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Life insurance is when the insurer agrees to pay a sum of money upon the insured individual's or individuals' death or other event, such as terminal illness or critical illness. The policy owner pays an amount called a premium at regular intervals or sometimes in a lump sum.
Life insurance is broken down into two basic classes – temporary and permanent. It also has the following subclasses - term, universal, whole life, variable, variable universal and endowment life insurance.
FAST FACT -- Nearly 42% of people will get cancer at some point in their lifetime. Obtaining life insurance prior to being diagnosed with cancer can be critical. Through awareness, information, and education, we can fight and beat cancer. Cancer also leads to people committing suicide. Many people don't want to burden their loved ones with huge medical bills and or do not want to suffer through the treatment process and end up committing suicide. Are you are trying to obtain life insurance because you want to commit suicide? This suicide information and prevention website can help, since life insurance does NOT cover suicide.
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