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TERM LIFE INSURANCE WORKS BEST FOR YOUNG ADULTS

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Term life insurance provides life insurance protection for a specific time period. If you die within the
term period, your beneficiary is paid the value that you were insured for. Unlike with other forms of
life insurance, you are paying only for the cost of insuring your life.
Other forms of insurance are more complicated and can be used as investment options (however, in
my opinion, these are expensive). In fact, the fees paid on other types of life insurance policies can be
exorbitant. My advice is to avoid them unless you fully understand the financial effects. Most experts
consider term insurance to be the best value for your insurance dollar. It’s easy to understand and
easy to purchase.
You can buy term insurance for five-, ten-, twenty-, and thirty-year periods. If you buy term insurance,
make sure it is renewable and noncancellable. Also, some term insurance policies allow you to
convert them at a later date to permanent policies. That could be favorable for you as long as the cost
isn’t prohibitive.
Bottom line: Term insurance maximizes your coverage for minimal cost, and it’s cheaper the younger
you are. This is because your chances of dying are lower the younger you are. Thus, insurance
companies don’t have to pay out on these policies as often as they do for those that are older. Perfect
for young adults!

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