Do you need Life Insurance
Life insurance protects you and your family from economic hardship as a result of death. It is an insurance company’s obligation to pay the recipient of your choice a pre-determined amount of money when you die in exchange for timely payment of premiums while you are living.
Do you really need life insurance? Well do you want to provide for your family and loved ones in a manner to which they have become accustomed in the untimely event of your death? If you are the primary breadwinner who will pay the mortgage on the house your spouse and children live in if you pass? Who will provide financially for your family if you are gone? How will your children’s education be financed in your absence? And finally how will your burial expenses be covered?
Do you really need life insurance? Well do you want to provide for your family and loved ones in a manner to which they have become accustomed in the untimely event of your death? If you are the primary breadwinner who will pay the mortgage on the house your spouse and children live in if you pass? Who will provide financially for your family if you are gone? How will your children’s education be financed in your absence? And finally how will your burial expenses be covered?
Now that you have decided you do indeed need life insurance, how much do you need and if you already have life insurance do you have
enough? Some things you will need to consider when making this decision:
Look for a company that has at least an AA-rating or above. You should feel comfortable with any company that has an AA or higher rating.
When it comes to pricing, don’t be fooled into thinking that insurance agents determine prices and that you can negotiate. Insurance companies set prices and they depend on age, gender, health, smoking status, family history, activities such as scuba diving, auto racing, foreign travel, etc. Insurance agents are not allowed to offer customers any pricing discounts or incentives. Insurance companies offer different versions of the same product. Often you will see what appears to be the same product, but at a lower price. Normally, the reason for this is that the lower
priced policy offers a weaker guarantee where the policy is not guaranteed for the full period. For example, a 10 year policy that is only guaranteed for the first 5 years
enough? Some things you will need to consider when making this decision:
Look for a company that has at least an AA-rating or above. You should feel comfortable with any company that has an AA or higher rating.
When it comes to pricing, don’t be fooled into thinking that insurance agents determine prices and that you can negotiate. Insurance companies set prices and they depend on age, gender, health, smoking status, family history, activities such as scuba diving, auto racing, foreign travel, etc. Insurance agents are not allowed to offer customers any pricing discounts or incentives. Insurance companies offer different versions of the same product. Often you will see what appears to be the same product, but at a lower price. Normally, the reason for this is that the lower
priced policy offers a weaker guarantee where the policy is not guaranteed for the full period. For example, a 10 year policy that is only guaranteed for the first 5 years
When choosing a life insurance policy there are important details to consider such as selecting the guarantee period, determining whether or not the policy is convertible and if re-entry is available. The guarantee period determines how long the premium remains at a level rate. Once the guarantee period is over, the premium will increase. It is important to determine how long you will need the
coverage and choose accordingly. Guarantee periods range from 1 to 30 years.
coverage and choose accordingly. Guarantee periods range from 1 to 30 years.
Most, not all, insurance companies will offer the ability to convert your term policy into a permanent policy during a given period of time. During this period, if you choose to convert your policy, you are not required to prove medical insurability.
You will only be required to pay the new premium at your older age. The period of time you have to convert may be the guarantee period or less. It is important to check the policy description or ask your agent to make sure.
You will only be required to pay the new premium at your older age. The period of time you have to convert may be the guarantee period or less. It is important to check the policy description or ask your agent to make sure.
Re-entry refers to the point at which you want to extend or purchase a new policy with the same company. It is important to know if you will be required to take a new medical exam or simply pay the new premium. All companies have different rules and you should understand them before you make your choice.
Another important consideration is choosing your beneficiary. It is normally an easy decision when it comes to your spouse or partner, but not if there are minor children in your family. Minor children named as a primary or secondary beneficiary must have a guardian/custodian appointed to handle and distributions of funds according to state laws.
Another important consideration is choosing your beneficiary. It is normally an easy decision when it comes to your spouse or partner, but not if there are minor children in your family. Minor children named as a primary or secondary beneficiary must have a guardian/custodian appointed to handle and distributions of funds according to state laws.
Choosing a life insurance policy does not have to be a difficult process. It also does not have to be done alone. Today, you have the choice of working with a local agent or shopping online. Internet websites such as Better Credit Network allow you to search hundreds of products and offer you the final decision as to which one to apply for. The companies work with you to process your application and send your policy once approved. Customers can expect to save money this way simply because they are able to choose for themselves instead of having an agent push his/her company’s products
Two Types of Life Insurance Coverage
There is individual coverage and group coverage. You may be able to buy group coverage if it's offered by your employer, union, or association. Otherwise, you can buy individual coverage. Generally, group coverage is cheaper because of the group rates.
Two Types of Life Insurance Policies
There is term insurance and permanent insurance
Term insurance. This policy pays a death benefit if you die within a specific period of time (the term of the policy). Like auto and homeowners insurance, term insurance only covers you during the time you're making payments. For this reason, it's less expensive than permanent life insurance. There are four different varieties of term insurance
Convertible term insurance lets you convert the policy into a permanent one at any time. There's no medical exam, but premiums may go up
Term insurance lets you sign on for a new term policy without a medical exam, although the premium may be higher
Level term insurance lets you pay the same premium every year for the length of the term and be entitled to the same amount of proceeds if you die during the term. If you want to renew it at the end, your premium may rise significantly, since you'll be older
Decreasing term insurance pays a death benefit that gradually decreases in value over time. Premiums usually remain the same throughout the term
Permanent insurance. This policy continues until you die (as long as you make timely payments) and may provide a savings feature that
builds up a cash reserve you can use while you're alive. In fact, if there's enough, you can use the cash to pay the premiums, which can be
helpful in times of tight finances. This insurance is more expensive than term insurance. There are a few varieties of permanent insurance
builds up a cash reserve you can use while you're alive. In fact, if there's enough, you can use the cash to pay the premiums, which can be
helpful in times of tight finances. This insurance is more expensive than term insurance. There are a few varieties of permanent insurance
Whole life lets you pay a fixed premium for a fixed death benefit. There is a cash savings feature that, over time, provides you with a cash reserve
Universal life is a little more flexible than whole life. It may let you change the amount of insurance as your needs change. Some changes may require a medical exam
Variable life invests some of your premiums in stocks, bonds, and
money market funds. The upside is that your investments may perform
well, and provide a larger cash reserve. The downside is the risk that the investments will lose money, but a minimum cash value is seldom
guaranteed. Most insurers guarantee a minimum death benefit, although it may not be what you had hoped to receive
money market funds. The upside is that your investments may perform
well, and provide a larger cash reserve. The downside is the risk that the investments will lose money, but a minimum cash value is seldom
guaranteed. Most insurers guarantee a minimum death benefit, although it may not be what you had hoped to receive
Variable-universal life combines the premium and death benefit flexibility of universal life with the investment flexibility and risk of variable life insurance.
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