People buy Life Insurance because they want to protect someone that they care about. Life insurance is the only way that you can guarantee that you will keep your promises. Promises to provide a standard of living, an education, a home or even a secure retirement. Without a good Life Insurance policy, all of the promises that you make are vulnerable. Who will be there to write the checks if you die before you are able to keep all of those promises? Life Insurance really is Love Insurance.
here are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance. Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage. In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time. It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals. But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.
Here is a recent broadcast on Don Owens and Lloyd Knight on HCTV talking about Social Security benefits:
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