The Financial Planning Blog
Your go-to financial planning and wealth management resource, whether you're just getting started or well on your way to a financially secure future.
Life insurance can be difficult to understand, but here are a few facts to make it easier Basically, life insurance products fall into one of two categories: term or permanent. Both can play an essential role in planning a secure future for your family. Term Life Insurance A term life policy covers you only for a specific period of time and generally doesn’t build cash value. If you decide to end your coverage before the term is up, you can simply stop making payments and that's it – there's nothing more to pay or any other obligations. If you die during the term period, your named beneficiary is paid the coverage amount. If you don't die during the specified term period, your coverage simply ends.
Let’s examine some uses for life insurance, the only asset class that can ensure the completion of proper funding for a myriad of unique planning needs - regardless of the state of the federal estate tax. Income Replacement ("How will my family eat if I die?")
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