Life Insurance

If there is anyone who might suffer financial hardships if you die, then you should get a life insurance.

A life insurance pays a specified amount to your named beneficiary if you die. The amount of payments the company will make depends on the policy you will avail.

However, a life insurance should go beyond the payments to your beneficiary. It should also cover all expenses that will be incurred upon your death including funeral expenses, child care, taxes, and others.

There are different kinds of life insurance:
• Term Life Insurance – makes payments to beneficiary for a specific period
• Whole Life Insurance – makes payment to beneficiary for as long as the beneficiary is alive
• Universal Life Insurance – breaks the benefits and cash value to several components
• Children’s Life Insurance – taken while children are young. When the child grows up, he or she becomes the beneficiary of the insurance
• Senior Life Insurance – Life insurance for elders
• Mortgage Protection Life Insurance – covers balance payments in case you die before payments are completed