Choosing what kind of life insurance you want isn’t a picnic or a walk in the park. If you do your homework though, it’s easier.
It’s true, choosing life insurance is not all that easy, especially if you aren’t familiar with the terms. So, when it comes to things like the various policies you may see advertised online or other places, like term life insurance, permanent cover, whole life coverage, universal life insurance, or level term and decreasing term, knowing what these things mean is a good start.
First of all, you don’t want to be choosing life insurance in a hurry. If you do that, you may be running the risk of getting what you paid for if it’s a cheap policy and doesn’t have the right kind of coverage that you actually need. Why spend the money on a policy if it’s not the right one?
So, let’s say you are considering level term or decreasing term and don’t know what would be the most suitable for you. This is where finding a premier website with all the information on it that you could possibly ask for comes into play. You want a site that is clean, crisp, clear and professional with a broker who responds instantly to your needs and answers your questions.
You’d start by asking the broker what term life insurance means and the answer would be that it’s a policy that covers a specific number of years for a premium. When it comes to term policies, they do “not” accumulate cash value and usually pay out only in the event of your death.
Take this one step further and find out that level term life insurance is a more simplified version of term life insurance. A monthly premium is discussed by you, the policyholder and the insurer. You talk about the amount to be paid out and perhaps what it is to pay off. For example if you die 7 years or 16 years into your “term,” the beneficiaries are still eligible to get the full payout so long as the claim is filed properly and the premiums have been paid.
Some customers prefer more flexibility and for that reason, some insurance companies will offer them an option called decreasing term life insurance. This is different than a level policy simply due to the fact that the pay-out ID is set up to decrease year after year. In other words, if the initial cover in the first year was $50,000, the policyholder might only be eligible for $25,000 after five years. Of course you will have tons of questions to ask about how this particular policy works, and well you should.
Knowing what you are asking for and what you get in response is crucial to your life insurance buying experience. In general terms, decreasing term life is often preferred because the premiums are cheaper. On the other hand, level term life does ensure a lump sum payment provided the claim is made anytime during the term of the policy. These are tough decisions, and definitely ones you want to discuss with that expert life insurance broker before making any decisions.
About The Author
Lesley Reuben writes for Boston life insurance group, Life Insurance 2.0. To learn more about Boston MA life insurance, visit LifeInsurance2o.com.
Capitalism And Permanent Life Insurance – Part 1
I have been in the financial service trade for over 20 years and have developed some strong bias in the direction of certain products or ideas. Much of what I’ll express in this article is what I have realized from studying, listening, experiencing and observing, dating back to my college years when I studied Constitutional History.
All of those years combined with the tragic loss of two of my dear friends who were professional peers, have prompted me to jot down this article. I write it more to put my ideas to paper. If it has worth to anyone else, then I am more enriched.
Though I would not blame them for any of the content here I would dedicate this text to those two associates: Ray Hooper, whom I loved like a son, who’s cheerful way of living brightened my life, who understood that the importance of bringing value to somebody’s life because they had brought worth to yours was the measure of loyalty and is what provides “heart” to capitalism. And to Les McGuire, who became like a son in addition to a teacher, who drove me crazy, by no means letting me relax mentally. For the rest of my life I’ll always be studying more and asking “why” because Les challenged me to think more clearly.
Both Ray and Les have taught us in both life and death the actual meaning of “Human Life Value.”
Although I take full responsibility for this article I willingly give credit to all those who’s quotes I have used. I have made an attempt to put in quotations the direct quotes I’ve used and provide credit to each here rather than in footnotes. I would encourage the reader to take the time to learn the sources directly. If I’ve used a single phrase or phrase that appears as though it comes from another source, it probably did, and so I give credit to so many listed and not listed for helping me, through the years, in formulating my thinking. However, I repeat, I take full accountability for the ideas as compiled here.
Credit to Robert Castiglione “LEAP” the Key to Financial Success”
Thomas J. Dilorenzo “How Capitalism Saved America” (many of my quotes are taken from his book)
Les McGuire, Thomas Jefferson, John Looke, Murry Rothband, Producer Revolution.com
Ludwig Von Mises, S.S. Huebner, Matt Randall.
I’ve been in the “Life In
1000
surance coverage” trade long enough to have experienced both ridicule and admiration for helping clients purchase “life insurance coverage”. In those self same years I’ve watched my very own peers scramble to seek out the phrases to explain what they do for a living rather than say they sell life insurance.
I have been involved long enough to have seen my own clients use their life insurance for its real purpose. I have seen young and older clients pass away leaving the death benefit to their spouses. I have seen others borrow their cash value to send children to college, or buy a car or make different investments. I’ve seen others use their policies to secure business loans or buy equipment. I have additionally seen others live lives of greater abundance figuring out they were in a position to spend their other assets because they’d bought life insurance. To make use of the words of Les McGuire; “I have seen life insurance used as a ‘tool of production.Ҕ
I do not mean to indicate by this dialogue that life insurance coverage is one way or the other part of our constitutional form of government, or that the product itself is in some way one of many pillars of the constitution. Nonetheless, I do intend to counsel that one of the pillars of the constitution is Capitalism. And that capitalism gives us the free agency to ‘pursue happiness’ by freely laboring to secure to ourselves the rewards of that production, that are “property” in all its forms. I would firmly suggest that “Permanent Life Insurance coverage” is among the best economic instruments accessible to us to assist in that “pursuit of happiness” in brief it is a tool of capitalism.
By: Dee Randall
Article Directory: http://www.articledashboard.com
Dee Randall is the Founder of Horizon Financial. He has been in the financial services and products business for over 20 years. Visit www.deearandall.com to learn more.
Click the XML Icon Above to Receive Finance Articles Via RSS!
Additional Articles From – Home | Finance
Free Government Grants: Explored
Avoiding Complications of Credit Repair as a Homeowner
Free Government Grants – Fact, Fiction & Fraud
Who Gets Free Government Grants?
Government Grants
Tips for Qualifying for Government Grants
Single Parent Government Grants Examined
What Disqualifies You for Section 8 Government Grants?
Government Grants for Women Explored