According to the American Council of Life Insurers (A Trade Association that advocates on behalf of Member Organizations), the average size of a new individual life insurance policy purchased in 2020 was $183,780.

However, the amount of life insurance that is right for you will depend on your situation and what goals you want your life insurance plan to accomplish.

You'll want to take into consideration your annual income, assets, debts, expenses, and future financial goals, among other things,...

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Yes, you may need life insurance coverage for ,many different reasons when you are retired.

For instance, if you own a large estate that is subject to estate taxes; or wish to leave a financial legacy to your children or grandchildren (heirs).

In fact, permanent life insurance coverage may be paid up by retirement and is an asset with many different uses. It can be used to help pay for any critical illness expenses, as a supplement to your retirement income, and more while you ...

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What is voluntary term life insurance?

Usually it is a life insurance plan offered through your employer to provide employees with an opportunity to purchase life insurance coverage through work, and the premiums may be payroll deducted.

In some cases, voluntary group life insurance plans offer life insurance coverage at a higher cost, but with fewer health questions and no laboratory testing. 

It's important to keep in mind when considering life insurance that the more healt...

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Yes, you can purchase life insurance on your ex.

If you have insurable interest and your ex spouse gives you permission then you can get life insurance on your ex. 

In fact, it may be wise to include life insurance coverage requirements in your divorce settlement. This way financial obligations such as child support can be protected for the future.

If the spouse paying child support passes away, the life insurance will be paid out the the guardian of the child and the child w...

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The amount of life insurance you need will depend on your own personal situation, and what goals you want your life insurance policy to accomplish.

Many people choose to buy the amount of life insurance that will eliminate their debt and provide enough money to help their loved ones continue the lifestyle they have enjoyed with the insured person.

If you want your children to got o college, you will provide enough life insurance for that goal.

If you want to provide funds for your spouse's retir...
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Corporate owned life insurance (COLI) policies have been used for many years, but it's purpose has changed over the years.

It began as a way to provide necessary money to a business when a key employee died. The death benefit allows the employer to recoup some of the loss of earnings incurred when a productive employee dies, and provides money for recruiting and training a replacement.  

For many years, it was a common practice for an employer to take out life insurance on a...

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Yes, you may be able to buy life insurance on another person if you have an insurable interest in that person.

If you rely on someone else for financial support, or you would suffer financially if another person were to die, you may be able to buy life insurance on that person.

However, in order to purchase life insurance on another person you may need that person's permission, and the person may have to sign an application for the life insurance, and answer some health questions.

Usually, insur...
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Yes, you may be able to purchase a life insurance policy on someone else.

The insurance company will require that you have an "Insurable Interest" in the person you want to insure.

This means that you would suffer a financial loss if the person were to die, or that you rely on the person for some form of financial support.

There does exist insurable interest between spouses, siblings, parents and their children, family members, and business partners, among others.

In addition, if you want to insu...
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Yes, one person can own two or more life insurance policies.

Many people buy several life insurance policies because different types of life insurance products best meet different types of insurance needs, or simply because they want to diversify the insurance companies with whom their life insurance is with.

Life Insurance companies don't mind how many life insurance policies you own, as long as you can qualify for them financially.

That means, if you earn enough income to q...

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To get life insurance on someone else, you can go to any life insurance website or insurance agency that offers life insurance coverage.

If they want to see someone face to face, you should contact a place near the person you want to insure for life insurance.

If the person you want to insure for life insurance will be signing a digital application online, they can do it from across the nation from you and/or your insurance agent.

In order to buy life insurance on another pers...

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Life insurance is a mortality product based on your life expectancy - how long you are expected to live.

Many medical factors contribute to the underwriting of a life insurance policy, one of those considerations is the Body Mass Index (BMI).

Your height and weight contribute to the credits or debits assigned to this area of underwriting your health, and assessing your risk for premature death.

Additional concerns regarding a person's weight are associated diseases like obesit...

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