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Your Retirement Simplified
Are you thinking about getting a life insurance policy? There are many options available. If you’re wondering which path is the right one, here are life insurance basics which can help you get started.
Term life insurance is designed to last for a set period, which usually ranges from 10 to 30 years. A 20-year duration is the most common.
The term versus permanent life insurance debate has lingered for years. It is a long-standing question, but it need not be “either-or.” Neither type of coverage is universally superior to the other. Both options have appropriate uses, depending on the needs and situation of whoever is purchasing the policy.
First, let’s discuss the basics of each type of life insurance.
Term life insurance gives coverage for temporary needs. It is considered to be the most straightforward form of life insurance. In a term policy, an insurance carrier promises to give coverage in exchange for a fixed rate of payments over a certain period.
This specific time-frame is known as the coverage period. It tends to last for 10-30 years. A 20-year span is the most common. Many people wonder if term insurance may be right for them. Let’s get into the basics of term life insurance, its features, and potential roles for it in a financial plan.
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