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Life Insurance

Having to come up with the money to bury someone who died without life insurance ain't no joke.

If you've had a loved one die suddenly and find that they didn't have life insurance or money tucked away somewhere for burial expenses, you know first hand how hard it is to raise money to pay for the cost of a funeral.

Life insurance is a means of financial protection for your family when you die, or, even before you die. It can also be used to accumulate money for retirement or other needs.

Having the right type of insurance is a key component of leaving this world with some peace of mind, knowing that you've left your family with the financial means to get past your death and to help them move on with their lives.

There are many types of life insurances, such as whole life, term life, group life, industrial life, and others. Each type has it's own unique set of benefits and protections.

Most life insurance policies are purchased to pay for funeral and other related expenses, pay off debts, or to give surviving family members an income after the death of the insured.

In many cases, when a person dies, so does a significant portion, or all, of his income. His business may cease to exist. His pay checks from his job may stop coming in. His retirement may be discontinued. His social security may be cut or stopped altogether.

Life insurance may help relieve anxiety and frustration associated with not being able to pay for the standards in which your family is accustomed to living.

The purchase of life insurance is probably one of the most important decisions you may have to make in your life. Unless you are financially well off, it is a very prudent investment, because, as we all know, no one lives forever.

There are many things that may influence the amount of insurance you may need.

Ask yourself these questions:

Are you married and if so, how much debt will you be leaving behind if you died today? Will your spouse be able to make the necessary financial obligations?

Do you have children and if so, how many? How old are your children and what will it take for them to survive until they are self dependent? What about their education? Are you leaving money for their college expenses?

If you are not married, who is going to pay for your funeral expenses? Remember, this burden is going to fall on someone and you should make it your own responsibility.

These are just a few of the questions that should be asked. Decisions should be made based on the answers to help determine the right life insurance policy that you may need.

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