Life Insurance Terms

Posted: Thu Mar 15, 2007 02:10 am Post Subject:

Becare with opinions here! Term is not the best way to go for everyone...and it is more expensive in the long run. It is best to sit down with an agent and go over what it is you are trying to accomplish. This is our job to help you figure out what is best for you and how to accomplish those goals. While term may seem cheap now if you keep buying it over time it will be more expensive than whole life. If you are young and healthy get a little of both...if you have a child def go with the whole life you will be doing your kids a big favor if you do. It is really important to talk to an agent. WHile it is easy to get a quote online...it is better to talk to a professional..

Posted: Thu Mar 15, 2007 05:37 am Post Subject:

Hi insurancediva, welcome to the forums. Please introduce yourself to the community members.
I agree with nique here. Also, the flow chart shared by Rick, on this subject, is worth mentioning here, too.
Thanks,
Evan

Posted: Fri Mar 16, 2007 03:24 am Post Subject:

I definately agree Even...You really should not make a general comment or suggestion about coverage till you talk to your client and see what will really fit their needs.

Posted: Fri Mar 16, 2007 09:22 am Post Subject:

hello insurancediva,

I cannot tell you personally that term insurance is the best insurance coverage out there. In fact i have not bought a term insurance before. I have a life insurance coverage but it is a limited paylife insurance and an endowment plan. Choosing to buy a life insurance coverage needs thorough examination of your needs and the amount of money that you are capable of investing for the present. If you are have a small amount of money allocated for your life insurance coverage, term life insurance is one thing that you can consider. You can also consider a whole life life insurance policy. In the whole life policy, you can generate cash values unlike term insurance that does not. And investing in term insurance for the long period of time can be costly on your part. Term insurance expires within the specified term. So when you get another term insurance after the coverage period, your premium may increase. In the whole life policy, the amount you are paying does not change. There are also there types life insurance that you may consider. But for me, generally, my choice is permanent insurances rather that those of term insurances. They can generate cash values and that can be a form of your retirement funds in the future. Term insurances only protects you for a specified term. For example; 1yr, 5yrs, 10yrs, etc. But they don't earn any cash values for you.

I hope this can help you in your insurance buying decision. Don't rush things up. Talk to your life insurance agent, examine your needs and your capacity to pay. This way you can get the life insurance coverage that really suites your preference.

Posted: Thu Mar 22, 2007 06:05 am Post Subject: dats fair enuff!

guys!
..thats fair enough to describe Term life as aid for your nearest future but keeping in mind the longterm benefits of your family you should go for a whole life policy. Not only the premiums, the whole life policy gets you a better return in multiple folds. So why waste your time thinking about these petty ones, time and again, under your busiest schedule!
ArindamSenIndies