Low Cost Life Insurance
Buy Low Cost Life Insurance Policies
There are really two ways to look at low cost life insurance.
When we think of low cost life insurance we normally think about the
low premiums we lay out.
Surely that makes sense but there is another
way to approach the matter of cost.
We will discuss both approaches on
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- Term Life Insurance
The policies with the lowest premium costs are term life insurance
You have the option of selecting 5 year term, 10 year term, 15
year term, 20 year term, 25 year term and 30 year term. Two other low
cost term policies are the yearly renewable term and the decreasing term
You buy these policies
just in case you should die within the period the policies remain in
force. Upon your death the face amount is paid to your loved ones.
the policies expire, after the selected periods, there is no more
coverage and there is nothing to get back. You have to die for your
family to get anything.
This is really the best way to start a life
insurance portfolio as there is little that you need to put out to
guarantee your families protection.
- Permanent Life Insurance
Another alternative is to buy permanent life insurance.
These policies include whole life, universal life, variable life and
variable universal life insurance.
Although universal life is term
based, it does have a cash value, for this discussion we will categorize
it as permanent insurance.
When you buy permanent life insurance, the best known is whole life, the cash value plus the dividend
equals the amount you put out at some point in the future.
there by the time the policy gets to 20 years others get there years
before. With non par whole life policies the cash value equal the amount
you pay out at age 100 or whatever year the policies mature.
Now, if you consider the fact that at the point the premium
equals the cash value your life insurance policy really costs nothing.
If your cash value is less in 20 years than you have put out take the
time to divide the difference by the number of years you enjoyed the
coverage you will find that the actual cost is less than term insurance
You can therefore consider permanent life insurance as low cost life insurance coverage if you choose to look at it in the way described.
You can argue that you could buy term
and invest the difference. You could and make a fortune with your
investment but on the other hand you may lose your investment. In a
whole life policy the cash value is guaranteed.
The dividends are not guaranteed. The larger more established carriers usually pay a dividend though.
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