Life insurance Buying Tips

Exploring Life Insurance Needs

Life Insurance buying is one of those necessary things that you may have to force yourself to do at some time during your busy schedule. There never seems to be a right time to to this. We, however, must take the time to first give the subject ample thought and then take action.

Some people don't want to take the time to think about purchasing life insurance because when you do so you must think about death, or to be more accurate, what would happen to your loved ones after your untimely demise.

I would urge you to put away the emotional considerations and take the time to open your mind and kindly and responsibly give this vitally important subject your capable consideration.

When you think about life insurance buying you try to arrive at the amount that best fits your particular situation. In order to arrive at an intelligent and accurate decision as to this amount you need to ask yourself some very important questions...

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Life Insurance Buying Ideas

These are the same questions any capable life insurance agent would ask you. If they don't ask these questions when you are buying your policies they are not interested in your welfare and are only trying to make a sale. They don't care if the policy will fit your particular situation. Neither are they considering the welfare of your family.

• Am I buying a life insurance policy to cover my funeral expenses , or do I want to pay for this out of accumulated cash? Life insurance is the advisable path to take because of cost and tax considerations.
  
  
• Is this policy to be used to offset estate taxes ? When an estate is above a certain amount a tax is levied by the Federal Government. If a life insurance policy is not part of your estate there is no tax payable from the proceeds. The proceeds of this policy can be used to pay the taxes on the other part of your estate.
  
  
• Should I use this life insurance policy to provide an income for my family? There are many advantages to providing an income through life insurance. There are tax advantages. You can set up the income in such a way that the beneficiaries cannot outlive it. See page on life insurance settlement.
  
  
• Should I provide a lump sum to my family? If so why. The answer to this may vary. Give consideration to the experience of the beneficiary in handling large sums of money. Will your desires for this insurance come to fruition.
  
  
• Do I want to set up a charitable fund or grant for an organization that I hold near and dear? Let us assume that life has been good to you. You have fulfilled all or most of your dreams. You have seen your children face life with confidence and victory in most things they have tackled, and whenever they were not victorious they were able to turn their losses into a learning experience, thus in the end winning. You see other people that need help. You do as much as you can while you are alive. Do You want this to continue even after you die. You can set up a grant, or charitable fund through life insurance.
  
  
• How about a college fund for your children or grandchildren? Have you thought about this? Is this a good idea? What is the best way to do this. Is life insurance a viable vehicle to use for this fund...if so, why?
  
  
• Should I set up a pension fund for myself. Can a life insurance company assist me in this matter. What about a joint retirement income with a wife and husband that neither can outlive? Is this an intelligent consideration.

Give these things serious thought when doing your life insurance buying. May be you should discuss these questions with your spouse.

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