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1/5/2009
Monday morning
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| 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. |
| 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. |
| Disadvantages
* It is not permanent
* You may not be able to renew it above a certain age, e.g., above 70
years in some states. However, this may not necessarily be
disadvantageous since you may not need life insurance at that age because
your dependents will most probably have been able to establish on their own
by then. |
| 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? |
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