Please Explain The Advantages And Disadvantages Of Life Insurance?
Posted January 3, 2010 – 10:23 am in: structured settlements FAQPlease explain the Advantages and Disadvantages of Life Insurance
Thanks.
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Advantages: 1) can pay for your funeral w/out a financial burden on the family; 2) can be cashed in after a certain time period and go towards college tuition, etc. (I have had one on myself for 5 years and my 6 grandchildren since they were born)
Disadvantages: Only one I can think of, it’s another monthly bill, but if you go with Globe Life and Accident Insurance it’s fairly cheap, and your rate never goes up from the time you enroll – I am 49 and my monthly premium is only $21.00 for $25,000 worth of coverage, and will never go up.
Two dis advantages: One, you MUST make your premium payments or else you have no insurance and two, YOU have to die for your family to receive the face value of the policy…. Advantages: Debt can be taken care of for your family, income replacement but now you need to figure out for how long, pay off the mortgage, and finally pay for your childrens education. However, as has been said by someone above me, this is not the place to decide on what you need. Contact a local agent- me I would recommend a Primerica agent. That agent will go over the above four points. Hope this helps.
Advantage: You have life Insurance.
Disadvantage: you don’t have life insurance.
if you have a family then you really want to get life insurance incase you die so they will not be left with paying for the funeral and all your dept. Funerals are very expensive now days and the last thing a wife or kid needs to deal with is find money to barry hubby or dad..
the only disadvantage is it’s money YOU will never see..
It’s pointless to buy a product – any product – based on the “sales job”
Insurance – even life insurance – is a financial tool. Before you pick your tools, determine your goals. You need long term goals, short term goals, and with financial tools, you also need exit strategies.
After you have all that written down, then you compare products, to see which product best meets your goals.
Any other way of buying life insurance isn’t buy it – it’s being sold.
Life insurance is the foundation that keeps our finances in order. It is not for you, but those you leave behind. The biggest question is: How do you want to leave your family in the event something devastating happens to you? Better or Worse.
Life insurance allows us to grieve properly, not having to worry about what is going to happen next. It is very affordable. I have a brochure I can send you if you are interested just email me at: gil.ray@sbcglobal.net, Subject: What you need to know brochure. Compliance makes me state that I am a Life Insurance Agent.