WHAT IS LIFE INSURANCE?

The simplest explanation is that Life Insurance provides coverage to loved ones in the event of death. It helps with financial issues that continue to arise after death.

STAGES OF LIFE: What kind of insurance do I need?

* Single: Rates will typically be more affordable because there are no dependents or others that will miss the income. An extended family member can be left as beneficiary to help with your financial responsibilities after your death.

*Married: With no children and just a spouse there are still financial responsibilites after death. Life Insurance would help with things like mortgage/ rent payments, car payments, credit card bills, and funeral expenses.

* Married with Children: This is probably the most important group to have a life insurance policy. In the event of death a policy will help the widow and children pay bills and funeral costs. This group is also especially important because your missing income would greatly affect the family.

* Retirement: While this group isnt as critical as some of the earlier groups to have a policy it would help pay for funeral costs and existing debts. Most retirees have retirement fund to keep financial issues under wraps and sustain life for the widow.

TYPES OF LIFE INSURANCE

These are the most popular, there are MANY different kinds of coverage.

Term Life Insurance: Affordable coverage that provides coverage for a specific amount of time.

Permanent Life Insurance: Provides coverage for the entire life

Whole Life Insurance: Invests a portion of the premium , it is a permanant policy.

Universal Life Insurance: Like whole life, but there is more flexibility with premiums and benefits

Variable Life Insurance: Allows the policy holder to make decisions about where money is invested

Obtaining health insurance and life insurance prior to being diagnosed with an illness is critical to those policies being worth anything. Cancer can prevent you from obtaining life insurance as well as health insurance. Cancer also sometimes leads to people committing suicide. Many people don't want to burden their loved ones with piles of medical bills and or do not want to suffer through the treatment process and end up committing suicide. Are you are trying to obtain life insurance because you want to commit suicide? This suicide information and prevention website can help, since life insurance does NOT cover suicide.