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There will be no more security, durability, stability, happiness to our life during hazards has appeared. It can destroy or fall into the water all of our preplanned things. It is said that a successful plan is similar than half work has been done. There is no doubt that succeeds in every task mostly depends on the successful plan. For the first time when you will start your professional life with no dependents with you, no concrete assets, some amount overdue, life insurance policy doesn’t seem very near to you in that particular situation.
The main purpose of life insurance policy is meeting with the overdue amount, provide your dependents in at least, liquid fund supplier during you alive at the ending time of the life cycle. When you will be married off, have children and taking a loan from any financial institutions by giving a mortgage of your valuable asset, life insurance policy may appear with a critical situation to protect all of those things.
When you get to retire from your job, your children are grown up by the time they can leave the future generation. At that period your savings money and assets will not be enough to meet with your outstanding amount, which you have spent to run well with your family. Day by day our daily life expenses are increasing but with the same time, our income is not growing properly. So often we have to face with a very much worse situation, which hampers us drastically, as a result of that there is no more possibility to run life insurance policy for a long run. So you may have to stop it considering with so many appearing factors, so we can’t feel free to move anywhere.
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1. Outstanding amount Vs. Concrete assets:
When take retire from your job, maybe you are on your own (purchase) home if happens like it your mortgage amount can be paid up. Your assets & future pension allowance amount may not be enough to make your spouse comfortable after when you have died.
2. The concern of Property Development:
Life insurance policy is often used as a property development instrument to ensure property safety arrangement, equity of property owner, and payable taxes on that property at certain times. If the owner equity of the property has been transferred to another pay sale the property and the taxes it will become a matter of issue.
3. Human Welfare Purpose:
Sometimes life insurance policy can also be used for the human welfare purpose, by donating the insured money to make beneficiaries the helpless people after your death. At certain situation, the amount of money can be paid at a premium & deducted as a charitable donation fund.
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4. On Hand Insurance Policy:
The life insurance policy premium will be higher in amount rather than when you take its first time. It terms of term life insurance policy is normally the time set for five to twenty years, after that new premium is set to renew the policy. When you get sixty years old, a number of premiums will be so high in amount. On the other hand, whole life insurance policy ensures you until die. Nature the premiums did not change at the time of running the policy but it will give you the investment advantage. As a result of that, you can withdraw or borrow money against a premium in the future years. In many cases of whole life insurance policy, the premium is higher than the term life insurance policy. The form of insurance already you have purchased makes dissimilarity because, if you have to purchase a new insurance policy after your retirement, the premium amount may not be affordable to you. However, if you still have several years left on your term life insurance policy or, if you have an existing whole life insurance policy, keeping up with the premiums can pay benefits down the road.
5. Considering Health Condition:
The life insurance policy premium was high in the amount at the time of retirement from your job. Along with then maybe you will not be able to take new life insurance policy because of your illness and having ongoing health problems. If you do not take a life insurance policy when you are healthy, it will be too late when you get sick. In that particular situation, it is most important to the best use of your income to pay for health care and the remaining pay for the debt.
