Are There Consequences to Canceling a Life Insurance Policy?

Are There Consequences to Canceling a Life Insurance Policy?

In a down economy where jobs are scarce and pennies are being pinched, some people favor canceling their life insurance policy in order to put that money towards immediate expenses.

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Best annuities to buy in down economy

Best annuities to buy in down economy

As more and more Baby Boomers hit retirement age, the fallout from the recent economic downturn could force them to adopt more creative solutions to retirement security, including annuities, according to the New York Daily News.

Annuities are a financial instrument, typically sold by life insurance companies, that provides a guaranteed income based on the amount of money that is invested in it, the Daily News reports, adding that the investment can be made either in installments or in a lump sum.

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Most cost-effective term life insurance policy for a family

Most cost-effective term life insurance policy for a family

It’s no secret that times are tough and money is tight. Fortunately, term life insurance provides inexpensive protection for you and your family.

So what is term life and what makes it unique from other life insurance plans? The biggest difference is that it provides protection for a limited period of time, notes Edward E. Graves, author of “McGill’s Life Insurance.”

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