The Best Plan For Your Need
We all want the best life insurance policy for our particular needs.
If you ask an agent, and you are fortunate enough to have a real professional, finding the best policy is a walk in the park.
Sadly though, there are some agents who think first in terms of how much money they can make before the interests of the client.
These agents don’t know that if you are satisfied you will tell your friends and the snowball never ends. They will make a fortune.
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Best Life Insurance Policy Applied To Needs
The best place to research your life insurance need is on the Internet. You have many choices but even more important the carriers doing business on line are aware that if they expect to get your business they had better perform. Let us look at some examples of peoples life insurance needs and examine what is best.
- Young Single Person
Let us as an example look at a young person who just graduated college. This person is on the way to a great and a secure future. This person probably would like to get married and have children.
Would such a person need life insurance now? The only need for life insurance now is possibly a policy to pay funeral expenses. If there is an outstanding college loan you could buy a policy in the amount of the loan balance.
You wouldn’t want someone else to pay these bills would you? $10,000 would pay your final expenses and an additional amount would be required to pay off the loan.
What type would you buy? The best policy in this case would be a term policy for 10, 15, or 20 years. You haven’t saved much money as yet.
You should consider a policy with a conversion privilege as you may decide you need a more permanent policy later.
If you have a large income and you plan on getting married sometime in the future you may want to buy a larger policy as you can get it now at a much cheaper rate because of your young age.
- Married Person
A married life insurance buyer needs to consider two things. First of all your life insurance should be sufficient to carry the children through until the youngest graduates college.
There is also a mortgage to be paid and the family also has to eat and wear clothing, even if you are not there.
The second consideration is the surviving spouse regardless of whether or not s/he works. If you are accustomed to living on two incomes there will be little difference in expenses when one party dies.
If cash is tight use term but a non par whole life or a universal life policy would be the best life insurance policies to do the job as you can keep these policies for a much longer period of time.
- Business People
Business people usually find permanent policies best as they like the cash value build up. If you are just starting out term would be best. If you choose you can convert to a permanent policy at a later date.
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