Life and Health Insurance
There are two types of Life Insurance policies: term and permanent.
A term policy will protect you for a specified period of time. A flat amount is paid to the beneficiary upon death.
Life Insurance provides protection against financial loss resulting from death and provides financial support to a surviving spouse and children.
Ask about the many types of and options for Life Insurance and Health Insurance.
How much life insurance should an individual own?
What about purchasing life insurance on a spouse and on children?
It is of utmost importance that the income-earning capacity of the primary breadwinner be fully protected, if possible, through the purchase of the required amount of life insurance. This should be done before contemplating the purchase of life insurance on children or on a non-wage-earning spouse. Life insurance on a non-wage-earning spouse is often recommended for the purpose of paying for household services lost due to this individual’s death. In a dual-earning household, it is important to protect the income earning capacity of both spouses.
Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?
Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation. Is credit life insurance a good buy?
Credit life insurance is frequently more expensive than traditional term life insurance. Further, if you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost.