| Should you have life insurance?
Who should get life insurance?
What type of life insurance should you have?
Which type of insurance should you pick?
How much life insurance do you need? and
How can you shop for life insurance? |
| 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. |
| As stated before, the type of insurance that is best for you will depend
upon your age, health, income level, and special needs. This is because
there are advantages and disadvantages with each of the two types of life
insurance, and you will need to consider these to determine the one best
suited to your needs. Some advantages and disadvantages for the term life
and whole life are given below. |
| Universal Life, differs from the traditional whole life by investing the
premiums in fixed-income securities that provide better rates than the
traditional whole life. You can choose to use the accumulated cash to buy
more death coverage or to pay the annual premiums, or both. |
