Life Insurance – Do You Need It?
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They say the only things that are guaranteed are taxes and death. That means the only insurance policy that is guaranteed to pay out at some point in the future is life insurance. Great, but do you really need it?
Well that depends. If you are married, have dependant children, own a business, are responsible for other relatives, have a large complicated estate, or have major financial obligations you should consider carrying a good life insurance policy. You never know what the future may bring and by having good coverage you won’t leave your family with a burden.
Life insurance funds work much differently than estate benefits. The funds go directly to the beneficiary without any obstacles or hurdles to climb. They are usually in the beneficiary’s hands within 24 to 72 hours.
Now that you’ve decided you should have life insurance you need to decide what type of life insurance is the best for you. There are two types of life insurance: permanent and term.
Permanent insurance policies are often called whole life policies or cash value policies. They have a savings account incorporated in them. Term life insurance is purely life insurance with no cash value other than upon your death.
Which policy is right for you depends on your personal situation. A term life policy is straightforward. You die and your beneficiary gets paid. It’s cheap because you aren’t paying into a savings account or investment fees, and it’s easy to shop for as it requires very little time to compare policies. You buy what you need and you buy it for as long as you need it. That’s it, that’s all. It’s as simple as it gets.
Permanent life insurance is flexible and offers tax deferred accumulation of cash. The premium is fixed and it sticks with you until you die. No sudden surprises with huge policy increases when the term is up. You have the ability to withdraw cash from it at any time.
Variable Life Insurance is a form of permanent insurance too. It pays a beneficiary upon your death, lets your cash accumulate tax free, and offers a low risk investment. It also allows you to borrow against the policy.
Universal life insurance is also a permanent insurance that provides your dependents with protection and offers considerable flexibility. It gives you a low risk cash investment and the ability to defer the taxes, and you get to earn market rates. During your lifetime you can borrow or withdraw against the cash value of your policy.
Universal variable life insurance gives you a little more control over your cash than a traditional universal policy. It allows you tax deferral on your cash value and it pays your beneficiary upon your death. You can invest your funds in stocks, bonds, and the money market so terrific flexibility.
You purchase health insurance, home insurance, and even insurance for your pets without even thinking about it too much. So why not purchase life insurance too? Give your family the peace of mind that should something happen to you they will be looked after financially. It’s the best gift you’ll ever give!
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