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10 Facts About Life Insurance

Life Insurance is sometimes seen as a very serious and boring topic, but there’s some parts of it that are fascinating!
Here are 10 facts about this type of insurance that might comfort you:

  1. Origins

Life insurance was around way before the modern age. It started in Ancient Rome where soldiers would pay tribute to the soldiers that passed away. Soldiers would contribute to pay the funeral costs for fallen friends and to support their families.

  1. Global Popularity 

Life Insurance is sold all around the world. Japan has the highest rate of life insurance coverage among their adult population.

  1. High Risk Jobs

People with dangerous jobs are more likely to pay higher insurance payments due to an increased risk of an early death.

  1. Women Pay Less

Due to men having earlier death rates, women are generally required to pay less for life insurance.

  1. Policy Loans 

Some life insurance policies build a cash value, so in a situation where the money is needed you can borrow from it.

  1. Lapse Rates

About 50% of life insurance policies get cut off within the first ten years. The only way to be sure that your loved ones benefit is to keep paying the premiums!

  1. Diverse Policy Options 

This type of insurance has many different options, and these options cover a lot of different individual needs.

  1. Tax Free Payouts

Life insurance payments are usually tax free which can create a generational legacy long after you’re gone.

  1. Affordable Choices 

It is catered to all different types of people, from the rich to the middle class.

  1. Independent Agencies 

For personal advice and great service options, contact independent insurance agencies like Trusted Insurance Partners LLC.
We can help you find the best insurance policy catered to your individual needs!

The Importance Of Life Insurance 

Life insurance is more than just a policy, it helps secure you and your loved ones financially. It can also lessen the confusion within your family at the time of your passing, and can support your family with funeral costs, debt, and loss of income. For more help on these policies, contact Trusted Insurance Partners LLC, a company that can help you navigate the ins and outs of life insurance.

These fun facts shed light on the important role that life insurance plays in making smart money decisions. Understanding these facts can help you make great decisions when it comes to securing you and your loved one’s future. Contact TIP LLC today for more information.