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Life Insurance - How to Protect Your Future

Just like the ocean, the waves of life can be calm and beautiful, or can quickly turn in an ugly storm full of difficulties and the unknown. Planning in advance for those inevitable challenging times in life is critical to preparing for the protection of your most valuable assets - family, home, and more. Life insurance is a crucial step in planning for your future and the future of your loved ones.

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There are two basic types of life insurance - term and permanent (whole). And, the insurance industry has developed several models of each of these products. Let's take a quick, high level view of them:

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1. Term Life insurance provides protection for a specified period of time, such as 10, 15, 20 years or more. Some of these plans are convertible to permanent coverage, providing you with flexibility as your life needs change. 

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2. Permanent, or Whole Life, Insurance is a form of coverage that remains in force for your lifetime, provided the premiums are paid as specified in the policy. These types of plans can provide additional benefits to the owner and to the insured.

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3. Universal Life Insurance is a form of whole life coverage characterized by its flexible premiums, face amounts, and unbundled pricing structure. The savings element, premiums and death benefit can be reviewed and altered as a policyholder's circumstances change. Also, some policies are indexed and have living benefits attached to the policy.

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Life insurance is an essential element of planning for your future, as well as being prepared now. If you are in your early adulthood, the cost of life insurance is very inexpensive. If you are a two income family, but one of you is the primary breadwinner, it is best to determine the financial needs you have that need protected, such as a mortgage, consumer debt, living expenses, college funding for kids, and other lifestyle costs. However, the older you get, the more costly life insurance can become. Not only that, but the chance of getting a chronic illness increases as you age.

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According to Insure (dot) com, many insurance companies limit the purchase of term insurance up to age 70 to a period of not more than 10 years after that age. The risk to the carrier is too great. However, you can buy whole life, including "final expense" policies until age 85 in many cases. You need to weigh the costs and options when it comes to the right life insurance product for you and your family, regardless of your age.

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As a licensed agent in many states, I can help you with these choices. Contact me right away to see what works best for you. We can build a financial program together that is customized just for you.

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