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Life insurance may not be the most pleasant of topics, but the sad fact is that everyone will die one day. Making sure that you have the right life insurance policy won’t make you immortal: but it will ensure that your family do not suffer economically after your death. Whether you just need enough to cover the cost of your funeral, or whether you want to make sure that your partner is financially stable after your death, there’s a life insurance policy out there for you. Don’t Let Yourself Be Bullied Insurance companies are full of salespeople, and they will try to talk you into signing up for policies that may not be right for you. If they won’t answer your questions about the policy, or if you just feel that the policy itself is wrong for you, don’t be afraid to walk away. Shop Around It’s easy to jump at the first deal you find, but it’s far better to look around and gather quotes from a number of different sources. An easy way to do this is to use a comparison site, to find the right deal for you. Remember: the cheapest policy isn’t necessarily the best deal. The slightly more expensive policies may have a few extras that are essential. In saying that... Don’t Over Pay For peace of mind you’ll want to make sure that you have a good amount of coverage, but don’t let your policy fill up with pointless little extras that you don’t need. You’ll only end up spending too much money and feeling miserable. If you don’t have any dependents then you won’t need as big a policy as someone with five children. Make sure that what you’re buying is adequate. Learn the Difference Between ‘Term’ and ‘Whole Life’ When you’re looking through life insurance quotes you’ll see phrases like ‘fixed term’ and ‘whole life’ pop up. There are a few variations on this theme, but in general a fixed term policy is one that will only pay out if you die within a set number of years. If you have children and want to protect them until they’re old enough to leave home, for example, you might choose a fixed term policy. On the other hand whole life will pay out when you die, whether that’s in sixty years' time or in two weeks. These policies are often more expensive. Beware of Investments Many life insurance companies will invest your money into stocks, and the return upon your death will be based on how well the investments do. Although this can sometimes mean megabucks for your family, it can also mean disaster if the stocks don’t do well. Always bear in mind that in these situations the estimated payout is just that: an estimate. The author of this article is a part of a digital marketing agency that works with brands like confused.com. The content contained in this article is for information purposes only and should not be used to make any financial decisions.
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