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Life-insurance provides financial security to loved ones left behind when someone passes away. By choosing to purchase a life-insurance policy, people guarantee their death won’t become a burden. The cost of funeral expenses has grown exponentially. With the costs for a minimal funeral rising into the thousands, people rarely have the financial backing to pay for a funeral. Furthermore, many people find themselves emotionally unprepared for the death of a loved one. This type of insurance can be purchased for temporary or permanent terms. By selecting an appropriate policy, policy-holders give their loved ones a way to pay for the closure of life accounts, the costs of funeral services, estate taxes, or inheritance. Life-insurance gives the beneficiary a pay-out sum, the death benefit, upon the death of the insured. The aspect of death remains frightening to most people, and some believe that purchasing an insurance policy becomes a self-fulfilling prophecy. This myth leads to poor financial decisions and irresponsibility when determining how to plan for death. Some policies require health questionnaires or examinations prior to issuance. The unique situation of each person’s health and needs influence policy selection.
Temporary-Life-Insurance Routinely called temporary insurance, term-life-insurance policies are the most advertised form of life-insurance-policies. Term-life-insurance doesn’t accumulate cash value over time. Remaining in effect for a specified length of coverage, or term, the policy pays the beneficiary a face value upon death. When someone lives beyond the term of the policy, the premium increases with at each renewal period. Annual term-life policies guarantee the insurance company will pay the death benefit regardless of health for a period of one year from the issuance date. This type of term-life policy offers the best premium to death benefit ratio. Similarly, all term-life policies have respectable, affordable ratios if the insured dies during the policy time. Since most insurance companies may require proof of insurability—physician certification attesting the insured has minimal chances of dying in the coming year—purchasing an annual term-life-insurance policy remains rare. Furthermore, if the insured develops an uninsurable condition during the year, premiums will increase or the insurance company may refuse the renewal.