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Consumers should consider life insurance

Posted On Fri, October 23, 2009

As financial troubles continue for many Americans, one thing they should take note of is whether their families could survive without them.

In a recent blog posting for CBS MoneyWatch, financial planner Allan Roth noted that consumers need to make sure they have enough insurance, which includes having life insurance. Having life insurance means that a person's family will be able to pay bills and provide for itself in the case the breadwinner of the family passes away.

"Think realistically about which catastrophes could be financially devastating," Roth wrote. "Then get coverage proposals from multiple insurance agents."

In order to save money on insurance in general, Roth suggested that people elect to have higher deductibles. Having higher deductibles will reduce the costs of premiums.

The Insurance Information Institute notes that having life insurance can provide a number of benefits for consumers. Along with providing for family members, life insurance can help pay off the expenses associated with a funeral or other debts a person may have developed over their life. Life insurance can also act as a way for people to make charitable contributions if they should die.

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