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Five questions about life insurance

Life insurance allows policy owners to earn money and protect their family in case of force majeure events. What questions do people ask themselves when purchasing life insurance policies? The Mercury publication answered these critical questions.
Five questions about life insurance

Who do I want to protect?

The main purpose of life insurance is to provide financial resources to those who will be here when we are gone. If you have a spouse, partner, children or others who depend on your income, your death could result in financial disaster. Determine the circle of people important to you and calculate how much money they need.

What expenses can the policy cover?

Evaluate your main expenses; they are usually a mortgage, education loans. When determining financial coverage, it is worth taking into account family expenses on food, clothing, and child care expenses. After this, you should select the period for which the family will receive funds.

What type of insurance to choose?

There are different types of life insurance. The simplest and least expensive form is term insurance, which provides a death benefit within a specified period. You can also consider endowment and investment insurance, or retirement annuity.

Is it possible to change the terms of the policy?

An owner of a life insurance policy can change beneficiaries and can add or remove options from the policy.

Does the coverage meet your needs?

If you already have life insurance, it is important to review your coverage periodically to account for changes in your life. To get started, answer the questions listed above.

Источник: https://www.pottsmerc.com/2024/01/05/personal-finance-seek-answers-to-these-5-basic-life-insurance-questions

Photos are from open sources.

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