| The reasons for buying any kind of life
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| | the death is from natural causes. This is
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| insurance are always personal. What makes
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| | to prevent the writing of "deathbed"
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| perfect sense for one person may not add
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| | policies that insure patients who are
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| up for another. For example, a
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| | terminally ill. If the insured dies
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| 65-year-old man wants to buy a million
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| | within the first two years of the policy,
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| dollar life insurance policy. He doesn't
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| | most insurance companies will pay the
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| have to insure against lost income. He
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| | beneficiary the premium amounts plus
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| doesn't need to pay off his home. He just
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| | interest as a death benefit, but not the
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| wants to leave behind a large amount of
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| | full face value. Accidental death-from an
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| money for his family. It's his dream.
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| | automobile accident, for example-is
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| Since he can afford it, it's his choice.
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| | covered as soon as the policy is written.
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| Life insurance usually is intended to
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| | Another unconventional type of policy is
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| maintain a family's lifestyle in the
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| | the single-premium life insurance policy.
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| event that one or both of a family's wage
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| | The premium is paid upfront in a lump sum
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| earners dies prematurely. Most seniors do
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| | and covers the policyholder until death.
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| not have to worry about this. The vast
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| | Depending on the age of the policy
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| majority are no longer providing for
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| | holder, the death benefit can be two or
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| their children. Many have already paid
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| | more times the amount of the single
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| off their homes or have sold them for a
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| | premium. Since life insurance death
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| profit and moved into a more affordable
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| | benefits usually are exempt from estate
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| housing. The traditional reasons for life
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| | taxes, many seniors use a single-premium
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| insurance may not apply, but some
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| | life insurance policy as a tool to pass
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| untraditional ones may.
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| | on wealth to their heirs tax-free.
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| Some seniors are concerned with final
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| | Some single-premium policies can include
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| expenses-funeral and burial costs. These
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| | a provision to pay for certain kinds of
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| costs have risen dramatically in the last
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| | medical care, such as nursing home care
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| decade or so. Some seniors who thought
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| | or hospice care. In this sense, the
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| they had saved enough for final expenses
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| | policy functions as a kind of long term
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| or had a small life insurance policy to
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| | care insurance. Any money remaining in
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| cover them are finding that they might
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| | the death benefit at the time of the
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| come up short. They can take out final
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| | policyholder's death is passed on to the
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| expense policies. Generally small, some
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| | beneficiary.
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| final expense policies do not require a
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| | Most seniors do not need life insurance
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| physical. They are known as "guaranteed
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| | for the traditional purpose of income
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| acceptance" policies.
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| | replacement, but some seniors decide that
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| To minimize risk on the guaranteed
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| | life insurance is a tool that can help
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| acceptance policies, insurance companies
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| | them realize their final goals and
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| often require a two-year waiting period
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| | dreams.
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| before paying full death benefits when
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