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What you need to know before buying a life insurance policy

Life insurance is an important part of financial planning for most people. If a person enters into a contract with a life insurance company (LIC) for the first time, he can make mistakes, since there are different types of policies and a variety of coverage amounts, writes Business Insider.
What you need to know before buying a life insurance policy

Term insurance policies provide coverage for a specified number of years. Parents of young children or mortgage borrowers usually buy them. Whole life insurance offers higher premiums from the insurer, but this contract protects the LIC client for the rest of his life.

Term life insurance is the most practical option for most people. The average term life insurance policy is five to nine times cheaper than an all-risk insurance policy.

Life insurance becomes more expensive with age. According to data compiled by Business Insider, a 30-year-old woman will spend $12 less per month than a 40-year-old lady.

Life insurance sum depends on the person’s place of residence, income, debts and expenses. As a rule, the more the client earns the more insurance coverage he gets. For example, a person earning $60,000 a year in New York would need $893,000 coverage, but a Dallas resident with the same salary would buy a policy with $471,000 coverage.

Source: https://www.businessinsider.com/personal-finance/what-to-know-before-getting-first-life-insurance-policy-2020-10

Photos are from open sources.

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