Life Insurance

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Do you need life insurance?

When contemplating what type of insurance to obtain and how much you need, ask yourself what would happen to your family and loved ones without you and what type of legacy you would like to leave behind for your children.

Do you want to ensure that your children's college fees will be taken care of in your absence?
Would you like to leave a sizable contribution to your favorite charity?
Do you want to guarantee that the funds will be adequate to handle the mortgage as well as accomplish other life goals?

Life insurance may be able to assist you in satisfying these objectives and grant you the peace of mind that your family and loved ones will be taken care of financially.

Whole Life Insurance:

Whole life insurance can be used as a source of cash in the event that you need to obtain the funds during your lifetime. Many types of permanent life insurance build cash value that can be borrowed from or acquired at the policyholder's request. Withdrawals or loans that are not refunded will reduce the policy's cash value and death benefit.

Term life insurance

Term life insurance policies present a stated benefit upon the death of the policy owner, given that the death occurs within a specific period. However, the policy does not grant any returns beyond the death benefit; the policy has no additional cash value, unlike permanent life insurance policies, which have a savings component, enhancing the value of the policy and its eventual payout. As a result, term life insurance is also known as "pure life insurance." Its only objective is to insure individuals against the loss of life, and all premiums paid are used to cover the cost of insurance protection.

The cost and availability of life insurance depends on factors such as age, health, gender and the type and amount of insurance purchased. Life insurance is essential to obtain because it helps financially provide those who depend on you the most from financial hardship in the event you should you die unexpectedly.

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