Buying a life insurance policy can ensure a secure financial future for your family after your death. The proceeds from an insurance policy can provide for living, housing, and college expenses for your spouse and children. You should look into several aspects of this form of coverage before making your choice.

Term life coverage is bought for a certain amount of time only. The payout upon death is the face value of the policy if you die while the policy is in effect. You may be able to buy another policy after the term ends, but the company may charge higher premiums. This type of policy is best for healthy, young adults with small children.

Whole life form of coverage is like term policy except it remains in effect for a lifetime of the purchaser. The premiums for this type of policy are generally higher than for the term life policy. All the terms and conditions of the policy are set at policy issue time and cannot be altered afterwards.

This type of cover plan stays for your entire existence and may be cashed out any time or it could be left as it is till you die. Peradventure you cash out before death, you will be given a cash value, though not really the face value for the policy. The Cash value is the sum, plus interest, of premiums that has been paid.

Universal form of coverage is a policy that guarantees a set benefit, usually at retirement, no matter how badly the stock market performed. During the time you are making your premium payments, the money is invested in stock, bonds, and money-market accounts.
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Variable coverage is a policy with money that is invested by you. If you do very badly in your investments, the policy will guarantee a minimum death benefit for your family. This type of cover investment is overseen by the US Securities and Exchange Commission.

Child form of coverage can be bought to cover medical and funeral expenses in case of the death of a child. Most insurance companies will let the child carry the cover on into adulthood. Most build cash value but there are some term policies that can be bought for a child.

One can also attach certain existence insurance riders to a life insurance cover. These include the one that waives term premium when one is disabled for a period that is more than six months, the one that pay more cover if one was about to die during an accident and the one that allows one to collect all or a portion of the death benefit when one becomes terminally ill.

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