4 Life Insurance Tips Everyone Should Know

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Life Insurance Premium Calculator
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4 Life Insurance Tips Everyone Should Know
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Unless you have a crystal ball, it's unlikely
that you will ever be able to predict where the
course of your life will take you or when it
could come to a grinding halt. That's where
life insurance comes in. But before you buy any
plan, make sure you glean from these life
insurance tips first. Understand The Benefits Of
Life Insurance The first place that you are
going to want to start is with understanding the
benefits of life insurance. According
to Gateway Financial, there are several innate
benefits of life insurance that you should be
aware of.
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• These include
• Cash payout in a lump sum that protects your
  family and that can be used as they deem fit to
  cover final expenses, living costs, debts, and
  income replacement (to name a few uses).
• Typically tax-free death benefits.
• Typically free from estate tax with proper
  policy.
• Accrues in value as you pay into it.
• Withdrawn cash is not taxed (policy loans do not
  count as income).
• Can be exchanged with other life insurance
  policies in certain cases.

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Know What Type of Policy You Need Before you
choose a plan, it's important to understand what
your options are with plans. Life insurance comes
with two different, common plans, according
to USA Today. These include life and whole
life. A life plan usually is the cheaper route
because it can expire before the benefits are
fully used (these plans typically come with a
20-year vesting period). Whereas whole life would
cover you throughout your entire life, and can be
borrowed against once the plan has accrued in
value from you paying in. When to Choose Term A
term policy is viable for several reasons. One
example is for parents who get a term policy to
cover them until their children are of adult
working age and are independent from the family
and are able to now cover their own living
expenses.
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Once the children have grown up and moved out,
the insurance policy may no longer be required.
Bear in mind this is just one example, and your
situation may warrant whole life insurance
instead. How Much Should You Buy? Perhaps the
most difficult aspect of choosing Life Insurance
Premium Calculator is knowing how much that
you should buy. It's really going to come down
to the math that revolves around your particular
situation and lifestyle. To better help you
decide, Bank rate offers a life insurance
calculator that can enable you to more easily
assess your needs.
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Take your time when choosing a life insurance
plan. Talk to your existing insurance agent to
see if you can get group discounts by adding a
life policy and to learn more. Be sure to also
consult with your financial advisor and your CPA
to learn about any financial or tax implications
that may arise. Source http//www.huffingtonpos
t.com/micahel-lazar/4-life-insurance-tips-everyone
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