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Published on December 19th, 2016 | by Millennium Magazine Staff


Top Tips For Financial Security

For many, getting their finances in order starts with purchasing a life insurance policy.

(NAPSI)—If you’re like many Americans, you’d like to spend less and save more. According to a Nielsen survey, that was the third most popular New Year’s resolution. Fortunately, it may be simpler than you realize.

Purchasing life insurance is a way to help you and your loved ones feel more secure. According to a study by LIMRA, a financial services research firm, 80 percent of Americans say life insurance is something most people need for their family’s financial safety—yet only 44 percent own an individually purchased policy.

While the idea can seem daunting, getting life insurance can be as simple as asking yourself a few questions to become familiar with your options, and reaching out to an insurance agent to learn more.

What You Can Do

Here are five steps to take when thinking about purchasing life insurance:

1. Determine your need: Does someone depend on you financially? Are you lacking the funds to cover your final expenses? If yes, consider life insurance. A beneficiary can use the money to replace income or pay off debts.

2. Familiarize yourself with the benefits: Many people don’t realize that for the beneficiary, life insurance is not subject to federal income taxes in most instances. This is one of the many benefits that comes along with this product.

3. Decide how much life insurance you need: How much coverage would your family need if something happened to you today? What debts would need to be paid off? There are many questions you can ask yourself to help you determine the right type of life insurance you need. You can start planning by using Bankrate’s life insurance calculator at ment/retirement-calculator.aspx.

4. Understand the different types of life insurance: There are three major types of life insurance coverage: term, whole and universal. All types pay a death benefit but each type can vary in terms of coverage length, premium flexibility and other factors.

5. Consider seeking professional guidance: Options are available for nearly any income and asset level, age and risk tolerance. An insurance professional can help you evaluate your life insurance options and costs based on your unique circumstances.

Learn More

For further information about your life insurance options and to find a nearby insurance agent, visit


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