Best advice on life insurance policies
The older we get, more we think about the future instead of just living for today. While it’s hard to find a teenager concerned about where would life take them 30 years from now, once you’ve grown and probably even gotten a family of your own, life insurance is an issue that needs to be carefully considered. One of the first things you have to ask yourself is how many people are dependent on you financially. If you’re single and living alone, the pressure of getting the bacon isn’t as big as if you’re the sole breadwinner in the family with kids. Any unpredicted event could devastate you financially and that’s why it’s so important to plan ahead and think about getting life insurance. Some people will tell you that the whole insurance thing is just a rip off that doesn’t pay off, but you can never tell when you will need it, and then it will be too late.
Two major mistakes in getting a life insurance are getting overprotected and under protected. Many people try to save on life insurance policies and cut them to the very basics, saving a couple of dozen or even just a couple of dollars and risking not getting enough coverage in the future. The other extreme is falling for the agents’ worst case scenario stories and getting unnecessary coverage and extra riders you’ll most likely never need. They don’t say for nothing that insurance is sold, not bought. The majority of agents will work aggressively to sell you as much as they can because they’re working on commission Make sure you fully understand what they’re trying to sell you before signing the contract.
When it comes to life insurance, there are two paths you can go, term life or whole life insurance. The first one will keep you covered for the desired amount of time that goes from a couple of years to a couple of decades. Most term life policies are based on 5 year periods, but you can often choose your own duration. This kind of life insurance policy is great for young people in their 20s and 30s who still don’t have a precise plan for their lives and can’t predict the amount of insurance they’ll need in the future. They go for this option mostly to protect their student loans, and switch to whole life once term life insurance expires. Whole life insurance, on the other hand, is permanent and keeps you secured until the end of your life. The biggest difference between the two is that with whole life you build cash value that could later be used for various investments. As long as you keep paying the premiums, with whole life insurance you’ll safe and protected regardless of your age or your health. On the other hand, most companies will refuse to give you term insurance if you’re over a certain age or in poor health, or they will try to charge you with premiums that are so high it doesn’t pay off to get the insurance at all.
Cut the cost of life insurance
Interested in life insurance, but afraid that you can’t afford it? The real truth is that, if you have a family, you probably can’t afford not to have life insurance – not to mention that there are ways to get your life insured for much less money than you [...] Continue Reading…
Great tips on choosing the right life insurance
Whether it’s your first time in getting a life insurance or you’re renewing your insurance policy, this can be a real pain in the butt. Most companies make it complicated to understand the different types of policies by sticking to the legal terms most people aren’t familiar with, and [...] Continue Reading…
Life insurance as a way of planning your future
We all know that it is always a good idea to take out a life insurance policy, but what is the best time to do it and how to find a good policy with the best quotes. First of all, you have to be totally sure that a policy [...] Continue Reading…
What should we know about life insurance options and quotas?
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Which type of life insurance is the best?
Every person who likes to plan things ahead and think about the future should definitely think about getting life insurance. Although you can hear many people say that this is unnecessary and that this is something that was made in order to take away a lot of your money, [...] Continue Reading…
Some basic types of life insurance
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Life insurance for young people
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Why should I get a life insurance?
This is probably a question that most of you had already asked yourself at least once in your life time. The answer is very simple: to provide a brighter future for your family in case you suddenly die. Yes it can happen and the fact that we don’t won’t [...] Continue Reading…
What Not To Forget When Taking Out Life Insurance
Once a person decides to take out life insurance, a very complicated procedure follows. The trouble is that it does not always look that complicated and that people usually overlook some details that turn out to be of great importance later on. Insurance agents usually tend to speed up [...] Continue Reading…