- Tips for Choosing a Life Insurance Company
- This article argues that you need to consider the merits of the life insurance company providing the policy, as well as the policy itself.
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- Life Insurance and Life Assurance are not the same!
- Life Insurance and Life Assurance are different. Most people assume they are one and the same product and their online searches reflect this. What are the differences and what are they used for? This article provides an explanation for the layman.
- Critical Illness Insurance and Life Insurance Cover for Better and for Worse
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Is Life Insurance Right for Me ? USA
Life insurance provides money to your family or loved ones if you should die. Life insurance can also help protect the financial interests of a business if a key employee should die. Here, we will discuss the use of life insurance for your family.
Now, no one likes to think about the consequences of their death. Yet, people die of accidents and diseases every single day. Around 2.5 million people in the United States die every year. While diseases lead the list of causes, over 100,000 people die every year of accidental causes.
If you have family members that depend on your earning power, the important question you must ask yourself is, "What will happen to them if I am no longer around to provide for them?"
And, you must ask that question now, before you die of an accident or are diagnosed with a deadly disease. Once you are involved in a deadly accident, ( loans ) it's to late to obtain life insurance. And, once you are diagnosed with a deadly disease it's awfully hard to obtain life insurance.
Life insurance can protect and provide for your family in a number of ways:
- Pay off debts
- Provide care and education of your children
- Provide needed money before your spouse can make up for your lost income
=== Life Insurance Can Pay Off Debts ===
Many families live in a home with a substantial mortgage. Your mortgage typically represents your greatest debt. Your income is probably what provides the money to pay your mortgage payment. Life insurance can be used to pay off that mortgage debt if your income is lost.
Millions of families have a large credit card debt. They often ( cheap life insurance ) cannot pay off their credit cards every month. Those families that seldom pay off their credit cards have an average debt of nearly $8,000. And, many families that declare bankruptcy have tens of thousands of dollars in credit card debt. Life insurance can be used to pay off that credit card debt.
=== Life Insurance Can Help Pay for the Care and Education of Your Children ===
If you are a family with "special needs" children, you may be paying for special tutoring or child care. These expenses will continue beyond your untimely death. Life insurance can help provide for your child's special needs. This help could continue for quite some time.
A university education often costs $20,000 a year or more. Your savings and investments over the years could help pay that cost. But, if your income stops before those investments can grow to help your children with their education expenses, your children will have less money available to get them through their university education. Life insurance can be used to help provide the educational costs of tuition, books, fees, and living expenses.
=== Life Insurance Helps Your Spouse ===
Your spouse may or may not be able to make up for your lost income. Depending on your spouse's age or other circumstances, your spouse may:
- Re-marry and gain another source of income.
- Wait until a pension and/or Social Security provides an additional income stream.
- Increase income from employment or entrepreneurial efforts.