In spite of writing this post title, I am a vast fan of life insurance. Nobody doesn’t know how long they will survive on the earth, how many years they will be able to make income, how much they can earn to run themselves and their family. There are two most common reason why you should need to purchase own life insurance :
(a) If you have a large number or assets (specially lands) or you are a owner of huge estates and they are subjected to pay tax. (It will not affects most people)
(b) If people (specially your family members) who are rely on you, will be frustrated financially because of your immature death.
I know that first criteria will not affects to many people but the later one impact will be greatly high in our society. If your family members specially rely on your income I will suggest you to take term life insurance to accomplish your responsibilities. By this article I will discuss to all whose life insurance you should not buy in your whole life at any situation. So lets start it -------
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1. assured Issue : The most important fact in this issue if you apply to get this policy you can not be twisted down. At the appearance of that you will see that there no matter of headache. But there are more or less mysterious facts on it, normally it can not be recognized at your eye if your are going to take life insurance for the first time.
First of all if you do purchase this type of policy and die within two months, most policies call for company’s betterment return your paid premium. Here one thing is very clear and that is if your are in extreme illness and there is no more change to live for a long time, you are just wasting your valuable time and energy.
In fact if you need a life insurance, can not meet coverage from anywhere, your physical condition is better as result of that you feel that you live for a long while, you may have not any suggested choice but expected to have a assured issue policy. But test out other insurance option, try to keep senior term life insurance as your first choice.
2. Life Insurance For Kids : In fact it seems to all us that life insurance for kids is just a misuse of money. Because naturally most of the children (Thankfully) bear good health and expected live for a long run. Because of not having any income, generally you don’t have any requisition to insure their lives, it’s very common. Because of not buying insurance for your children is not indicate that you have no love with your children. Even it’s also sure that your will be smart enough to save the money for proper usage like to make them higher educated.
3. Travel/Accident Insurance : Travel/Accident Insurance coverage are very few in amount is the first reason why you will not buy these policies. At many cases most of the people reach their destination successfully, not having face any horrible accident and very few meet the situation. It’s not a big matter how you die on the way at the time of travelling home and abroad.
Your family members have to more life insurance just since you died an accident rather than sickness? I know this unexpected situation will not be able to make a good sense to you. May be rather than buying this insurance policies, you can bring fruit juice with you at flight, you will live for a long while.
4. Whole/Universal Life Insurance : Life insurance is one kind of tool to save, not an investment for you. By buying whole/universal life insurance policies you have to pay higher premium through promise that the company can take extra dollar and make invest them for you. This type of insurance policy is so expensive, it’s a main problem. The invested amount of money will not grow because the expenses cover up with your interest. Most of the cases for whole/universal life insurance policies the insured client in not paid up well. Life insurance companies use whole/universal life insurance policies to afford big buildings and meet expenses of advertisement campaign. These type policies only help you, if you have an estate tax problem.
Life insurance is an enormous instrument when you make usage of it for planned purposes, you should seek for term life insurance to meet up with family protection needs.
