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Beyond all the “living benefits” of life insurance (cash accumulation, retirement supplement, long-term care), there is one obvious benefit: protecting the loved ones you leave behind. Life Insurance is LOVE Insurance ™.
Even if you have no dependents or they are all financially independent, you need to at least cover final expenses and estate taxes, to make sure you don’t leave a financial burden as well as an emotional one. It is recommended to get life insurance early while you’re young and healthy to take advantage of low premiums. However, coverage is also available even if you’re in your 80’s and in not so great health, for a significantly higher premiums.
There are two main types of life insurance: term and permanent. The difference is like renting VS. buying an asset. Term insurance terminates after a set amount of time providing coverage when you need it most (until children become independent, until mortgage is paid off or business loans are paid) while permanent insurance (whole life, universal life) will continue protection to age 95, 100 and beyond for those who want to leave a legacy or just avoid leaving a financial burden to loved ones.
Life Insurance can protect your family in the time of need. There are many life insurance benefits that are often overlooked: protecting your mortgage, protecting assets and asset distribution, supplement retirement funds, self-banking or the concept of Infinite banking using loans out of the cash value which can be repaid back to the policy with no APR’s or rigid bank terms.
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