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Direct Choice Insurance monitors the cost, features, and financial strength of multiple life insurance products. Life insurance covers your family in case of death and provides money for a variety of areas to help in the adjustment on their new responsibilities. Assistance for lost income, final estate and expenses and payments for debts are just some of the coverages that can help in the transition process. If you are a single person, you may not need life insurance, but if you have a family, you should consider it. Over time, as your family and responsibilities grow, having a life insurance policy that protects them becomes more and more important.
How does it work?
Life insurance policies are available as either term life insurance or whole life insurance. Term life insurance provides coverage for a specified period of time, the term. Whole life insurance provides coverage permanently and is usually combined with an investment vehicle that determines its value for a seminal moment in your life such as retirement. Usually, term life insurance provides the most value at a relatively low cost.
How much do I need?
The amount of coverage you should purchase depends on the amount of money your survivors will need. Also, the term period should cover a future date that you want to ensure your loved ones are protected. For example of you want to have coverage that would cover your child's college education, you could purchase a policy that will run until their 23rd birthday. So if your child is 8 years old, you could purchase a 15 year policy.
What does it cost?
Your age, health, tobacco use, health history and the coverage amount will determine the cost of your life insurance premium. Shop around from the many available providers, and select one that most closely matches your needs. Keep in mind that companies price health factors differently, so there is a good chance that a few of them will charge very affordable premiums for your specific situation. As an example, a 40 year make with high blood-pressure can easily find a company that adjusts conservatively for this, and will only charge a premium of $20 per month for $500,000 worth of covergae.