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1/5/2009
Monday morning
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| 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. |
| With the many products out there, picking one can prove to be quite
confusing. There are, however, really only two basic types of life
insurance--term and whole life (also called cash value), each having its
advantages and disadvantages. For most people, term life is the best
option though the ultimate choice will depend upon your health, age, income
level, and special needs. But, since most insurance agents tend to push
whole life or cash value insurance because of the fatter commissions they
get from it, a greater number of people tend to take whole life thereby
shortchanging themselves by paying too much and ending up with little death
benefits for the same amount of premium compared to term insurance. |
| After deciding on the type of life insurance that is best for you and how
much insurance you need, the final step is to shop around for a good
policy. The best way to do this is most probably through a group policy.
If you belong to any professional organizations or groups, check if they
have a group life insurance program. If you cant go through that route,
then call up a couple of insurance agents (you can get numbers from the
phone book or from newspaper adverts). Ask them for quotes, do a
comparison, and then decide your best option based on the price and
financial rating of the insurance company. You can also get life insurance
information from the internet (e.g., http://www.insure.com) or through
brokers that provide quotes from different insurance companies. You should
also check about the life insurance benefit at your place of work. Most
organizations have a life insurance benefit in place that is bundled with
health insurance. The typical coverage from work place insur. |
| Term Insurance
Term insurance is the purest form of life insurance, consisting only of a
death benefit without the frills. It is for a fixed term varying from
one to 20 years, after which it must be renewed. If you die during the
term, your benefits are paid to your beneficiaries. Term life insurance
premiums are cheaper compared to whole life which makes it possible for you
to afford more coverage with the same amount of premium. |
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