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A Consumer
Guide on Source: General Services Administration
Choosing a life insurance product is an important decision, but it can be complicated. As with any major purchase, it is important that you understand your needs and the options available to you. The American Council of Life Insurance (ACLI) has prepared this guide to help you know what questions to ask when you're buying life insurance. The ACLI is a trade association of more than 500 life insurance companies, which collectively provide about 90 percent of the life insurance in the United States. |
Life
Insurance is the foundation of financial security for you and your family.
It protects your financial resources against the uncertainties of lie so you
can plan for the future.| Why do I need life
insurance? The main purpose of life insurance is to provide cash to your
family after you die. The money your dependents will receive (the "death
benefit") is an important financial resource: It can help pay the mortgage,
run the household, end ensure that your dependents aren't burdened with
debt. The proceeds from a life insurance policy could mean that they won't
have to sell assets to pay outstanding bills or taxes. What's more, there is
no federal income tax on life insurance benefits.
Where do I Begin? Start by evaluating your
family's needs. Gather all your personal financial information and estimate
what your family will need after you're gone. Include ongoing expenses (such
as day care, tuition or retirement) and immediate expenses at the time of
death (like medical bills, burial costs, and estate taxes). Your family also
may need funds to help them readjust... perhaps to finance a move, or pay
expenses while job hunting. Remember, life insurance provides financial
protection. If protection is not your primary goal, you should consider
other financial products How much life insurance will I need to purchase? While there's no substitute for evaluating needs, one rule of thumb is to buy life insurance equal to five to seven times your annual gross income. What are the different types of life insurance? There are many kinds of insurance, but they generally fall into two categories: term insurance and permanent insurance. Can I also get health insurance from a life agent? Many life agents also sell health insurance policies. Some companies offer multiple kinds of policies and provide discounts for purchasing different kinds of insurance. Ask your agent. --------------------------------------------------------------- Insurance Companies & Information Resources
National Association of Insurance Commissioners Whole Life Insurance by Globe Life Health Insurance Reform and Government Info
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