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Some people choose to take out a joint policy with their partner. This means
policy covers both people and is paid out when either person dies (but not both).
There are several kinds of policies that may be available to you, if you are healthy enough:
Term
Term Insurance is basic life insurance. It provides financial protection bound by a specific time, usually between one to thirty years. They are comparatively inexpensive and are well suited for specific purposes, like insurance protection for paying off a mortgage or paying tuition fee for college education. Purchasing term insurance is like renting a car, a short-term solution. Monthly costs are lower, but you will not be building any equity.
Permanent
Permanent insurance provides long-term financial protection. These policies include both a death benefit and, in some cases, cash savings. Purchasing permanent insurance is like buying a car instead of renting. You are taking care of long-term needs with a long-term solution. Your monthly costs may be higher than if you rent, but your payments will build equity over time.
The cost of life insurance varies depending on such factors as insured's age, health, and occupation.
You may freely reprint this article provided author's biography remains intact:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
