Take your time in taking decisions, chalk out which one is best suited for you and your family from the policies made available by different insurance companies. Look into your age, condition of health, income, health habits, marital status, number of children and lifestyle.
You must always keep in mind that if you dont need it, avoid it. No need to insure. Ask yourself how much your family is depending on your salary. If your family cant do without your earning, you really need life insurance, otherwise no need to worry. It is difficult to say for how much money should you insure. Yes, it depends on your familys lifestyle and debts. Generally, people keep it at between five and ten times of your annual salary.
It is recommended that if you’re under 40 and don’t have a family history of life threatening illness, try Term Insurance. It offers death benefit but no cash value. Otherwise, always go for the Whole Life Insurance, as it offers both death benefit and cash value. However, it is much more expensive than the former. As Term Insurance safeguards the policyholder only for a specified time period, it is appropriate for military and young families....
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