Life Insurance Quotes

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If you have a family that is dependent on your paycheck or if you have any debts, you should go for a  life   insurance . But how do you know how much cover you need? There are several factors that decide the face value of your policy.

The size of your family, the number of dependents, mortgages and debts if any, your age, any ailments that you have, all these factors decide how much cover is suitable for you. However there is no need to squander a lot of money on policies. You need to select the best suitable for your individual needs and which has a low premium.

Life policies are remarkably cheap and you could get a policy for as low as just twenty-five dollars per month. Here are few factors to be considered while getting a policy:

You should review your policy from time to time as circumstances change and you may not require as much cover as you had required few years back. This can be discussed with your insurance agent and suitable changes could be made to the policy.

As a general thumb rule, it is recommended that you get a policy that has a face value that is ten times your annual income. However it is important to note that what amount is ten times your salary at present would be a small multiple of your future income. So you need to select a cover keeping this in mind.

The basic term policy is the simplest policy. For example if you have a $500000 policy, and a term of twenty-five years, then your mortgage would be paid off, if you die within the term of twenty-five years. There is also the option of buying the decreasing term insurance. This is cheaper than the fixed term insurance where the amount rises with inflation. The whole life policy is the most expensive, which does not have any fixed number of years. It is also a little complicated and consultation with an agent is advised before deciding to go for this policy.

Another add-on that increases the  quote  of a policy is the illness cover that is offered along with  life  cover. The medical treatment costs are taken care of by the insurance if you are diagnosed with an ailment listed in the policy. It is cheaper if it is added along with life cover and offers waivers in premiums is some cases.

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