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Life Insurance Advice

Why You Buy Life Insurance

Looking for life insurance advice? More often than not people have a good idea what type of life insurance they want. In some cases they also know how much.

I have no problem with that as most buyers are pretty accurate when it comes to need.

On occasion an interested person may ask for advice, life insurance advice.

One of the most important things to do is to select from the best carriers. The A.M. Best company can help with this.

Married People

Married people have a greater need for life insurance than single people. When there are children still under the protection of a parent the need is even greater.

Use the Need Calculator to arrive at how much is a good amount to buy.

Single People

It is a fact that many single people raise children. The need for life insurance coverage is similar to that of married people with children.

You determine how much by calculating what the monthly cost is to raise the child or children. You then count the number of years that support will be needed until the youngest child is through with college. The total is the amount needed.

Each year a parent should look at how much life insurance is needed and adjust up or down based on the present situation.

A single person with no children have little need for life insurance. All that is required is an amount sufficient to put this person six feet under.

Life insurance was created with the family in mind. As companies progressed on they found new need for life insurance.

Business Life Insurance

Sole proprietorships, business partnerships, s corporations, c corporations and limited liability companies all have a need for life insurance.

I have been on occasion asked for life insurance advice pertaining to business life insurance, how and why life insurance works for businesses. Life insurance policies are the cheapest tools used to fund buy-sell agreements.

Life insurance is also used to cover possible loss in the event of the sudden death of a key employee.

The policies used in most cases are the level term life insurance policies. These are the 10 year term, 20 year term and 30 year life insurance policies. On rear occasions a 15 year or 25 year term policy may fit the need.

Life Insurance Advice On Payment Of Proceeds

It is not always the best thing to have the proceeds of a policy paid out in one lump sum. You can have the proceeds paid in the form of an income if you so choose.

Income can come from interest earned on the principal. A fixed amount can be paid until the proceeds are exhausted. An income can be paid over a specific period of time, 10 years for example.

Beneficiaries can be paid a life income. There is also an option offered by life insurance companies to pay a life income with a certain period. Let us say you select a life income with a 10 year certain period.

If the beneficiary lives to age 100 the income will continue. If the company starts payment and the beneficiary dies within 10 years, the income must continue to someone else up to 10 years.

My life insurance advice, select payment method based on your own wishes and the need of the beneficiary.

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