Does anyone know anything about long term life insurance?

Question

The kind that you can take money out when you are older and is like a retirement fund? What kind are the best?

Answer 1

Insurance is not an investment, although life insurance agents would like you to think it is. That's because the premiums and commissions are higher for the type of policy you inquiring about, and they stand to make a lot of money off you. I say this as a former life insurance agent. :)

Here are a few good articles you should read:

http://lifeinsurancenow.com/2008/02/

Once you understand that the best value for the money is term life insurance, you can get the best quote from this site:

https://www.expert-quotes.net/term_life_...

Most financial experts who are not life insurance agents, or lackeys of the insurance companies, will tell you to only buy term life insurance. That's because it's the only type that isn't a total rip off.

Answer 2

Universal life policies usually have adjustable rates AND adjustable internal costs.  Whole life policies cannot guarantee dividends in any way.  Past performance is not an indicator of future performance.  Any half-well trained agent will be able to create an attractive looking illustration.

Everything has its time and place, but I believe the type of plan you described is suitable for very few people.  Here's a more detailed article on the subject: http://www.councilfinancial.com/life-ins...

Answer 3

Term Life Insurance Explained

Term life insurance policies are very popular because of their low cost and relatively long term of coverage. These policies provide a low cost way to get maximum insurance protection for a set period of time at a fixed cost. The premium rate you pay for term insurance is guaranteed to remain the same low amount for the duration of the term of coverage selected. Many insurance companies offer term insurance policies for a periods of 5, 10, 15, 20 and now even 30 years.

It is important to understand the terms of any insurance policy that you are considering before making a purchase. Term insurance policies build no cash value. They pay a benefit only if you die during the term of the policy coverage. If death occurs, the beneficiary collects the face amount (death benefit) of the policy income-tax free. Premium rates for renewals of these policies will normally increase at the end of the guaranteed policy period. Term insurance policies require that you furnish evidence of insurability at renewal to qualify for these rates.

When is Term Life Insurance the Right Choice?

If low dollar outlay is your main concern, and your insurance need is for a period of 30 years or less, term may have an advantage. If your need for coverage will last beyond 30 years, a Universal Life or Whole Life policy may be more effective. Should your life insurance needs change, many term policies carry a conversion privilege that will allow you to convert your term coverage to permanent Universal Life or a Whole Life policy without a medical examination. It is important to check the conversion privileges of the term policy before you make your purchase.

Disadvantages:

On most policies the premium may increase after the guarantee period expires.

Coverage may terminate at the end of the policy term or may become too expensive to continue.

Generally, the policy doesn't offer cash value or paid-up insurance.

Advantages:

Premiums are generally lower than those for permanent insurance

You can afford higher coverage when the need for protection often is greatest.

It's good for covering specific needs that will disappear in time, such as mortgages or family income needs for children.

Term insurance is an effective way to get the most coverage at the lowest cost for up to 30 years.

Answer 4

Go to Yahoo Finance, click on "Personal Finance" and read the section on life insurance.

Answer 5

I would look into a equity indexed universal life policy. I carry one that has averaged over 9% compound tax differed interest for a long time. It is true that there are investments that can get you a higher rate of return but you also can loose accrued interest and even your principal. Feel free to contact me if you would like to find out more.

Answer 6

cash revisionary bonuses type..not sure available at your continent

Answer 7

These can be very good tax-deferred investments. I'd look at the options from Northwestern Mutual Life, personally. They have had one of the top returns on these sorts of policies over the last 30 years.

Answer 8

I think you are confused, you have to have short term insurance before you have long term insurance. short term is when you get sick on a job and need time to get well. After a certain time and you are not doing any better, the you will get long term insurance.

Answer 9

Yeah, buy term and invest the difference