Before purchasing life insurance, you must understand that insurance is for protection purposes only, which does not include investing. Term insurance gives you protection only, with no savings. Whole life and universal policies offer savings, but they are a lot more expensive and you would be better off using the cost savings to invest in something else.
Before purchasing life insurance, make yourself aware of what you need from your policy. There are online calculators that can help you figure out what it would take to cover your expenses associated with that of your surviving spouse or children, when they either finish college or reach adulthood, whichever comes first.
When consulting an advisor about a life insurance policy, do not be afraid to ask tough questions. You should completely know all the different policies before purchasing one. For example, you should know if your policy is renewable, and how long the premiums will last. In addition, you should know if there are exclusions. These are important things you must consider before purchasing life insurance.
When purchasing life insurance, the issue of term or whole life insurance is one of the first decisions you need to make. Generally, term insurance is much cheaper but whole life policies have a cash value.
The question you need to ask the agent is what are the fees and cost associated with cashing in a whole life policy? In most cases the fees are very expensive, and term life ends up being a much better value for your money.
Determine what amount of life insurance you require before you buy it. No one has a better handle on your financial requirements than you. Don't let any agent talk you into purchasing more than you really need. Think it through, come to a decision and don't let anyone convince you to spend any more than you planned.
As stated before, life insurance compensates loved ones in the event of your death, allowing them to pay for expenses such as funeral costs and living costs long after you are gone. While there are a lot of things to think about when selecting life insurance, the information from the article will help you in the selection process.
Before purchasing life insurance, make yourself aware of what you need from your policy. There are online calculators that can help you figure out what it would take to cover your expenses associated with that of your surviving spouse or children, when they either finish college or reach adulthood, whichever comes first.
When consulting an advisor about a life insurance policy, do not be afraid to ask tough questions. You should completely know all the different policies before purchasing one. For example, you should know if your policy is renewable, and how long the premiums will last. In addition, you should know if there are exclusions. These are important things you must consider before purchasing life insurance.
When purchasing life insurance, the issue of term or whole life insurance is one of the first decisions you need to make. Generally, term insurance is much cheaper but whole life policies have a cash value.
The question you need to ask the agent is what are the fees and cost associated with cashing in a whole life policy? In most cases the fees are very expensive, and term life ends up being a much better value for your money.
Determine what amount of life insurance you require before you buy it. No one has a better handle on your financial requirements than you. Don't let any agent talk you into purchasing more than you really need. Think it through, come to a decision and don't let anyone convince you to spend any more than you planned.
As stated before, life insurance compensates loved ones in the event of your death, allowing them to pay for expenses such as funeral costs and living costs long after you are gone. While there are a lot of things to think about when selecting life insurance, the information from the article will help you in the selection process.
