Basic Life Insurance

Choosing the right insurance is a critical undertaking. We’re talking about money that you’re going to have to shell out regularly, in the hopes that your loved ones would be taken care of if something happens to you. With all the different kinds out there, what should you choose? There are two basic types of insurance, whole life and endowment policies. Whole life policies are life insurance contracts that will pay you a lump sum only after your death. While endowment policies are life insurance contracts that are designed to pay a lump sum after a specified term. Generally, premiums are higher for endowment policies than for whole life.
Normally, I always suggest getting an endowment policy, since I like the idea of getting my money back. I also like to look at endowments as forced savings or long-term investments. Also, with endowments, you get insurance during the critical period of your kids’ growing up years. Once they’re all grown-up and well-established, then it would be your turn to need the money for your retirement.

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If you are age 60 or older and currently have a Life Insurance Policy in force, you may have questioned if you are truly getting the best policy for your money. Do you have the highest death benefit available? Are you paying the lowest cost in premiums available? Are there any available financing options you should be aware of? When you purchased the policy, were the proper array of carriers and products presented - tailored to you, and even if so, have your circumstances since then changed? A recent study concluded that up to 70% of the currently in-force permanent (Universal, Whole, or Term with conversion options) Life Insurance policies for people over 60 years of age are woefully insufficient, given changes in the health since the issuance of the policy. The bottom line is that health does change, circumstances do change, needs change, and in fact the available product lines and pricing changes as well over time. A comprehensive analysis can be an invaluable undertaking for those who wish to be fully protected and optimize their coverage, maximizing benefit and minimizing premiums. A review by licensed professionals from a reputable non-partisan firm can yield amazing results, and is generally thought of as well worth the minimal time invested.

Our children are considered as our greatest treasure. Every parent surely wants nothing but the best for them including education. Seeing your son/daughter coming up the stage receiving his school diploma is very fulfilling in the part of the parents, because it is somewhat an investment of the hard works you’ve accumulated in the past years.

The problem of most parents today is that some cannot really support their children’s education financially especially when they reach college. Getting a life insurance plan with the education included can give you a little confidence that they will be able to graduate even if you are no longer with them physically.

A beneficiary is the person listed in the policy to receive the benefits when the insurer dies. You can either name a person, two or more people, a charity, or your estate. There are two levels of beneficiaries. Primary beneficiaries gets the benefits if they are present or are found after the death. If not, Contingent beneficiaries will get the benefits. If both beneficiaries are not found the said benefits will be turn over to the state of the insurer. So always remember that in listing the name of your beneficiaries, you should identify and write them as clearly as possible to make it easier for the life insurance company to find them. Choosing your beneficiaries is not that easy so take time to decide.