L I F E I N S U R A N C E U N D E R S TA N D T H E P O L I C Y

B Y M A R C F I R E S T O N E

When choosing the right type of life insurance, it can oftentimes be confusing.

One thing that is certain is that you have made the right decision in investing in your future and your security.

In this presentation, it will highlight various guidelines that can aid you in narrowing down the best life insurance for you and your family.

First and foremost, what is life insurance?

Life insurance is a savings option that pays out a sum of money either on the death of the insured person or after a set period.

While the thought of death could be a bit grim, it is important to consider these hypothetical situations, especially when you graduate college.

Term life insurance enables you to match the length of the term policy to the length of the need.

Take for example paying for your children’s college tuition.

For that type of responsibility, you may want to consider a longer-term life insurance such as a 20-year term or 30-year term.

One concern people oftentimes have with life insurance is that their finances can change.

Take for example you are in your mid-twenties and decide to leave your steady job to pursue a professional degree. What will happen?

If your think your financial needs may change, you may want to look into a convertible term policy. This type of policy allows you to convert to permanent insurance without a medical examination in exchange for higher premiums.

K E E P I N M I N D , P R E M I U M S A R E T H E L O W E S T W H E N Y O U A R E Y O U N G . S O I T W O U L D B E S M A R T T O G E T Y O U R L I F E I N S U R A N C E I N Y O U R T W E N T I E S . P R E M I U M S U S U A L LY I N C R E A S E U P O N R E N E WA L A S Y O U A G E . T H I S I S U S U A L LY T H E S TA N D A R D F O R S O M E I N S U R A N C E P O L I C I E S .

For permanent coverage, your policy will pay any death benefits no matter what age you are.

Keep in mind that premiums for permanent policies are generally higher than for term insurances.

However, one huge benefit about permanent policy is that the premiums remain the same no matter how old you are or how old you get.

O N C E Y O U H AV E D E C I D E D O N T H E

O V E R A L L L O N G E V I T Y O F Y O U R P O L I C Y, S I T D O W N W I T H A R E P R E S E N TAT I V E . M A K E S U R E Y O U A S K A L L

U N A N S W E R E D Q U E S T I O N S S O T H AT Y O U C A N T R U LY G A G E W H I C H P O L I C Y I S T H E B E S T F I T F O R Y O U .