Life insurance can be a tough topic to discuss – for LGBTQ people and everyone else. After all, the subject inherently requires facing own deaths, and who really wants to think about dying? Eventually though, we all need to be adults and deal with that reality. On a positive note, there are numerous benefits to life insurance while you’re still living. Let’s consider what life insurance is, how it works, what policies are available, and how to best use those benefits while you’re still around.
Life insurance is a planning tool designed to protect the financial future of your beneficiaries after you die or are otherwise unable to provide for them due to unexpected illness or disability. Essentially you agree to make regular payments to your insurer while you’re able, and your insurer agrees to pay out a set amount to your beneficiaries in the event of your death. With adequate coverage, your loved ones will have enough to cover any outstanding debts you leave behind, pay for your funeral or burial expenses, and (depending on the size of your policy) receive help maintaining their standard of living. However, even if you are an LGBTQ person without a partner or dependents who’d need support, certain kinds of life insurance may still be beneficial to you.
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There are three main types of life insurance to choose from, which may be available bundled or purchased separately:
Costs vary greatly based on the level of risk a provider or insurer considers you to be. Ultimately, this risk is reflected in the premium you pay, which weighs such factors as: your age; how much you smoke or drink; your previous and current health; your occupation and your gender.
While the main purpose of life insurance is to provide a death benefit that supports loved ones, that doesn’t mean you can’t also take advantage of these benefits while you’re still alive. Here are a few ways:
Depending how you use it, life insurance can be much more than just a death benefit that ends up in someone else’s hands. And, appropriate to its name, it can help ensure both quality and financial stability in your life.
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