The term insurance policy is favored by a good chunk of the population. You use it to protect your family in the event of your premature death.
If you are single and have no dependents your only need for life insurance is to bury yourself and to pay off outstanding debts.
If you, however, have children you need some life insurance to provide an income for them so they can go on living in the same manner after your death.
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If you are married you need life insurance whether or not you have children. You must provide for your spouse.
You may have other specific needs for life insurance. As life insurance proceeds are usually free from Federal Income Taxes you may buy a policy to pay Federal Estate Taxes. If you make the policy part of your estate it becomes taxable. Find out from your attorney or your accountant how much you will be required to pay in Estate Taxes. The amount is based on the size of your estate.
The most bought term policies are:
10 Year Term Insurance
15 Year Term Insurance
20 Year Term Insurance
30 Year term Insurance
Keep in mind that term insurance is temporary insurance. You will always have a need for coverage. As time passes you may want to convert your term policy to permanent insurance.
Life insurance is always evolving. There are new variations of permanent plans every day. When you are ready to convert your policy talk with your company. They will be more than willing to let you know about whatever their newest plans are.
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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.
Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.