windchill uncompromisable: Fixed Life Insurance

Fixed life insurance is a phrase used to describe a term policy that has a level premium and covers you for a certain period. There are many reasons you may need this kind of coverage. You may want to ensure your spouse and children can afford to stay in their home if you die unexpectedly or set up a college fund for each of your children using life coverage dividends. Even if you do not have a family, you may want to buy insurance to help pay for your final expenses.

Fixed life insurance is one of the least expensive forms you can buy. Small policies offer coverage into the hundreds of thousands of dollars with premiums as low as ten or twenty dollars a month. There are other forms of life insurance out there that will cover you for as long as you live but many people do not need this type. If you are concerned about leaving your young family with a massive amount of debt, this may be for you.

Buying a Fixed Policy

Fixed insurance is perfect for someone who has bought a home and starting to save for their retirement. These are what are referred to as your peak earning years; when you are saddled with debt and are the most exposed, financially, to dying prematurely. If you passed away, your spouse would either have serious trouble or would not be able to afford living in the home you bought with the expectation of two salaries. The death benefit from a fixed life insurance policy could help him or her pay off the mortgage and have one less bill to worry about after you are gone.

It is an unfortunate circumstance when someone is involved in a terrible accident and teeters on the edge of life and death in a hospital for weeks or months. Extended stays in an intensive care unit can add up very quickly. Fixed life insurance is one way to help prepare yourself against something like this. After all, you do not want to leave your family with thousands of dollars of medical bills when they are trying to mourn your passing.

Determining when you wish to retire and if you are on track toward that goal is one of the chief worries of many Americans. One key piece of the retirement puzzle lies in life insurance. A fixed policy can help you protect your assets and your family. When you are early in your career, you are in your peak income earning years. Your ability to save for retirement, pay for your home, and all of the rest of your bills is contingent on you being able to earn income.

Coverage with a fixed death benefit can help your family continue their lives when they lose you and your income. Would you want your spouse to have to deal with a foreclosure onto of losing you? Fixed life insurance is relatively inexpensive and covers you when you need it the most. Buying enough protection to make it to your post work life is smart.

Many people do not need coverage for their entire life. Fixed life insurance will make sure you are protected while you are at your weakest, in your income producing years. If you want permanent coverage, by all means explore what is out there but if you only need pure insurance a fixed contract may be just right.

Concerns over Beneficiaries

When you first buy fixed life insurance you will need to select a beneficiary. This is the person that will receive your death benefit. Make sure you think about this decision very carefully. If you want to be sure your children see something, leave a percentage to them.

You should ask your agent about a spendthrift clause or a trust if you are making a younger child a partial beneficiary of your fixed life insurance. This will ensure they do not blow through thousands of dollars the minute they get the benefit. You can put provisions in place to limit their access to the money when you are gone.

If you ever need to get a divorce, make sure you think about your beneficiary designations, not just on your fixed insurance policy but on everything you own. You may need to designate someone new on your 401(k) or pension as well. You want to make sure you do this very shortly after a divorce to ensure your final wishes are followed and the right person gets the death benefit.

Make sure you take the necessary steps in your life to protect what you have worked so hard to build. Fixed life insurance is one type of way to do this. Get a quote and see just how easy it is to get peace of mind.

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Benefits of Term Life Insurance

Long-term financial safety
Coverage for any final expenses
Significant death benefit

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