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Chapter 13

Chapter 13.docx

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Heather Graham

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Chapter 13 Individual Life Insurance ProductsAnnuitiesA life insurance policy is a legal agreement that pays an amount of cash referred to as the death benefit upon the death of an insured lifeIf life insurance is deemed to be needed the next step is to determine whether the need for protection is of a temporary or permanent natureShortterm debts such as car payments or student loans are of a temporary natureFor most types of life insurance the death benefit equals the policys face amount which is the stated amount of coverage purchased by the policyholderHowever for some policies the death benefit equals the face amount plus the cash valueThere are two broad types of life insurance productstemporary and permanentTerm insurance provides temporary protection and is well suited to those who have a temporary need Lifelong needs are best managed by purchasing one of the various permanent life insurance policiesTerm Insurance provides a death benefit over a fixed term such as 1 5 or 10 years typically provides pure death protection pays if and only if the insured life of the policy dies within the sta
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