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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. |
| Many, many financial types will advise you that whole life policies are
bad news for most people. Only you will know the insurance options
that will make you feel comfortable, but you need to make sure you
evaluate all your options. Please consult a disinterested financial
adviser before making your final decision. My comments below are
strictly my own opinion. |
| 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. |
| 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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