subject: The Reason Why I Should Have Life Insurance Plan [print this page] I was searching on the internet to get the best life insurance plan to satisfy me and my family's needs. I started asking myself questions. How much life insurance plan can I manage to pay? What type of insurance plan is most beneficial? How much cash and salary would my partner and children need if I were to die? Because of so many questions, I want my life insurance plan as a supply of cash required for charges of final medical bills, paying taxes, mortgages, or other debts that I might have.
I want my insurance plan to supply money for my families living cost: my children's recent schooling, their future educational cost and any other future charges that could appear.
I know that while I might need a high buck insurance plan of a $1 million dollars, if my property does not add up to a $1 million dollars it's impossible an insurance company is going to supply an insurance plan for that sum. Eventually, I have to choose the type of life insurance plan is best for me a period or whole life insurance plan.
A period insurance plan is a death protection for a chosen period of years generally from 1 to 30 years. Death advantage will probably be paid only when I die within that chosen period of years. I will have to know if my term insurance plan is guarantee fast growing, after the chosen period of years.
I have to be aware that each time I renew my policy that my premiums will go up due to my age. I will have to know if I can convert my insurance plan prior to the end of my term insurance plan into a whole life insurance plan.
A whole life insurance plan provides me with death protection for as long as I live. I know that the same premiums will be the same for as long as I live. The premiums would be greater than a term insurance plan, however with a whole life insurance plan; I'll be gathering a cash value. I will use my income value for spending my premiums if I become ill or unemployed. Plus, on some whole life plans I can use the cash value as collateral on a loan.
If I use the income value in my whole life plan, it'll be taken off from the advantage if I were to die. This implies less money and/or advantages my family will receive.
by: Stepanie Almarza
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