Life insurance is a valuable investment for anyone, whether you're...
Insurance for Singles
Although it is commonly believed that life insurance is for families with
children, life insurance is valuable to the single adult as well. For the
single person, life insurance can be used to provide funds for survivors who
may be responsible for
funeral expenses
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or other debts. (Many times, for example, parents are
required to sign student loan and other loan agreements.)
It is also important to purchase a policy as early in life as possible. It is
more affordable to purchase a policy when you're younger, and buying a
permanent policy now can help build valuable cash values that can be used for
future living needs.
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Life Insurance is for those just starting out
Life insurance is particularly crucial for those just starting a family. It is
during this time that a family would suffer the most as a result of the loss of
a parent. During these early years, for example, there are usually a number of
expenses, including house payments, child care payments, car payments, etc. The
death of either parent can be detrimental to the welfare of the entire family,
regardless of whether one or both parents are working.
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If one parent is currently at home with the children,
his or her death would mean unforeseen child care costs.
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The death of a working parent means a loss of income.
Life insurance is even more important in
single-parent households, in which one person is care-giver and income-provider.
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Insurance for Families
In addition to providing death benefits that can sometimes mean the survival of
a family, life insurance contains other benefits for the family as well.
Permanent life insurance contains a cash value element that grows at current
interest rates during the course of the contract. These values can be used to
meet a variety of financial needs.
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When your child reaches the age of higher education,
for example, you can borrow or withdraw from the cash value to help pay
college expenses*.
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You can also use the cash value to accelerate
mortgage payments*.
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Insurance for Retirement
Most adults get serious about planning for their retirement after their children are raised.
However, with today's longer life spans and earlier retirements, planning for
retirement is something that should begin early in one's adult life.
Life insurance can be a vital part in retirement planning. All permanent life
insurance policies contain valuable cash values that can be used to supplement
your retirement income through loans and withdrawals*.
With certain types of life insurance, you can even decrease your death benefit
or increase your premiums up to specified maximums to build cash values that
can help you enjoy a
retirement with dignity.
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