Not everybody needs life insurance. For those who do, there are two different types of life insurance policies, term life insurance and permanent life insurance. Term life insurance covers someone for a particular amount of time, and is probably best suited for younger people and families that need to be covered until they’re earning more and are more financially stable. Term insurance usually requires a physical. It’s a competitive market, so some good deals can be had. Permanent insurance lasts for the individual’s entire lifetime, and will be a better choice for high net worth individuals. People should check with their employer to see if they’re covered by life insurance through them. Those with large families and large debts and payments should look into adding insurance to the employer insurance with supplemental insurance or private companies.
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Buying a Life Insurance Policy? Read This First