You need life insurance to secure financial protection for your family members, especially spouse and children after your exit
Read more:Such as a mortgage, your kids’ college/university fees and other recurring expenses.
Different Types of Life Insurance Plans and How to Choose the Ideal Plan for you: Trying to purchase the best life insurance policies can be confusing. Since each person's situation is different, careful research will help in making the right decision.
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A life insurance policy is designed to provide your family with financial security either when you are ill or after your death. Your life insurance policy can help pay for a college education, cost of funeral, paying of debts and mortgages. Specifications included in the policy determine the payment method when it comes to life insurance.
Before you purchase a life insurance you should firmly believe that it will provide your loved ones with the needed financial security in case of your premature death. You also have the option to go for what is known as a ‘starter policy’, the rationale behind it being that life insurance would cost much lesser when you are young.
You must first of all determine the coverage that you need as part of your life insurance policy before you purchase one. You can find many online life insurance calculators to determine the coverage that you need. You can also talk to an experienced insurance agent who will be able to provide you with valuable information about life insurance.
If you are a first time buyer then you should make it a point to get to know about the different types of life insurance products. Whole life insurance, term life insurance, variable life insurance and universal life insurance are the different types of life insurance, about whom you need to know. Getting to know the terms and conditions of payments and the coverage offered by each type will help you choose the right type of life insurance.
You must take care to choose your life insurance company with care. The credibility and quality of customer service offered by a life insurance company should be the criteria to choose one rather than the cost. Good indicators of a credible life insurance company include its fiscal fitness and rating in the market.
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Life Insurance is mandatory for every person because our lives are too short and unpredictable. You can renew your policy after the one year or make it life time. The year of renewal is different for policies and you should remember to check out this clause before buying yourself a policy. Think carefully and then invest your money. Do not waste your time in thinking about the other unnecessary details and purchase your policy today itself.
Life Insurance is an important policy and therefore you should purchase one immediately. Do not postpone or make any delay in buying a policy.
Life Insurance - Who Should Buy?
The final and perhaps the most important factor to consider is the maturity period and the premium associated with each scheme. The maturity period should not be very long that might cause inconvenience to you. Further the premium amount should also be in comfort zone depending on your earning so that you do not feel the pressure of depositing money in regular periods.
How much insurance would you require if your wife and parents are dependent on you?
Do You Need Life Insurance? Its basic purpose is to ensure financial safety in the event of your death, so you should be sure to choose the right protection and if there IS an investment value, consider it an added benefit, not the primary reason for buying a particular policy.
How Much Life Insurance Do You Need? The general guideline is between 5 and 10 times your annual salary.
What Type of Policy Should You Buy?
Term Life Insurance Policy
Whole Life Insurance Policy
Variable life insurance policy
Universal Life Insurance Policy
HOW TO CHOOSE A LIFE INSURANCE POLICY
(Written mostly for life insurance agents)A Three-step Process
After you have verified that life insurance is an appropriate tool for a financial-planning goal, 1 which product should be chosen? This three-step process is useful for many decisions, including life insurance purchases:
Identify and explain the relevant considerations. You can start with your own knowledge, and you will discover other items by asking people why they
did what they did. Some reasons may seem frivolous, but what is frivolous to one person may be important to another. A good framework can accommodate anything.
Identify the trade-offs involved for each of the alternatives. No product is better than all others in all respects, so trade-offs are always necessary. It may take considerable effort to uncover the strengths and weaknesses of each option, and some uncertainties will always remain.
Weigh the trade-offs and choose the best alternative. Sophisticated quantitative techniques are available, but a casual approach may be sufficient. Initial preferences often change as more information comes into play. As with a good mystery, a product may be a prime candidate and then recede, and you must simply follow the process through to the end.
Exhibit 1 is a starting point for constructing your own list of considerations for three decisions: choosing between term and cash-value life insurance, choosing a term policy, and choosing a cash-value policy.
What Type of Insurance is Best for You?
Do I Need Life Insurance?
How Much Life Insurance Do I Need?
What Type of Policy Should I Buy?
Contact insurance agents and collect information about different policies. One of the best plans is a Whole Life policy. It offers you wide coverage with a fixed premium and an option to get dividends. Remember, the names of such policies may differ from one company to another. These can be Whole Life, Custom Whole Life and Modified Premium Whole Life.
Consider insurance as an investment for your family. Choose the best option that can help your family to tide over the great loss in the event of your death at least financially
Tips & Warnings
•Whole Life insurance proves to be cost-effective over the years..•If your spouse earns more than you do, take the policy on your spouse's name. Clearly distinguish between "emotional losses" and "financial losses." Insurance is one of the best a tools to ward off financial loss..•If you buy a policy early on, then, as your children grow up and start earning, change the beneficiary name to your spouse.
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