I do have to agree with the Diva here. THere are many things to take into consideration when purchasing life insurance and many things that you can do with it.
Term insurance is essentially renting your life insurance it is to fulfill a need right now, this is why it is cheaper in the begining. It is often good to find a company that has convertibility options, and also waiver of premium in the event you get disabled. Term insurance ends up being much more expensive over the years than a whole life policy does in the long run.
Whole Life insurance is a great way to build some cash value...more like buying your home rather than renting. Whole life will have level premiums through out your life time and may even have an option of being paid up depending on the company. Again waiver or premium is very important again here in case you become disabled the company will pay your premium for you. Whole life is the best bet for younger people as it is still cheaper....although cash flow tends to be hardest at this time as well. Make sure you get what you can afford you dont want to lapse your insurance coverage.
These are the 2 main policies...and of course there is universal and variable etc...these have much more flexiable benifits with some investment options and it is best that you speak to an agent about these or any of the policies really.
Make sure you are comfortable with what you purchase...that is key and an annual review is also important as needs, goals and things change on an annual basis so it is always good to take a look at all your insurance policies and make sure they are still serving their purpose.
Posted: Thu Mar 15, 2007 02:05 am Post Subject:
I do have to agree with the Diva here. THere are many things to take into consideration when purchasing life insurance and many things that you can do with it.
Term insurance is essentially renting your life insurance it is to fulfill a need right now, this is why it is cheaper in the begining. It is often good to find a company that has convertibility options, and also waiver of premium in the event you get disabled. Term insurance ends up being much more expensive over the years than a whole life policy does in the long run.
Whole Life insurance is a great way to build some cash value...more like buying your home rather than renting. Whole life will have level premiums through out your life time and may even have an option of being paid up depending on the company. Again waiver or premium is very important again here in case you become disabled the company will pay your premium for you. Whole life is the best bet for younger people as it is still cheaper....although cash flow tends to be hardest at this time as well. Make sure you get what you can afford you dont want to lapse your insurance coverage.
These are the 2 main policies...and of course there is universal and variable etc...these have much more flexiable benifits with some investment options and it is best that you speak to an agent about these or any of the policies really.
Make sure you are comfortable with what you purchase...that is key and an annual review is also important as needs, goals and things change on an annual basis so it is always good to take a look at all your insurance policies and make sure they are still serving their purpose.
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