014, from

Chicago Style Citation:
Holiday, Emery "Basics Of Life Insurance"

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