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• Life insurance can provide financial protection for your loved ones if you pass away. The money from a life insurance policy can help pay final expenses, debts, mortgage, education costs, and other living expenses for your dependents.

• There are two main types of life insurance:

  • Term life insurance provides coverage for a specific term, usually 10, 20 or 30 years. It tends to be the most affordable option.
  • Whole life insurance provides coverage for your entire life as long as you pay the premiums. It builds up cash value over time that you can borrow against or withdraw.

• How much life insurance you need depends on your income, assets, debts, dependents and other financial obligations. A general rule of thumb is 10-12 times your annual income. An insurance agent or advisor can help you determine the right amount.

• There are many factors that determine your life insurance rates including your age, gender, health, lifestyle and family medical history. Generally, the younger and healthier you are, the lower the premiums.

• Common life insurance riders include:

  • Accelerated death benefit rider – allows you to withdraw funds if you become terminally ill
  • Waiver of premium rider – waives premium payments if you become disabled
  • Living benefits rider – allows you to access funds if diagnosed with a terminal illness

• There are many reputable life insurance companies in the USA including Northwestern MutualNew York LifeMassMutualPrudentialState FarmMetLife and John Hancock.

• Consider getting a life insurance needs analysis or consult with an agent or financial advisor to determine the right policy and coverage amount for your unique situation.

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