Purchasing Life Insurance Policy
Purchasing Life Insurance Policy
Many people who purchase a life insurance policy don't realize they can be entering a complex and costly financial arrangement. Shrewd investors can buy a whole range of investment funds within their policy and switch whenever. Unwary investors get caught up with all the techno-jargon and end up literally dying to get rid of their policy.
Now, if there is one subject guaranteed to sow the seeds of uncertainty and tangle the investor in the weeds of confusion, it is life insurance. Traditionally, a company insures a thing because you might never collect, while life assurance is on a person because one is assured to die.
And that's where to start defining life insurance. Brush up on your marketing vocabulary, always bearing in mind the rules of any investment and that is to know what you really want to achieve. The reality is that virtually all the policies sold are technically life insurance but probably not as the man in the street would think of it.
The variety of products available today originated from pure life insurance policies. It started with term assurance which is a policy arranged for a fixed period to pay out a fixed sum. If you die during that time, it pays. If you don't, it doesn't.
Meanwhile whole life policies are generally more expensive to buy, but not only provide insurance leads for your family in case of death, but a major part of the premium is being invested on your behalf.
Usually this kind of policy will guarantee an annual rate of return to the individual over the life of the policy. Through this type of scheme you are building up cash and during your life you can use this policy as collateral against a mortgage life insurance leads, for example.
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