Life Insurance

Saturday, March 1, 2003

of the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future. Choosinga life insurance product is an important decision, but it can be complicated. As with any major purchase, it is important that you understand your needs and the options available to you. The main purpose oflife insurance is to provide cash to your family after you die. The money your dependents receive, known as the “death benefit,” is an important financial resource. It can help pay the mortgage, run the household and ensure that your dependents aren’t burdened with debt. Life insurance can beaneffective way to provide for your family after you're gone. income. you are considering and that you are comfortable with the company, agent and product. After you have purchased an insurancepolicy, you have a “freelook” period—usually 10 days after you receive the policy—during which you can change your mind. During that period, read your policy carefully. If you decide not to keep it, the company will cancel the policy and give you an however, a number of different Review the copy of your application contained in yourpolicy. Promptly notify your agent or The American Council of Life Insurers (ACLI) suggests starting by evaluating your family’s needs. Gather all your personal financial information and estimate what your family will need after you're gone. One rule of thumbis to buy life insurance equal to five to seven times your annual gross There are different types oflife insurance—specifically, term and permanent policies. There are, permanentlife products available. All permanent life insurance policies offer lifetime coverage. Term policies cover you for a specific period of time. In addition, ACLI offers these tips to keep in mind about your life insurance purchase: Take your time. Make sure you fully understand any policy appropriate refund. company of any errors or missing information. Review your policy periodically or when your life situation changes to be sure your coverage is adequate. You can learn more about life insurance and howit can help you from yourlife insurance agent and online at www.acli.com.

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