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Life insurance may be one of the most vital types of insurance you can buy, helping to protect your loved ones from potential financial disaster. An insurance policy is able to make certain that your family is able to pay their mortgage, that your children can afford college, or that your estate won't be wiped out by pending debt. 

Even though life insurance is so important, many people find the complexities of the market confusing and even intimidating. To help you decide which type of insurance would be best for you, Daniel Oliver, a Farmer's Insurance agent in Minneapolis, is here to explain some of the basics about life insurance.

There are essentially two types of life insurance: permanent and term. As the name implies, term life insurance only pays benefits if you die within a specified period of time, after which coverage stops unless you buy a new policy. This option is best for people who intend their insurance to serve a specific need, like parents who want to ensure their children can go to school.

Permanent insurance, on the other hand, will pay out when you pass away, regardless of the time period. This option is better for individuals who want to build equity with their life insurance payments. While permanent life insurance policies generally have higher premiums, they are also guaranteed for life.

For more help getting the best life insurance policy to fit your needs, visit Daniel Oliver online now, or just call (952) 925-4454 for insurance quotes and to make an appointment.

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