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. The purpose of life insurance is to replace your income in the event of your death; therefore, your policy's death benefit (the amount that is paid to the beneficiaries after your death) needs to be large enough to replace your income while your beneficiaries and former dependents make the adjustment. It is recommended that a life insurance policy's death benefit be equal to five to six years' worth of income in order to be adequate.  Your employer may offer life insurance at little to no cost. When taking out insurance coverage, don't forget about debt — you should try to take out enough life insurance to pay off your debt at the very least. Before you begin researching life insurance, it is important you educate yourself on the vocabulary that will be used and the different types of insurance.   Mortality risk — This is an important factor in determining the cost of your premium payment. The insurance company will try to estimate your life expectancy and the probability of your death before your next birthday. The company may take into account factors like your sex, age, weight, smoking status, occupation and socio-economic class. If you have a high probability of dying, your premiums will probably be higher.  Permanent life insurance – This term refers to any life insurance that does not expire. It combines a death benefit with a savings portion, which you may borrow against once it has accrued some cash value. Remember that no insurance is "permanent" if you don't keep up with and pay your premiums.  Term life insurance — This is a policy that is good for a certain period of time, meant to protect your dependents if you die prematurely. Term life insurance is sometimes called "pure life insurance," and the terms usually last between one and 30 years. Aim for the term to expire around the time your need for life insurance would also end — such as when your children are on their own, your mortgage is paid off, etc.   Whole life insurance — A permanent life insurance policy with a fixed premium. This type of policy accumulates cash value and money can be borrowed against this amount, but if you don't repay policy loans with interest, you will reduce your death benefit and may lose coverage.   Universal life insurance — A permanent life insurance policy with flexible premiums. The cost of your premium depends on how much cash value your policy accumulates. The company will establish a minimum premium amount when you purchase the policy. If your policy earns more than this minimum interest rate, the money may be credited toward your policy, therefore lowering or even eliminating your premium payment.   Cash-value life insurance — Includes whole life, variable life and universal life insurance. A portion of the premium you pay the insurance company is put into a cash-value account and allowed to accumulate tax-free. As this amount grows, mortality risk decreases. Depending on the amount, the cash-value may be used to pay for policy premiums. You can also take loans from the cash-value account, though this can reduce the death benefit. Permanent insurance allows you to build cash-value by investing part of your premium and allowing it to grow tax-free; however, the premiums are higher than term life insurance. You may wish to buy term life insurance, paying the lower premiums, and invest the difference yourself. This may give you the best of both worlds. Your employer may offer free life insurance, or group life insurance. You may even be able to get group life insurance through church or other associations. Group life insurance offered through your employer is usually roughly your annual salary, rounded to the nearest $1,000. If it is free, or if you are planning to stay with your company for a while, then it may be a good idea to sign up.  If you have a serious medical condition, you may qualify for a much lower premium than you could find on your own. You may also have the option to purchase supplemental group insurance, possibly even up to three or four times your yearly salary. You may be required to take a medical exam and allow the company to review your medical records. If you have a serious medical issue, your application for supplemental insurance may be rejected. Your policy may exclude coverage in certain circumstances — make sure you ask if there are any circumstances under which your insurance policy will not pay. If the insured person commits suicide within the first one or two years of becoming insured, for instance, most companies will not pay out.  The policy will also likely have a contestability clause, which means that if the insured dies within a certain time period (usually two years) of buying the policy, the insurance company has the right to contest paying the amount and investigate for fraud.  Leaving out important medical information, such as a heart condition, can jeopardize your insurance policy. If you have a serious health problem and don't disclose it to your agent, then die in an unrelated accident, the company can still refuse to pay out because you lied about your health (and committed fraud).  Avoid specialized death policies, such as accidental death insurance, cancer insurance, flight accident insurance, etc. These capitalize on a person's fear. If you want extra coverage, increase your life insurance coverage through a traditional life insurance policy that will pay your heirs for almost any reason you die, including accidents. It is important to know what you do and do not want from your life insurance policy. Consider if you want term or permanent life insurance, if you think you will want to cash out or borrow against the policy, etc.
Calculate minimum death benefit needed Understand insurance terms. Think about if you want cash-value insurance. Consider group life insurance, if available. Understand the exclusions and limitations of life insurance. Identify your desired policy components.