Introduction
What is life insurance? Insurance whole life means financial protection for an individual and his family. As a way of protection, the individual creates life insurance for an additional income for a certain period of life by providing capital or pension. Insurance whole life is an individual family's financial resource that can occur in the most pleasant moments of his life, but also in unfortunate situations such as death or disability. Insurance whole life also supports the individual life when an accident happens and he needs financial support.
Step 1
As a means of protecting the family, Insurance whole life, pays compensatory income if the insured earner of the family dies.
Also, Insurance whole life, can be transferred and it can erase the financial debt (bank loans), without leaving the family in debt.
In addition, for protection, life insurance is the only way of saving, 100% of your guaranteed money for a long period of time, and it also protects the insurance from inflation.
Step 2
How do I choose the best insurance policy?
A life insurance is a long term commitment. Before buying a policy, you need to answer yourself a few questions:
1) How big is the money amount with whom I must insure myself?
2) If I die, how much money do my loved ones need to have a comfortable life?
3) In addition of protecting the family in case of my death, what else do I try to accomplish by getting life insurance?
4) An education fund for children?
5) Additional income during retirement?
6) How much money I can afford to pay for an insurance policy?
To get insurance whole life, you should get in touch with an insurance company and sign a policy. By signing this policy, the insurance company will pay you or your beneficiaries a sum of money when the insured event occurs. Instead, you pay the company a tax to insure yourself. The insurance tax depends generally on factors like age, sex, or on the amount of money you want to invest. Some insurance policies may require medical examination before signing the contract. The costs of medical examinations are sustained by the insurance company.
Step 3
Anyone who thinks that at retirement age can get a pension higher than the one government offers. Or you can just save money and take advantage of premium paid money and you will receive a substantial amount for the insurance at the end of its period. Or the case in which an accident or death occur, so life insurance will help the loved ones so they won’t remain in a difficult financial situation.
Step 4
The earning capacity can be considered your most important asset, because you can achieve your dreams and aspirations, and the family can have its comfort, safety and tranquility. Unfortunately, this ability to earn income may depend on your health and on the power to work. If an unfortunate event will cause an inability to work, disability or even death, you need the income to continue sustaining those who are financially dependent on you. Consequently, the need for life insurance is very high.
Anyone in one of the following cases need life insurance:
- You have a spouse
- You have children who depend on you
- You have parents who depend on your support
- You have a loved person
- You have a business, etc.
Step 5
How do I choose the best insurance policy?
A life insurance is a long term commitment. Before buying a policy, you need to answer yourself a few questions:
1) How big is the money amount with whom I must insure myself?
2) If I die, how much money do my loved ones need to have a comfortable life?
3) In addition of protecting the family in case of my death, what else do I try to accomplish by getting life insurance?
4) An education fund for children?
5) Additional income during retirement?
6) How much money I can afford to pay for an insurance policy?
By signing a policy, the insurance company will pay you or your beneficiaries a sum of money when the insured event occurs. Instead, you pay the company a tax to insure yourself. The insurance tax depends generally on factors like age, sex, or on the amount of money you want to invest. Some insurance policies may require medical examination before signing the contract. The costs of medical examinations are sustained by the insurance company.
