Global Courant
I’ve written other articles about different types of insurance – I usually do this as an aid to my chronic insomnia – and this article, Good Reader, is another one. Grab your blanket and pillow and pull up a mattress. It’s insurance time again.
Do I really need to get a life insurance quote? I was just enjoying my nap.
Wouldn’t you like to know what the heartless computer generated actuarial tables say your life is worth? Wouldn’t you like that dot matrix, dollars and cents version of you? Yeah okay me too. In addition, you need to take care of the future, just in case.
You can get a life insurance quote from numerous sources, including the Internet. On the Internet, you can hide behind an anonymous keyboard and mouse and avoid the high-pressure pitch of Trevor of Mutual Indemnity Life and Casualty Partners Limited, LLC of East Sausage, New Brunswick. But before you can get your life insurance quote, you need to decide what type of life insurance you want or need as there are several.
Before you get a life insurance quote, you need to understand the three most common types of life insurance: Term Life, Whole Life, and Universal Life.
Term life insurance
This is a temporary insurance, often taken out for five or ten years. It is usually the cheapest of the three, but as such does not provide any cash value. If you stop paying, it won’t help you. It’s like renting instead of buying – no equity build-up. Or to put it another way, it’s like paying protection to money Vinnie “Knuckles” Falzone – if you stop paying, you got a problem, capisce?
Whole life insurance
This is a continuous insurance policy. It offers lifetime protection, but the fixed premium is generally paid for the life of the policy (ie your life). This type of policy builds up cash value and can therefore be used like any other asset, for example as collateral for a loan. However, there are two kinds of whole life: participatory and nonparticipatory. Without going into too much detail, participation will pay dividends, which ideally will eventually pay the premium for you and make the policy self-sufficient. Non-participating does not pay dividends, but premium payments may only be due for a fixed number of years. Continuing with the previous analogy, here Vinnie invests your money in a few laundromats, pizzerias and pawnshops, and gives you a “piece of da pie”.
Universal life insurance
This is also a permanent insurance, but has both a flexible premium and a flexible death benefit. The amounts depend on how the underlying investments performed last year. If you take out such insurance, you must be prepared to sometimes pay a higher premium or to have your beneficiary receive less (or more) than expected. As investments go, it is relatively low risk. You can think of it as a combination of life insurance and savings account. In this situation, Vinnie invests your protection money in higher risk deals, such as a casino or offshore oil drilling, and requires you to remain flexible in your payments. “We need an extra c-note this week because of the lowlife inspectors needing a little extra hand grease.”
Okay, I understand how “Vinnie” works. Am I now ready for a life insurance quote?
Why yes! And as I said before, you can get a life insurance quote in many places. You can Google “life insurance quote” and you will be presented with plenty of options. If you have an insurance agent, or have worked with one in the past that you trust, make an appointment. He can provide you with his experience of the market, knowledge of specific insurance companies and insight into your specific financial situation to get the best life insurance quote for your needs. Despite what I’ve said about the internet before, working with a financial expert is probably the most sensible approach. Even if his name actually turns out to be Vinnie.
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