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11/19/2008
Wednesday 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. |
| Advantages.
* Much less expensive than whole life, e.g., term life may be as much as
ten times less expensive than whole life for the same amount of coverage. *
Lower premium costs provides you the opportunity to save through
investments outside of the policy. * Separate life insurance policy from
your investment programs affords you more flexibility to change either your
protection or investment program without affecting the other. * Greater
control over your choice of investments. * Can retain full access to your
alternative savings and investment products outside of your policy |
| In view of what we just experienced on naijanet from the passing away of
one of us and the subsequent discussion of life insurance, I am forwarding
this article to the net. I had written the article for the May 1996 issue
of the NACO (Nigerian Association in Colorado) Newsletter, and had posted
it on naijanet net about a year ago when a Nigerian passed away in
Baltimore and there was subsequent discussion of life insurance. The
articles addresses issues such as: |
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