Why is Life Insurance a Good Investment?

Why is Life Insurance a Good Investment?

There are a variety of reasons why some people don’t purchase life insurance. In many cases, consumers feel the coverage may be too expensive for their budget. This holds particularly true at a time when unemployment remains around 10 percent.

However, it’s those families who struggle financially who stand to benefit a great deal from a life insurance policy. The funds from a plan can be applied towards paying down debt and other goals if the policyholder passes away.

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How can term life insurance be used for personal finances?

How can term life insurance be used for personal finances?

When planning for retirement, life insurance is a useful tool, but not as a means of saving, according to Walter Updegrave of Money Magazine. Instead, life insurance policies should be used to provide for spouses and dependent children in the event of a tragedy.

Updegrave recommends term life insurance, which carries an annual premium that must be paid to the insurance company, in exchange for their guarantee that a death benefit will be paid to a policyholder’s surviving loved ones.

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