Even as you save and invest for the future, it’s important to plan for the unexpected. That might mean setting up an emergency fund and drawing up an estate plan. But you will likely also want to consider how life insurance can help protect your family and your investments.
1. Term-Life Insurance
This is typically the least expensive way to purchase life-insurance coverage. Term policies often cover a fixed number of years, such as 10 or 20 years. Your annual premium will be based on factors such as your health history, age and gender. Many term policies offer level premium payments for the life of the policy.
If you die before the end of the term, your beneficiaries receive a death benefit. At the end of the term, you may have the option of renewing the policy at a higher premium, reflecting your more advanced age, or converting it to a permanent policy without evidence of insurability. What if you let the policy lapse? The coverage is over—and you get nothing back.
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