Life Insurance  06/26/12 12:11:49 PM

Life insurance is a valuable tool that serves many purposes, and so there are many different ways life insurance policies can be written.  The primary concept though is that life insurance will carry out your financial plans in the event of your death, or, put another way, it is income replacement.

It is most important to know first of all what you want your life insurance policy to do for you.  This will determine the type of policy you need (and can afford).  Probably the greatest need is for young couples with children where both parents are working outside the home.  Loss of the income from either spouse can be devastating in terms of being able to raise the kids so as to give them the best opportunities, including a good education.  Because these costs can be in the few hundred thousands of dollars these days, term insurance can be an affordable option for purchasing a large amount of coverage for a reasonable premium.

The main drawback of term insurance, and the reason it is cheaper than permanent insurance, is, of course, that most folks are still alive when the term policy expires.  There are ways to work around this potential problem and Ross at First Express Insurance can help with the various options.

Permanent life insurance currently is paying a respectable rate on the cash balance generated within the policy and has generated some interest in that area.  Permanent insurance also plays a role in financial and estate planning. First Express has access to experts in this area of life insurance and will be happy to help you.
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