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Life Insurance

If you are interested in maintaining a sound financial plan, you need life insurance. You can ensure that your beneficiaries are financially secure after your death. Your beneficiaries may use the funds to replace some of the income you would have earned, pay off debts and cover other expenses.

There are two types of life insurance: term and permanent. Your budget, the amount of coverage you need and the length of coverage time are factors in deciding which one is best fits you. Term life insurance policies help cover a variety of personal and business needs. They usually provide the most coverage for your dollar for specific time periods. Permanent life insurance policies provide a lifetime of protection. The different types of permanent policies are universal life insurance, survivorship life insurance, and variable life insurance. Universal life insurance comes with a flexible premium structure. Survivorship life insurance insures two people and pays the benefit when both of these people have passed away. It is used as a means of wealth preservation. Variable life insurance provides a variety of death benefit options and the opportunity to accumulate non-guaranteed tax-deferred cash value, which fluctuates according to the performance of underlying investment options.