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The Reason Why I Should Have Life Insurance Plan

By Stepanie Almarza

I was searching on the internet to get the best life insurance plan to satisfy me and my family’s needs. I started asking myself questions. How much life insurance plan can I manage to pay? What type of insurance plan is most beneficial? How much cash and salary would my partner and children need if I were to die? Because of so many questions, I want my life insurance plan as a supply of cash required for charges of final medical bills, paying taxes, mortgages, or other debts that I might have.

I want my insurance plan to supply money for my families living cost: my children’s recent schooling, their future educational cost and any other future charges that could appear.

I know that while I might need a high buck insurance plan of a $1 million dollars, if my property does not add up to a $1 million dollars it’s impossible an insurance company is going to supply an insurance plan for that sum. Eventually, I have to choose the type of life insurance plan is best for me a period or whole life insurance plan.

A period insurance plan is a death protection for a chosen period of years generally from 1 to 30 years. Death advantage will probably be paid only when I die within that chosen period of years. I will have to know if my term insurance plan is guarantee fast growing, after the chosen period of years.

I have to be aware that each time I renew my policy that my premiums will go up due to my age. I will have to know if I can convert my insurance plan prior to the end of my term insurance plan into a whole life insurance plan.

A whole life insurance plan provides me with death protection for as long as I live. I know that the same premiums will be the same for as long as I live. The premiums would be greater than a term insurance plan, however with a whole life insurance plan; I’ll be gathering a cash value. I will use my income value for spending my premiums if I become ill or unemployed. Plus, on some whole life plans I can use the cash value as collateral on a loan.

If I use the income value in my whole life plan, it’ll be taken off from the advantage if I were to die. This implies less money and/or advantages my family will receive.

Want to find out more about life insurance types, then visit our site on how to choose the best whole life insurance definition for your needs.

Article kindly provided by UberArticles.com

Topics: Finance | Comments Off

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Article Citation
MLA Style Citation:
Almarza, Stepanie "The Reason Why I Should Have Life Insurance Plan." The Reason Why I Should Have Life Insurance Plan. 9 Jul. 2010. uberarticles.com. 27 Dec 2014 <http://uberarticles.com/finance/the-reason-why-i-should-have-life-insurance-plan/>.

APA Style Citation:
Almarza, S (2010, July 9). The Reason Why I Should Have Life Insurance Plan. Retrieved December 27, 2014, from http://uberarticles.com/finance/the-reason-why-i-should-have-life-insurance-plan/

Chicago Style Citation:
Almarza, Stepanie "The Reason Why I Should Have Life Insurance Plan" uberarticles.com. http://uberarticles.com/finance/the-reason-why-i-should-have-life-insurance-plan/


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