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1/5/2009
Monday morning
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This site is for our clients only as an information resource.
| Traditional Whole Life, is the original cash-value policy. The insurance
stays in force as long as you pay your premium, i.e., it is permanent. The
premium you pay is fixed and depends on your age when you buy the
insurance. The insurance company will invest your premiums and you can
borrow from the cash value built up if you so wish at a favorable rate of
interest. |
| I would advise most people to dump cash value life insurance policies
and put the money in anything else -- even a passbook savings -- that
way all your money is working for you instead of buying a Lincoln Town
Car for your life insurance agent. |
| This question, depending upon the way you answer it, may have a profound
effect on your family and d ones in the unfortunate event of your
premature death. Because most people believe they will be around for a
long time, into their nineties and over a hundred years, it never occurs to
them to plan for a premature passing away. However, no one really knows
when he or she will pass away--it may be tomorrow, next year, ten years, 50
years or even more. This fact has been brought home to the Nigerian
community in the Denver area where weve lost three of our members in just
over a year. Hence, any prudent person should plan for this uncertainty by
getting a life insurance to protect his or her family against the economic
consequences resulting from passing away prematurely. |
| Variable Life, can invest your premiums in an array of securities that
supposedly have a better chance of delivering superior returns. The death
benefit depends on how the investments perform; however, the policy will
specify a minimum death benefit in case your investments completely pan
out. |
| Should it include the baby, the high school student, the college student,
the young couple just starting out, the couple with a growing family, or
the older couple whose kids have all moved out? Everyone should have life
insurance because some expenses will be incurred in the passing away of
anyone, even a baby, such as funeral expenses. For everyone to have life
insurance, however, is an ideal situation. On a more practical basis, you
should have life insurance if you are a breadwinner of your family in order
to protect your d ones from financial difficulties arising from loss of
income that will result from your premature death. |
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