Personal Finance: What do I need to consider when purchasing life insurance?
Nearly all cash value life insurance is now priced-to-the market. This means that the actual value of a policy at any point in time will be different than the value that was projected in the policy illustration. Consequently, the overall premiums paid over the life of the policy may be much higher than was originally expected by the purchaser. Life insurance policies can be very flexible in their design and life insurance planning concepts can be complicated with exotic features. These complications require you to be very diligent when planning and purchasing life insurance and monitoring your purchases. Following is a checklist to help you do just that. • As part of your personal finance plan, review your family’s financial circumstances to determine your objective life insurance needs. This will result in determining an approximate amount and overall design. • Review any existing policies that you and other family members own. • Analyze whether term or cash value life insurance is mo
Nearly all cash value life insurance is now priced-to-the market. This means that the actual value of a policy at any point in time will be different than the value that was projected in the policy illustration. Consequently, the overall premiums paid over the life of the policy may be much higher than was originally expected by the purchaser. Life insurance policies can be very flexible in their design and life insurance planning concepts can be complicated with exotic features. These complications require you to be very diligent when planning and purchasing life insurance and monitoring your purchases. Following is a checklist to help you do just that. • As part of your personal finance plan, review your family’s financial circumstances to determine your objective life insurance needs. This will result in determining an approximate amount and overall design. • Review any existing policies that you and other family members own. • Analyze whether term or cash value life insurance is mo
Related Questions
- Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation. Is credit life insurance a good buy?
- After purchasing a health or life insurance policy with iSelect how do I claim my free return flight?
- Personal Finance: What do I need to consider when purchasing life insurance?
