Life insurance income. When we think of life insurance we tend to focus
on lump sum cash payments upon the death of the insured. Are you aware
that there are alternatives?
Did you know that the proceeds of your
policy can be distributed in income form instead of a lump sum? Yes,
life insurance income payments is a viable alternative.
Would you prefer
to have payments to your loved ones made in the form of an income?
I
have seen lump sum life insurance payments to beneficiaries
put to good use but I also have seen situations where this large
payment upon death serves no worthwhile purpose.
It is blown in a very
short period of time and in some cases the family is left destitute.
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The intent by the purchaser of a life insurance policy is more often than not to guarantee the financial security of loved ones. The best way to achieve this is to provide income instead of a lump sum where feasible.
Let us take the husband, for example, who purchases life insurance to guarantee that his family is secure in the event of his premature death. He calculates carefully the amount of life
insurance needed
to ensure this.
In some cases the wife is very well qualified in the
handling of large sums of money but in other cases she has no clue. The
husband dies and $1,000,000 or $2,000,000 is put into her hands. If she
is good with money the family is okay.
Let us suppose the proceeds are paid in income form, there are several options to choose from.
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Getting term life insurance quotes online has become common practise with people in search of life insurance protection for their families and in many cases for their business.