What are the benefits of " Life insurance policy"?
92399
Speak to a Financial Planner in your area. Avoid insurance salesmen, especially those who are "captive" (employed by an insurance company and selling that companies products over others) and those that use a "multiple of salary" approach to determining your need for coverage.\n\nA qualified Financial Planner will help you determine the appropriate level of coverage, educate you on the various types of coverage available, and shop a variety of carriers for the appropriate policy.
204721
Equity Index life insurance are permanent insurance policies where the interest rate credited to the policy is tied to a stock market index, much like an index annuity offers.  Indiannapolis Life, Amerus Life are 2 companies that I know of that offer this type of policy..Good luck and don't forget to read the fine print.
768905
Hi, your friendly insurance guy here again. :)\n\nMassMutual's 10-pay whole life is essentially a whole life policy in which you pay the enitrety of the premiums in ten years rather than over a lifetime.  You're done paying for it in a very short period of time and because you are pumping more cash into it in the short term you will tend to develop cash value more quickly.\n\nYour premiums per month or per year will be very high relative to the premium of a traditional whole life plan.\n\nThis type of policy is typically used in specific situations.  An example would be what is known informally as a grandparent gift policy.\n\nIn that situation, a grandparent gives a cash gift to his child.  The grandparent gets a tax deduction for gifting, and the child receives the money tax free up to teh gift exclusion.  The child uses this money to buy a 10 pay policy on the life of the grandchild.  In this way the grandparent can give the child guaranteed life insurance for his entire life, cash value that can be used later, and get a tax deduction in the process.\n\nI've seen the 10-pay and 20-pay versions used as part of a college funding strategy as well.  It can go alongside items like 529 plans to provide a way to save while providing insurability, and providing cash value that is not penalized if your kid needs it for something other than college expenses.\n\nThere are lots of uses for those types of products, but they are not right for everyone.  If what you want is a way to lock in insurability, cash accumulation, and not have to pay for more than a specified period of years, it's an option to consider.  It's not the ONLY option, though.\n\nBest regards.
416092
As a life insurance agent who deals with insurance day in and day out  I appreciate your frustrations from looking at thousands of insurance sites. My site\nhttp://www.smartlifeinsurancequotes.net addresses these issues.\n\nThe following are five of the most common mistakes consumers make when buying life insurance.\n\n1. Selecting term life insurance solely because it's cheap.\nShopping for life insurance by just comparing premiums is asking for trouble. You should compare company ratings to determine financial strength and policy features, such as convertibility options. While the policy’s premium is certainly a factor, ensuring that your policy matches your financial goals is more important.\n \n2. Not understanding that term life insurance is temporary.\nThat's why it's called "term" insurance -- because you buy it for a set period of time, most commonly 20 years. This is fine for a temporary need, such as insuring yourself until your mortgage is paid off or funding your children’s college expenses in the event of your premature death.\n\nA 20-year level-term life insurance policy you bought when you were 30 would expire when you're only 50. At that point, you still might need to carry insurance, but your age and health conditions might make it impossible or very expensive to do so. At least, if your policy has a convertibility option you can get coverage, it just might be down right unaffordable.\n \n3. Buying from a less-than-stable insurance company.\nDon’t be afraid to ask about an insurance company’s ratings. You can also look for an insurer’s Standard & Poor's, Moody's or A.M. Best ratings on the Internet.\n\nThere are many insurance carriers with high financial ratings (A+ or better) so you shouldn’t have to buy insurance from a lower rated company. But, keep in mind that ratings can and will change, so ratings alone shouldn’t be your only consideration.\n \n4. Buying life insurance coverage based on a set formula.\nYou may have heard that a good rule of thumb is to buy life insurance coverage equal to 10 times your annual salary or 10 times your beneficiary's annual financial need. The idea is that if your surviving beneficiary invests the life insurance proceeds in the stock market (getting an average 10 percent annual return), they'll have a steady income stream and never need to tap the investment principal.\n\nWhile this formula isn't a bad place to start, everyone has different needs, so don’t assume that 10 times your salary is what you need to carry in life insurance. The best advice here is to sit down with a knowledgeable agent that will take the time to learn about your needs.\n \n5. Failing to regularly review your policy.\nIs your former spouse still the beneficiary of your life insurance policy? Did you buy term insurance to cover you while you pay off your mortgage? If you refinanced during the latest rate drop and restarted the clock on your loan, you might also need to update your insurance term. Life definitely has a way of throwing changes your way. Just make sure your life insurance changes along with you.\n \nAlso when shopping on the internet for insurance be careful of sites that are there purely as lead generators because these sites just sell your informations. But, there are plenty of legitamte and trustful site on the internet than one can purchase insurance.\n\nYou can tell the good from the bad by taking these steps.\n1- do not put information in a from unless you actually get a real quote.\n2- look for site that have a phone number with real agents that answer the phone.\n3-If the sites says get quotes from multiple agents then the site is selling your information as a lead service.\n\nSites like http://www.smartlifeinsurancequotes.net can serve as an excellant resource to start your online life insurance shopping. They have agents that you can speak to or email. You can get quotes from over 140 companies with a robust data b
1030286
It depends on whether you have term or whole life insurance.  Term insurance is "pay-as-you-go", and has no cash value (unless you die during the covered term)\n\nWhole life on the other hand, builds cash value (with the idea that that cash value will pay for the costs of insurance at the point that you are older and not working).  If you have a whole life policy with cash value you may be able to 1) cash it out, or 2) borrow against its value.  Certainly consult with your insurance professional since doing either of these may ending up costing you your coverage at some later point (perhaps when you need it the most.)
747038
The answer is C.  You pay for a certain # of years & are covered during that time.\n\nRon @ InsureMe http://www.insureme.com/landing.aspx?Refby=614505&Type=life
802307
I'm not sure I understand the question.  I think you are asking why do you need life insurance?  No one wants to leave their family unprepared for the future. Planning today can protect the promise of your family's tomorrow. Following are some of the reasons why you should consider life insurance.\n\nTo Replace Lost Income.\nMost people buy life insurance as a means to replace income lost if something happens to them. Providing money for survivors is important. Life insurance is the most cost effective way to do it.\n\nTo Pay Off Debt.\nDebt can be very burdensome to your family, especially without your income available to help repay it. Life insurance can be used to pay off debt and help create more financial security for your family.\n\nLife Quotes: http://www.insureme.com/landing.aspx?Refby=614500&Type=life\n\nTake care, \nRon – InsureMe
347153
It is a good idea for several of the reasons listed. It makes me mildly nauseous to read Paydaybutte's answer. IF the financial risk associated with loosing a child was the ONLY reason to consider coverage, that is still a good enough reason, but there are other, more compelling reasons. To say a child is simply a cost and you are essentially better off if they die is simply disgusting,\n\nHere are the reasons to buy coverage:\n\nProtect Insurability - Putting PERMANENT coverage in place now gives your small child the gift of a policy they can keep for the extent of their life, regardless of what happens to their health.\n\nTake advantage of low rates - Just take a look at the rates on a policy for a 10 year old, a 30 year old and a 50 year old.\n\nTaking Advantage of the Tax Advantage - I would recommend a VUL rather than a WL policy for this, but the cash value growing within the policy accumulates tax deferred, and withdrawals can be tax free when structured correctly.\n\nA few have espoused the "Buy Term and Invest the Difference" concept as being the only way to consider. This is very shortsighted. I personally put together a comparison of VUL vs. level term (with renewals) and the VUL ends up way ahead. IF cash accumulation was the ONLY goal then the VUL wins. If you add in cost effective life insurance coverage for life, VUL STILL WINS.\n\nThe important thing to remember is to seek out the advice of a competent financial professional. Check out the website Rich recommended or use the Planner Search feature on the website for the Financial Planning Association. (www.fpanet.org)
239999
There are actually several different permanent life insurance plans.  Whole life is one, Universal Life is another and Variable Universal Life is yet another.  Term life insurance makes sense for some situations, but permanent life insurance does make sense for others.  I personally have both.  Anyone that tells to buy one type of policy or another without reviewing your situation is no good.  That includes Suze Orman.
198622
What kind of insurance? Life? Health? Driving?
139827
Wow, some really dangerous opinions in here!\n\nLife insurance proceeds are there to provide protection for your dependents in three basic areas:\n\n1) Funds made available to pay final costs (burial, medical bills, etc.) and debts (mortgage, credit cards. etc)\n\n2) Funds to make up the difference between the household income before your death and what it would be following your death.\n\n3) Funds to invest to meet the savings goals you would have been saving for had you not died. (Think children's education)\n\nNot everyone has needs in all three areas and like Lady Death alludes to in her answer, you can accumulate assets to offset these needs. This is referred to as Self-Insuring. In an ideal world, we would all quickly accumulate wealth sufficient to fully protect our families while not accumulating enough wealth to fall afoul of estate taxes. In reality this is not always the case, hence the continued need for life insurance.\n\nWhen you first apply for a policy, you go through an intense process called underwriting. This is when the insurance companies underwriters tak a very indepth look at you health (through blood and urine tests, questioning you, questioning your doctors and requesting information on you from the Medical Information Bureau [Think of the MIB as a Credit Bureau that tracks your health]) and your financial situation to determine IF you are insurable and how much your premiums are going to be.\n\nWhen people say you should only buy term insurance, be skeptical. It is a very unobjective thing to say when they know NOTHING of your situation. Term insurance is an easier sale and some salespeople follow the path of least resistance rather than providing the best objective advice to their clients. Buy Term and Invest the Difference- this assumes that you have the discipline to invest the difference rather than spend it, that you accumulate enough assets to self insure before the term period runs out, and that you don't accumulate too much with respect to estate taxes. Otherwose, you find yourself in the unenviable situation of having to go through underwriting again to put another term policy in force, with premiums based on your then current age, of course. This is particularly bad if your health has deteriorated in some way, jeapoardizing your ability to get coverage. Some may say you could convert the policy to permanent insurance at that point but that negates the tenents of the startegy and why put a permanent policy in place then, having given up all those years when you could have been funding it?!?\n\nMy best advice is to consult a financial planner (AVOID anyone who tells you what type of insurance to get without asking any questions of you and run away from anyone who uses a "multiple of salary" approach to determining your need) and have a survivorship analysis completed. Your planner will educate you on the different types of insurance and develop an insurance portfolio to meet your individual situation. It may be that term insurance is the right thing for you right now; maybe not. For anyone to say it is without the facts is not very intelligent nor prudent.\nGood Luck.
483176
No personal experiences, BUT I know a friend of a friend who worked for NY Life just out of college.  This person worked for a while as an agent.  He sold a number of policies, but he didn't earn enough from the commissions to live on, so he had to quit.  Later, he found out that's how NY Life has made their big bucks.  They intentionally hire kids fresh out of college, give them little or no training, no leads, no support.  The new agent won't sell a lot of policies, but the ones that he does, revert back to the company when the new agent quits.  Thus NY Life doesn't have to pay commission on those policies ever again for the life of the policies that were sold, which would be a humungous savings for NY Life.\n\nA sleazy way to make money, if you ask me.  It's a heads up, if you're planning on working for them.  It's also a heads up if you're planning on getting insurance through them.  Personally, I wouldn't.  They don't need any more money than they already have, and to make money on the backs of young kids with a built-in design for their failure is, well, sleazy.\n\nApparently it's been a practice of theirs for years.
285434
proceeds from a life insurance policy?  yes.  payments to a life insurance policy, no.
59123
Yes, people buy life insurance.  I'm an insurance agent in California so I know people are buying insurance.  \n\nIf you are single you may have enough through a group insurance policy at work to cover your debts, funeral and medical expenses.  \n\nHowever, if you are married and have kids, you'll need to buy life insurance to cover all the above and the loss of income if you are a 2 income household.  Unless you happen to be independently wealthy plan on getting insurance for you and your spouse.  \n\nMy personal story as why life insurance is important:  As a teen, my father died and had no life insurance policy, or rather he did but cancelled it because he didn't have the money to pay. When he died, I was 17, sister, 15 and brother, 13.  All the medical expenses and debts went to my mom.  No inheritance for us, just a lot of debt.  My mom received social security benefits and she worked, but it was many ears before it was all paid off.
898389
Life insurance companies - for whole life policies.  Because they are the WORST insurance deal for the customer, and the most profitable line of business.
789853
Your beneficiary does not need a copy of the policy. But you should let them know in case you do die.\n\nWhen you die, your beneficiary will call the insurance company to file a death claim. Insurance company will give instructions on what to do. Its really an easy process, but can take awhile for the check to come.
298311
Term life insurance is a no frills life insurance policy.  It is a death benefit for a specified period of time.  Unlike other types of life insurance, there is no cash value or investment associated with it.  You pay $x for x period of time for x amount of insurance.  It is the cheapest way to insure someone's life.