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What Is Life Insurance

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What Is Life Insurance

What Is Life Insurance

The right place to start your pursuit of knowing about life insurance is to understand what is life insurance and its different applications. A better understanding would help you to make the best choice of policy that meets your requirements.

Life insurance provides your family with financial coverage in the event of your death. Life insurance makes sure that your family is guaranteed financial protection when your income is not there to support your family as you are gone. Life insurance has the perspective of looking at the different stages of life and the available financial means. There are different types of life insurance available that suits different stages of life, needs and financial situations. Thus, it is easier to find a life insurance policy that is most suitable for your situation.

Your life insurance is influenced by different stages of life. These include your young age which progresses to greater and greater need with the coming of more and more responsibility. It finally diminishes as you grow older. The different stages of life and their needs are described below:

Single

When you are single, you do not have to worry about dependents. Thus, in the event of our death, there will not be anyone who depends on your source of income. However, at a younger age, the rates are quite cheaper that make it necessary to consider life insurance, even if it is not a necessity.

Married

At this stage of life, you need to have a small amount of life insurance, even if you do not have any children. If you pass away, the death payment of your insurance policy would help to pay for mortgage / rent payments, funeral costs and credit card debts.

Married and having children

If you are married and have children, you definitely require life insurance as your family would be hard hit by the loss of your income.

Retirement

During your retirement life, your children do not rely on your income and you can live on your retirement funds. Although, at this stage of life, there is not much of a requirement of life insurance as that required earlier in your life, it is a wise idea to consider life insurance to cover for your debts and funeral expenses along with supplementing the retirement money of your surviving spouse.

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