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How to Determine Cost of Life Insurance

Types of Life Insurance

Renewable Term: These automatically renew, the premium goes up each term.

Convertable Term: These allow for the exchange of a policy for a more permanent plan.

Level or Decreasing Term: The face amount of the policy stays the same for the entire period in a Level Term policy. In a Decreasing Term policy, the face amount decreases over time.

Adjustable Premium: These allow for more conservative premiums early on in the policy. This is because insurers can adjust the premium later on. It can never be more than the maximum premium though, which is stated in the policy.

Permanent Insurance: This type of insurance is designed to protect for an entire lifetime. There are a number of variations.

Final Notes

Life insurance provides financial protection to your loved ones after you pass on. The cost of life insurance is worthwhile, and is an important investment. Contact us for more information on policies and information on when you should start getting a policy.

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