Defining Your Needs
When you buy life insurance, you want a policy which fits
your needs without costing too much. Your first step is to
decide how much life insurance you need, how much you can
afford to pay, and the kind of policy you can get that meets
your cost and coverage goals. Then, find out what various
companies charge for that kind of policy. There are many reasons
for purchasing life insurance among which are the following:
•Family
protection to provide financial security to surviving family
members upon the death of the insured person.
•Insurance to cover a particular need such as paying off
a mortgage or consumer debt upon the insured’s death.
•Business insurance to compensate a company on the death
of a key employee or to provide a surviving partner the resources
to buy out the deceased partner’s share of the business.
•To provide funds to pay estate taxes or other final obligations
necessary to settle a deceased person’s estate.
•To provide the funds necessary for the deceased person’s
burial expenses.
Accumulation of funds to supplement retirement income if
you are going to make a good choice when you buy life insurance,
you need to understand which kinds are available. If one
kind does not seem to fit your needs, ask about the other
policies which are described in this guide. If you need
more information than is given here, you should check with
a life insurance agent or company or consult books on life
insurance which are available at your public library. Also,
the Department of Insurance has a toll-free hotline listed
in this brochure to assist you.
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