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Life Insurance
Term
This option is the most affordable type of Life Insurance. However, it only pays out the benefit if the named insured dies within the specified term. If the named insured does not die within that time frame, there is no pay-out and none of the premium will be returned. Keep in mind that the policy is renewable and can be amended. You should also be aware that it does not have a savings option.
Whole Life
This is a type of Permanent Life Insurance. It has fixed premium rates with no term limits. This type of insurance protects the named insured over his/her entire lifetime as long as payments are made. The insured can even borrow or withdraw money from this policy, which is a tax-deferred fund. The downside is that it has a lower rate of return than the other two insurance types.​
There are many types of plans to consider before choosing the one that's right for you.
Who Can Be A Beneficiary?
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Anyone of your choosing, even a trust or estate, can be a beneficiary of your Life Insurance policy. If you're uncertain about whether or not you need Life Insurance, think about who you will be leaving behind if something were to happen to you.
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If you have dependents, consider how many years it will be before they are financially independent, if ever. If you have a disabled child, Life Insurance is even more important to consider. Is your spouse a stay-at-home parent? How will they pay for expenses if you pass?
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Maybe you own a business that you want to thrive in even after you’re gone. Is there someone you trust to take the money from a Life Insurance benefit and put it back into the business to ensure liquid funds? If so, you can name them as your beneficiary.
Who Can Be A Beneficiary?
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Anyone of your choosing, even a trust or estate, can be a beneficiary of your Life Insurance policy. If you're uncertain about whether or not you need Life Insurance, think about who you will be leaving behind if something were to happen to you.
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