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Simply put, life insurance offers financial security in the event of your death. Life insurance protects your family from the risk of financial ruin. It provides your dependents with the necessary funds to settle your financial obligations and to cover loss of income created by your death.
Permanent policies are more like long term investments. The money you pay into the policy is actually accrued into a cash value so that at all times, your policy has a liquidating value like a government bond or company stock- you can, in effect, cash out.
There are two types of life insurance; permanent life insurance and the more affordable term life insurance.
Term life insurance is perfect for those looking to guarantee the cost of major expenses, like mortgage or education, in the event of unexpected death. Unlike the more expensive permanent life insurance, they have no cash value prior to the death of the holder.
Term life insurance, including senior life insurance for retired people, has many variables. The life insurance rate depends completely on the cash value of the insurance at death and the term of your policy. Term policies are usually made in five-year increments with a ceiling of thirty years.