Life insurance can be used to pay off a mortgage, plan for retirement, pay for your child's tuition and prevent tax penalties when transferring an estate to your loved ones.
While some experts argue that life insurance is only a benefit to affluent Americans, LIMRA statistics say otherwise: In 2010, 73 percent of permanent life insurance policies were purchased by middle-market Americans (people who make less income than $100,000 annually). Only 27 percent of permanent insurance policies are owned by the affluent (folks who make more than $100,000 annually). Life insurance can be a saving grace for families, especially if the primary breadwinner dies.
Life Quotes, Inc. suggests taking these personal financial questions into account before purchasing a life insurance policy:
* Who relies on you financially?
* How much is enough?
* Should you purchase a term policy or a whole life policy? Term life insurance provides coverage for a set number of years (10, 15, 25 or 30 years) and when the term is up, you have to renew the policy for another term. Whole life insurance provides coverage for your entire life and the cost of the benefit increases as the policyholder ages.
* Can you afford it?
* Have you researched the company or broker you would like to work with?
* Has your agent created a needs analysis tailored to your lifestyle?
For more on the insurance buying process, see "How To Buy Life Insurance ... For the latest updates PRESS CTR + D or visit Stock Market news Today
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