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The Right Choice: Life Insurance as an Investment

Would people nowadays really consider Life Insurance as an Investment for getting the best insurance deals?

Is it a smart move or just a waste of time and money? In this world, where money

makes the world go round or at least fun to live in, will investing for a life

insurance really be necessary or just an added expense to your bank account? In

the words of Suze Orman, “If a child, a spouse, a life partner, or a parent depends

on you and your income, you need life insurance.” You may find yourself asking

what benefits will you be getting once you decide to invest in a life insurance.

What does it really mean when you say Life Insurance?

 

Life Insurance is a type of insurance that compensates financially for a

deceased family member. To get to the point, the money you will get when you die

is not for you, but for those loved ones you’ve left behind. Life Insurance basically

acts as a safety net to soften the blow of your expected, but mostly unexpected,

death for your family. Think of it as allowing yourself to rest in peace -literally –

knowing that your family will be financially secure should anything suddenly

happen to you. But you will be getting money not only when you’ve died but also

when you’ve lived for too long or suddenly acquired a disability or sickness.

 

Do you really need Life Insurance? If you’re not a selfish individual and you

love your family as much as yourself, you should consider getting one. Imagine if

you died tomorrow, would your family be able to financially support themselves?

 

Even for just a while until they can have their own stable jobs. Can they afford to

buy you a coffin or an urn – whichever you prefer? Dying is expensive. If you live

alone, you probably don’t really need it. You can save a small amount for yourself.

But if you are the bread-winner of your family, I’m sure you are now considering.

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Here are a few advantages of investing in a life insurance: (1) As I stated

repeatedly above, it provides a flow of cash to your dependents should anything

happen to you, (2) there are certain tax benefits like being income-tax-free, may

be estate-tax free if policy is properly owned, policy loans are income-tax free. (3)

Life insurance policies are generally flexible to the holder’s needs. (4) Life

insurance can be thought of as an easily accessible fund if the need arises, yet as

these are longer-term investments, it can earn a higher return.

 

But of course, we do not live in a perfect world, with benefits there are also

disadvantages of investing in a Life Insurance. (1) The acquisition process in

getting a life insurance can be annoying and frustrating. Will the company you

will be getting insurance from trustworthy? Is this the right carrier? (2) Life

insurance can be complex especially if it is for estate planning, complex family

status, and business situations. (3) Life insurance is generally purchased for the

benefit of others and not for the directly insured.

In conclusion, the decision to use life insurance as an investment will always

depend on you. Always remember that choosing the right company for your

investment is a decision that you should’ve thought about well so you

get the best insurance deals around. Make sure that

the benefits you will be receiving will at all times, outweigh the detriment you

may encounter along the process.

To Learn more about how to buy term life insurance online leave a comment below.

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