Notes

can you get life insurance with cancer
Extended Term Life Insurance - Is It For You?
Many people do not realize how important Extended Term Life Insurance is. It can be a huge difference between living the rest of your life and dying in a short time. People purchase this type of policy when they are planning for something such as a death in the family or because they have an estate that needs to be paid off. This coverage can provide you with cash value to help you replace your savings or your investment properties if you should die unexpectedly. It can also help replace your debt, like student loans or credit card bills if you should pass away before the debt is repaid.
In order to determine how much insurance you will need, you first need to calculate your lifetime expenses. You should make sure that the amount of premiums you pay each month is at least three times your annual income. If you make less than enough money to cover your premiums each month, you should find another way to make ends meet without relying on your savings. You can choose between having a term life insurance policy or a whole life policy. Usually people prefer having the latter since it provides them with a large sum of money if they should pass away.
The other reason people purchase term life insurance policies is to help their loved ones meet their financial obligations. If your parents should pass away, the premiums you pay will be dispersed to your children or spouse. Many times this will be the sole source of income for the surviving members of the family. If you purchase a whole life policy, you can change your premiums depending on how much money the insurance company sees your situation to be. If you want more security, you can increase your premiums.
The other advantage to whole life insurance is that it provides lifelong protection. Even if you do not die within the policy's term, the money that the policy is invested in will still provide you with financial security. Even if you lose your job and have to sell your home, your death benefits will continue to be paid. This is far better than having to borrow money from relatives to live the rest of your life. You will also have cash value available to you so you can easily meet debt obligations as well as mortgage and education loans. The policy does not have a cash value if you die within the term of the policy so you won't receive the payout if you pass away before the end of the term.
However, whole life policies also come with a number of disadvantages. First, the premiums can be expensive. Secondly, the cost of maintaining the policy may become more costly as time goes on. Thirdly, while the guarantee to provide a cash value is there, the amount of interest you receive may not be as much as you would like. Finally, the return rate you receive on your premiums may not be as high as you would like because the insurance company requires higher than average returns in order to compensate for the risk of paying out large sums of money in the event that you die.
A whole life insurance policy provides a level of safety that term policies don't offer. linkedin will receive a cash value, which is the difference between the amount of your premium paid and the total amount of your death benefit when you die. If you pass away without the death benefit being paid out, your loved ones will get a payment, called the death benefit. However, if you pass away during the term of the policy, no payment will be made. This allows you to provide a cash value to your family for their future needs or to build an estate for them after your death.
As with whole life insurance, the cash value of the policy is only available if the premium is paid in full throughout the life of the policy. You may want to consider getting a cash value life insurance policy instead if you are looking for a way to provide a source of borrowing against the policy when necessary. Another advantage of this type of policy is that you can borrow against the cash value, but you must pay a higher fee than you would for a whole life insurance policy. If you borrow more than the amount of the cash value, however, you will face penalty fees that could negate any benefit you may receive. However, if you are certain that you will have a substantial amount of cash after your death, a whole life insurance policy might be the better option for your needs.
Some whole and term life insurance policies include a surrender value. The surrender value is the amount the insurance company will give you in case you quit paying the premiums or become deceased during the lifetime of the policy. To determine the surrender value, the insurance company will subtract your age from the date of birth, but you will not get this amount if you die shortly before the end of your coverage term. The surrender value is usually equal to the cash value of your premium payments, less the applicable discounts and fees.
Read More: https://www.linkedin.com/pulse/how-save-car-insurance-seguin-texas-anthony-ellison/