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BUYING LIFE INSURANCE
Part 1
Buying life insurance is
not like any other purchase you will make. When you pay your premiums, you
are buying the future financial security for your family that only life
insurance can provide. Among its many uses, life insurance helps ensure
that, when you die, your dependents will have the financial resources needed
to protect their home and the income needed to run a household. By buying
your life insurance through PRCUA, you also help fund our many fraternal
benefits.
Choosing a life insurance
product is an important decision, but it often can be complicated. As with
any major purchase, it is important that you understand your needs and the
options available to you. This is where a PRCUA agent can help you the most.
Life insurance can be used to help with other financial goals, such as
funding retirement or education expenses. However, it is important to
remember that the main purpose of life insurance is financial protection.
All forms of insurance are by design to protect you and your loved ones from
the risk of the unexpected. If your primary goals are something other than
protection, you should consider what other financial products are available
to meet these goals.
The best way to make an
informed purchasing decision about life insurance is to become familiar with
the basics. You must be able to answer the following questions: Why do I
need life insurance? How much life insurance do I need? Which type of
insurance, permanent or term is best? What are the advantages and
disadvantages of each type? What can I expect an agent to do for me?
With a knowledge of life
insurance basics, you can ask the right questions and purchase the right
plan and amount which truly meets your needs. |
