How Much Life Insurance Do I Need
Knowing Your Life Insurance Options
Finding the right life insurance policy can be a complicated and confusing process. You have to know the ins and outs of the different types of life insurance, and thats after you’ve figured out whether or not you even qualify, or if you even need insurance. Thats where we come inÑwe can make the policy-shopping experience a smooth and easy one so that, when your time comes, your loved ones will be provided for.
There are many varieties of life insurance. Choosing which will depend on your needs. There is term life, whole life, universal/variable universal, no-load, and of course mortgage life. Mortgage life insurance can be great for families with a mortgage. Upon your death, your mortgage is paid and your family can live mortgage free as long as they maintain ownership. It is no wonder with all this confusion most people decide to do nothing. Let us take the mystery out the life insurance options and allow you to make an education choice.
-Term life insurance: This type of insurance is the baulk of life insurance policies. You pay a premium over a decide term. If you die within the term your insurance provider will pay an agreed amount. However, term life insurance is not without its faults. If you are still alive, and your term runs out you get nothing. No insurance and you do not get your money back. Not to mention you often have to pay higher premiums the next policy you create.
• Whole Life Insurance: As the name implies, whole life insurance covers you for the duration of your life. For the rest of your life, you will pay a monthly premium. You have the option to cash in the policy during your lifetime, in which case you are paid a lump sum. A whole life policy has a cash value and a face value. The cash value is what you get if you cash in the policy before death or maturity. The face value is what is paid at the time of death or policy maturity.
• Universal Life Insurance: Universal life insurance invests your premiums in bonds, money market funds, and mortgages. Your investment fund pays for the cost of the death benefit specified at the time the policy was purchased. If the investment fund performs badly, the insurance company must pay a guaranteed minimum amount. A universal life insurance policy is slightly more flexible than other types because the premiums and death benefits can be adjusted according to your present budget requirements. This type of life insurance policy is a good fit for younger couples and families whose circumstances are prone to fluctuation.
-Variable Universal Life: This insurance type depends heavily on the outcome of your investments. If your investments are doing well, then your death benefit will be greater.
• No-Load Life Insurance: Low-load or no-load life insurance generally includes less expenses than most conventional life insurance policies. More of the money you pay in is put toward earning more money for you, instead of going toward other expenses like commissions. Financial advisors will usually sell no-load or low-load life insurance policies for flat fees rather than commission. One of the first questions you need to ask yourself when making decisions about life insurance is how much of it you will need. We urge you to discuss these matters with your financial advisor and your accountant. They will be able to help you determine the right amount according to your budget, you’re your family’s unique needs and standards.
How Much Life Insurance Do You Need?
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