I just want to consult if i have made a good decision. I have an existing life insurance coverage. It is a limited pay-life plan. It is a permanent life insurance payable in 5 years. I am now paying for it for 3 years and this year would be the 4th year of payment. I thought this is a good time to buy another plan. I decided to buy an endowment life insurance coverage. It is payable until the age of 40 and it will mature after the 40th year. it simply means that i will be covered until the age of 40 for this plan and ill get the proceeds when it matures. I am 24 now and the paying period for my age is 16 years. Do you think i made the right decision on this? I buy additional policy even though i am still paying the other one that i purchased years ago? I hope you'll agree with my decision. lol Thanks in advance.!!
Posted: 05 Mar 2007 06:23 Post Subject: Get it the right way!
You don't need to worry at all my friend!
These are situations we all come across in life....when we repent on our re-investments. But if you look at it realistically, then you'll see that the potentiality of a limited pay-life plan doesn't suffice the long term benefits of your family especially in your absence. Thats one thing you should remember now, that its something which is associated to a period after our lives are over.
One important reason why you should look into the future with an insured amount which has more potential is to ensure that the benefit should be of real help under such unexpected events. You shouldn't be bothered about the two-fold payment now, since all of us have to maintain a major life policy (irrespective of any floaters) which demands premiums for long a period. Hope you understand!
take care, Fatman
Posted: 05 Mar 2007 06:36 Post Subject: don't waste your benefits..
Yeah...I understand your dilemma. But when you think in real terms I don't think it would be wiser for you to leave the other plan unpaid at its 4th year...its quite evident that you've paid for the 3 quarters already!
So following my suggestion in order to achieve the max benefit out of it, you have to continue...don't waste your benefits!
Posted: 05 Mar 2007 07:07 Post Subject: yupp!!
now theres no turning back, you can't miss the train in a bid to catch the plane..
Posted: 07 Mar 2007 02:25 Post Subject:
thanks to all of you. actually i am not that worried about my decision. i know this would benefit me and my family in the future. i don't have plans to stop paying the other plan. i just consulted your ideas if i have made the right decision. and i am happy that you guys agreed on it. thanks a lot for your advice. i know i can have some good information here that is why i decided to ask this question in the community.
yes sasha, there is no turning back. lol. it is much better to be prepared now that to suffer the consequences of my actions in the future.. thanks again guys...
Good day to all!!
Posted: 08 Mar 2007 04:31 Post Subject:
I truly believe the more insurance the better...but that is me. At the time of a loss you dont know what is going to happen or what is going to be needed, in most cases I believe most people are underinsured. Also as a stat..most people purchase life insurance approx 6 times through out thier lifetime....so you are on the right track...