|
Life Insurance
It is concerning, that with the different accidents and injuries both at work, and while travelling to and from work, that so many people in New Orleans, Metairie and the surrounding region do not have a life insurance policy. Life insurance is similar to car and auto insurance, should you get into difficulty or pass away, then the policy will pay out – as well as if you become seriously ill; it covers you for eventualities that all of us hope don’t happen, in essence it protects us. Today, however, many people still view having a life insurance policy as a luxury commodity and look over the fact that such a policy will pay out an amount of money to your partner or family, meaning that they are not burdened with any funeral costs or other bills that may become payable on your death. Additionally, you should remember that the average cost of a funeral bill, for a single person, will be in the region of $6,000, and will generally be a lot higher in more affluent areas – would you want your family to be burdened with this cost on your death?
With a huge amount of families left to foot the bill of burial and the actual ceremony of a loved one, you would be surprised that many more Americans have not opted to take out such a policy. Also, with such policies being as low as $20 per month for $10,000 in coverage is a little unbelievable. This ten thousand will be paid out for a whole host of reasons, and most definitely on your death. With the current economic climate being unstable it seems a little irresponsible of some that do not want to protect their family’s future financial needs through ‘putting away’ a few dollars a month – after all, it would be cutting out that trip to Burger King on a Thursday that would pay for the cover. Now, your finances may be in need of a real pick me up right now, but that shouldn’t prevent or put you off taking out a policy today, as you should be including the cost in your monthly outgoings just as you would for your house, car and electricity payments.
What is term life insurance? Term insurance is for a specific amount of life insurance, for as long as you pay for the policy. If you stop paying your policy premium you no longer have this insurance.
What are the different types of term insurance? Level term, annual renewable term and decreasing term.
What is level term insurance? This life policy is for a fixed premium period of up to twenty years for a fixed amount. By having this type of policy, you premiums are locked in for a specific amount of time for possible inflation in the future and any potential health problems you may have.
What is an annual renewable term policy? This policy allows you to renew your policy on a regular basis at a higher insurance rate.
Decreasing term policy what is this? The death benefit for this policy continues to decrease as you get older. You might ask why would I get this. If you have a 30 year mortgage and do not think you will need coverage after it is paid. You could get a 30 year decreasing term policy. It will decrease as you mortgage decrease.
What is whole life insurance? In this more traditional life insurance policy, the premiums stay the same over the life of the policy, which stays in effect until your death, even after you've paid all the premiums. A cash reserve is built up, but you have no control over how it's invested
What is Universal life insurance? You can vary the amount of your premium with Universal life insurance policies by using part of your accumulated earnings to cover part of the premium cost. You can also vary the amount of the death benefit.
How much life insurance do I need? This is a good question. However, you can only answer this question based on your own personal situation. If you have a family that relies on your income, you will want to take into account the amount of money your family will need if you are no longer living.
Free On-Line Life Insurance Quotation
from Landeche Insurance, LLC
"Final Arrangements Planning Made Simple"
There's no time like the present to make tomorrow easier for all.
Click here for a free Planning Guide.
|
