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LIFE INSURANCE

What is life insurance? What is permanent life insurance? What is term life insurance? Which one should I choose? These are the common questions asked by amateur investors. It is key to know why it is important to have an insurance policy regardless of the types of life insurance you want to choose.

Life insurance is an integral part of financial planning, and it involves creating provisions for you loved ones after your demise. Life insurance trust can guarantee financial security to your family members and those who are dear to you like your children, spouse, and dependent parents. A wide selection of life insurance trust will help you prepare for life uncertainties and giving you the assurance that those that depend on you are secure.

Life insurance is a cash resource which provides access to cash to pay certain bills and other day to day expenses. However, payment of bills such as business commitments, college bills, medical bills, mortgage expenditures, and other instantaneous expenditures are not left out.

Having a life insurance can give you the normalcy you require even during a difficult time, you will want to maintain you family’s standard of living when you choose the right coverage of life insurance policy.

A life insurance policy offers a broad range of options, which will take us to the types of insurance.

There are two main types of life insurance:

1.Term life insurance

2.Permanent Life insurance

The type of insurance you choose depends on your personal financial goals and also that of your family. Either way, the policy holder's beneficiaries will get the payment after the policy holder’s demise. This payment is what we refer to as the death benefit.

However, there are striking differences between the Term life insurance and Permanent Life insurance.

Term life insurance

In Term insurance, in the event of the sudden death of the policy holder, the policy holder’s beneficiaries get a substantial sum of money within a specified period. However, in a case which that the policyholder does not die within the given term, then the person will not be paid by the insurance company. Therefore, the payouts for Term life insurance is sizeable while premiums are on the low side.

Term life insurance is fashioned in such a way that people who cannot afford the Permanent Life insurance can also make life insurance available to their family members. However, the small premium is what guarantees that you will be able to afford long-term insurance for your loved ones so as to protect them from unexpected occurrences.

Permanent Life insurance

This is also referred to as the universal life insurance, or whole life and it is fashioned to not only pay policy holder's beneficiaries in the occurrence of his demise but also to deliver a certain amount of payment to the policyholder at retirement. This type of insurance guarantees the holder with life benefits in the case that the holder does not die till the maturity of the insurance policy.

Before buying a life insurance, here are some things you might want to consider.

Retirement plans

Present family expenses

Future family expenses

Current health status

Age

Age of the beneficiary

As an Arizona life insurance agent, we are saddled with the responsibility of helping people choose the most suitable life insurance policy that suits their needs. Having discussed the importance and differences between both life insurance forms, here is a free recommendation for you. If you have the financial capacity, then you should opt-in for the Permanent life insurance. It makes sure that you build a cash collection for your retirement days which can be what you will fall back on in your golden years.