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Purchasing life insurance

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Estate Planning: Wills, Trusts, Guardians, Insurance, and Taxes

If you'd like to rest assured that your loved ones will be cared for and not left with a financial or legal mess when you're gone, now is the time to get the necessary paperwork in order. There are a number of Web sites that can show you how to do it.
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Estate planning basics

When we die, we leave behind the material possessions and financial assets (or debts) we've spent... read more»

Wills, trusts, and appointing legal guardians

Someone is going to get your worldly belongings after your death; who that is will be up to you, or... read more»

Purchasing life insurance

Estate planning is about accepting the reality of one's mortality. It's about making preparations to ensure that those who succeed you live safely and comfortably in your absence. Thus, the estate-planning conversation extends beyond arranging for the allocation of your financial and material assets. In this section we'll provide an overview of life insurance, and provide you with resources that will help you decide whether it belongs in your estate plan.

Dulcinea's Insight

  • If you are looking for life insurance, most insurance providers have Web sites where you can read about policies and even compare quotes. To find your preferred provider, search for its name in a search engine such as Yahoo! or Ask.com.

Dulcinea's Picks

For an overview of life insurance …
The Motely Fool has a "Life Insurance Center" that provides a balanced look at the issues surrounding life insurance. Here you'll find introductory information dealing with what life insurance is and why it's important, along with more sophisticated articles describing how to compare, contrast, and ultimately select plans.
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To determine if, and if so, how much, life insurance is right for you …
Money Central on MSN.com has a "Life Insurance Needs Estimator" that will help you figure out exactly how much life insurance coverage you'll need. This step-by-step calculator will help you consider expenses such as your funeral, college funds for your dependents, possible years that your family might be without income (if you are the sole breadwinner), any life-insurance policy you may currently have, and so on.
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SmartMoney has a worksheet that helps you figure out how much life insurance you need. On the right side of the worksheet you'll find links to other life insurance articles from the magazine that will help you choose a policy and maybe even save some money. Also worth a look for beginners is the life insurance glossary.
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To choose a plan or provider …
Insure U , from the National Association of Insurance Commissioners, provides information about life insurance for consumers of all life stages. On this site you’ll also find financial and complaint reports for insurance companies. If you are thinking of getting an insurance policy, consider checking the company's financial situation as well as any complaints that may have been filed against them to help you make an informed decision about where to buy insurance.
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The Federal Consumer Information Center has an online brochure, "What you should know about buying life insurance," that can help get you started understanding the basic types of life insurance and your potential need for a policy. You'll find the advantages and disadvantages of taking out a term or permanent life insurance policy, tips to help you choose a life insurance agent, even questions to ask agents if they recommend certain policies.
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A.M. Best has an insurance company finder that allows you to search for insurance companies in your area by financial strength ratings, or issuer credit ratings. You can narrow your search by selecting as many or as few options as you'd like (search only by state or country if you want a huge list of insurers). To view the ratings you will have to subscribe to the site (for free). To better understand the ratings, click on one of the menu options on the left tool bar (for example, "Ratings Definitions").
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Insure.com has an Insurance Company Guide that lets you search for an insurance company in your area by the Standard and Poor's financial-strength rating and by type of insurance they provide. If you want to check the rating of a company you have in mind, you can simply type in the company name here.
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