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Life Insurance is a contract between the policy owner and the insurance company where the insurer agrees to pay a defined amount to a beneficieary upon death of the policy owner. The purpose of life insurance is to help the beneficiaries maintain their standard of living after the death of the insured. Most people believe that life insurance is something that you don’t worry about until you are older. Anyone with dependants should have a life insurance policy. Life insurance can be purchased on an individually or under a group plan. Most group plans are provided by employers and include a term life policy that is renewed yearly. If you are unemployed, self-employed or not able to purchase life insurance through your employer then you can still purchase an individual life insurance plan.

There are basically two types of life insurance: term life or whole life. Insurers are getting more creative and many policies today include elements of both. Term life insurance pays a sum of money to the beneficiary when the insured dies during the coverage period. Term policies don't accumulate value during the life of the policy. Under a term policy, you purchase coverage for a specific price for a defined number of years. If you die during that time, your beneficiary is paid the value of the policy. Term policies are generally renewable, but premiums typically increase each time you renew the policy. Some policies lock in the premium for a guaranteed term but the premiums will generally be higher the longer the term. Whole life provides a variety of features and benefits in addition to the death benefit of a term policy and usually has a savings element built into the policy that accumulates over the life of the policy. The insured usually has the option to withdraw, invest or borrow money against the value of the policy. Term policies are usually less expensive than whole life policies.

Determining the right amount of coverage can be difficult. It really depends on your financial position, the number of beneficiaries that need to be supported and the number of years they will need financial support. Most experts recommend six to eight times your annual income, but this may or may not be the right amount for your family depending on your circumstances. For example, if much of your annual gross income comes from unearned income or investments then your coverage requirements might be lower. Unearned income is an individual's income derived from sources other than employment. It includes income from interest, dividends on investments, and income from rental property. Normally your beneficiaries would continue to receive net unearned or passive income if you were deceased. The key to determining the right amount of coverage is the existence of dependents and the degree of that dependency. For most people, the need for life insurance will be highest after starting a family and will decrease over time as the children grow up and become financially independent.

Once you determine what type of insurance is right for you, use a non-biased third-party service to request quotes from local insurers, agents and/or brokers. Choose the kind of policy that has benefits that most closely fit your needs. To ease the process and help you make the best decision for your family, we can connect you with top agents who will answer your questions and compete for your business. Whether you live in Bridgeport, New Haven, Hartford, Stamford, Waterbury, Norwalk, Danbury, New Britain, CT and other great cities in The Constitution State, we can help your find cheap life insurance. Our Connecticut insurance agent network can help you compare rates from the comfort of your home.