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Term life insurance 'suits young professionals'
September 03, 2010
Term life insurance may be most suitable to young professionals, it has been asserted.
Young people may be best off opting for a term life insurance policy, it has been suggested.
Debbie Cecil, director of life products for employee benefits provider Unum, stated that life insurance is an important "building block" in a person's financial plan.
"But it's not a one-size-fits-all benefit, so understanding the types of coverage that are available and when they're important can be daunting," she stated.
It was advised that term life insurance is an "adequate and affordable" policy for young professionals, as rates are cheaper when people are younger and the cover lasts for a defined period of time.
Last month, James Luongo, a wealth advisor with Insight Financial Services, told the Star Ledger that life insurance is an important tool in a person's risk management portfolio.
He suggested that as this is often a temporary need which is chiefly required when someone has dependents relying on them, term life insurance may be the best option for many people.
Published by Nicola Bellingham
Term Life Insurance
