Choosing The Amount
You should elect an amount necessary to meet the needs you
are trying to satisfy
Choosing The Type Of Life
Insurance
There are two basic types of life insurance, term insurance
and cash value insurance. There are many variations on them.
Term Policies provide
life insurance for a specified period of time. These policies
provide benefits in the event of death, but they generate
no “cash value”. If you have a limited amount to spend, and
only need insurance for a finite period of time, you may be
able to get more coverage by buying term insurance than by
buying cash value insurance. Keep in mind that the cost of
term insurance increases as you get older, which may make
it more expensive than cash value insurance in the long run.
Today’s term policies usually have two sets of premiums -
guaranteed maximum premiums, and “current premiums”, which
are usually much lower, but which can be changed by the company.
The company cannot increase current premium above the guaranteed
maximum premiums shown in the policy. When you buy term insurance
you need to make a choice as to how long you want the protection.
You may renew the policy without a physical examination for
the period of years specified in the policy. Some term insurance
can be converted to cash value insurance up to a specified
age with no physical examination. Premiums for the converted
insurance will most likely be higher than the premiums you
would be paying for the term insurance.
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