What You Should Know About Life Insurance Coverage
By HARISH STEVE
If someone is financially dependent on you, then life insurance coverage provides the resources they need to get on with their lives even after your death. In simple terms, life insurance provides financial security to your dependants after you die. This money could be a vital financial resource. For example, in the event of your death, your life insurance coverage could help your immediate family members meet financial commitments like paying outstanding loans, meet educational expenses or health related expenses without being burdened with debt. A life insurance coverage ensures that your family members need not sell their assets to meet their financial commitments. Because the money has been bequeathed by you as life insurance coverage, your dependence would not have to pay federal income taxes on this money. Thus, they would be the only beneficiary of the money that you provide.


How much life insurance coverage you need depends on the level of protection that is necessary for you and your family. For instance, the needs of a person who is starting a full-time job or a business on their own are different from the needs of a person who is facing retirement. The exact amount that is right for you and your family will depend on your sources of income and financial responsibilities. A life insurance agent from a reputed company can provide you with the information that you

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need.

There are two different types of life insurance coverage:
Permanent coverage
Term coverage

As the terms suggest, term coverage pays your beneficiary only in case of your death within a stipulated period of time. Term insurance is used to cover financial responsibilities that reduce and disappear over a period of time. Mortgage payments and tuition payments are some examples. Term policies may be renewed at the end of the term although the premium amount is subject to change upon renewal. As you grow older, the premium you pay on such a policy tends to increase. These policies are cheaper than permanent life insurance coverage plans.

In case of a permanent life insurance policy, your beneficiary gets paid whenever you die. Permanent coverage provides lifelong protection to your dependants. A permanent policy also allows you the flexibility to change the premium amount to meet your individual financial needs. You may borrow against the cumulative cash value on the policy or convert it into an annuity, if you so wish. You can also use the cumulative cash value to buy more coverage or to pay existing premiums.

You may buy your life insurance from a bank, a brokerage firm or from a life insurance company. Most companies have their websites on the Internet. This makes it easy for you to research the company before you sign on the dotted line.
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