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Three important life insurance facts you need to know

Choosing a life insurance policy is one of the most important financial decisions Americans can make. This type of insurance provides financial support to both policyholders and their beneficiaries in the event of death of the former, writes CBS News.
Three important life insurance facts you need to know

Three important life insurance facts you need to know are as follows:

There are several types of policies

Life insurance offers Americans a variety of products. Term life insurance, for example, is applicable to certain time frames or conditions of life of the insured. This policy is inexpensive, but the contract must be renewed after its expiration. Whole life insurance is more expensive, but it lasts for life of the insured.

There are also universal and investment life insurance policies. These plans allow their owners to make good money.

You can cash out your policy (potentially)

Life insurance should not be considered as another bill that needs to be paid every month. Life insurance policies have an option that allows owners to return part of the funds if necessary. But if you choose this option, you may lose your insurance. Nevertheless, it is still the best option when you face bankruptcy.

Coverage amounts can be significant

The payout amount to you or the beneficiaries always depends on the premiums. The more you invest in insurance policy, the higher the final payout.

Source: https://www.cbsnews.com/news/important-life-insurance-facts-to-know/

Photos are from open sources.

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