Life insurance is important because it offers an income to loved ones or other beneficiaries in the event of the death of the insured, explains Futurity First. Life insurance proceeds help cover the significant cost of a funeral and burial and leave loved ones without significant debts related to th
Types of life insurance policies include whole life, universal life, variable life and variable universal life. The various types of insurance come with different durations, structures, costs and variations.
Life insurance provides ongoing income for a policyholder's family if he suddenly dies, according to The Motley Fool. In addition to replacing the deceased's income, life insurance can also cover funeral, legal and medical expenses that result from the policyholder's death.
Non-life insurance policies provide coverage to protect consumers against the risk of their insurance premiums. These types of policies are more common in European countries.
According to Futurity First, life insurance is an important asset because it provides financial protection for the beneficiaries, helping pay for funeral expenses, pay-off debts that could be assigned to the estate and providing living expenses to any dependents. Life insurance can also be used to p
Individuals shopping for a life insurance policy should calculate the coverage needed and select a reliable, highly rated insurance provider before purchasing insurance, recommends Market Watch. Estimate the money your spouse and family may need, and add in mortgage, college and major health expense
Exactly how much life insurance a person needs varies based on factors such as income, expenses, family size and if the individual has any dependents. Some experts recommend having a life insurance policy that covers between five and 10 times a person's annual income.
Life insurance works by having the beneficiary, normally the family of the individual who buys life insurance, receive a fixed amount of money in case the insured individual dies within the period determined by the insurance policy. An individual typically pays a premium on a monthly, quarterly or a
Some of the top life insurance companies include MetLife, StateFarm, AARP, and ING as shown on the Consumer Affairs website. The companies were rated based on policy benefits, price, premiums and customer service.
Term life insurance is good for a certain period of time. This can be anywhere from one year to 30 years. If the policyholder dies during the term, the beneficiaries of the term life insurance policy receive a payout known as a death benefit.