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Lack of life insurance 'could lead to financial catastrophe'
September 01, 2010
Life insurance is highly important for people with families to protect, it has been said.
People with families who do not have any form of life insurance are putting their dependents at risk of "financial catastrophe", it has been warned.
Writing for the Consumer Reports website, blogger Greg Daugherty explained that having an adequate amount of life insurance is arguably more important than paying off debts or saving for retirement.
He said that what counts as adequate depends on personal circumstances, but those with dependents may well need "a lot" of cover.
Mr Daugherty went on to add that buying a policy that provides the right amount of protection at a fair price "can involve some research" on the part of the potential customer.
Earlier this week, OfficialWire columnist Richard Bond explained that it is worthwhile shopping around for the best deal when it comes to life insurance.
He said this is because insurance providers will offer a range of different rates for similar levels of cover.
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