Life Insurance Quotes
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Life insurance provides a monetary benefit to a decedent's family or other designated
beneficiary, and may specifically provide for income to an insured person's family,
burial, funeral and other final expenses. Life insurance policies often allow the
option of having the proceeds paid to the beneficiary either in a lump sum cash
payment or an annuity.
Annuities provide a stream of payments and are generally classified as insurance because
they are issued by insurance companies and regulated as insurance and require the same
kinds of actuarial and investment management expertise that life insurance requires.
Annuities and pensions that pay a benefit for life are sometimes regarded as insurance
against the possibility that a retiree will outlive his or her financial resources. In
that sense, they are the complement of life insurance and, from an underwriting perspective,
are the mirror image of life insurance.
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How Much Coverage Is Necessary?
Not everyone needs the same amount of life insurance coverage. Some of the factors that
you should consider before purchasing a policy include:
- Your salary, including your future earning power.
- Anticipated inflation.
- Funeral plans.
- Debts and/or health cost concerns that may saddle your loved ones with bills after your death.
- You mortgage balance(s).
- Size and age of surviving family members. In other words, a single man would likely require less insurance coverage than a married man with three small children who will require a college education in the years to come
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