If you are looking for all of the basics regarding life insurance plus some other tips that you might not have heard of, this article is for you. This can be a confusing subject with all of the different opinions and information that is available - especially when a lot of it is contradictory.
When buying life insurance, it is important that you know how your broker will be paid. If they are working strictly on commission, for example, your needs may be secondary to selling you a policy that gives the best commission. Any commission at all for your broker can lead to a conflict of interest, so always ask to see all of the alternative products before buying.
Term policies, just as their name suggests, are limited as to how long they will stay in effect. Many people purchase term life insurance because of its lower cost. However, you should be aware that term policies can double as a financial asset that can be borrowed and repaid against. On the other hand, your term life insurance will vanish the moment you stop making payments.
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