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Ten (10) times annual income is the rule of the thumb when it comes to determining the amount of life insurance. Other considerations include number of dependents, amounts of financial obligations you have, age, and your total financial goals/plans.
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What are common questions about life insurance that one should ask the life insurance agents before buying a policy?
Common questions about life insurance that one should ask the life insurance agents before buying a policy are if it is term or whole life insurance and how much it cost.
Are life insurance policies permanent?
It depends on what type of policy you get. Term life insurance is a limited policy which you retain for a specified number of years. Whole life insurance is a policy that covers you for life. There are pluses and minuses for each. Term life rates can go up yearly but the cost at first purchase is much lower than whole life. For more information, talk to your agent
'in death how much is paid if individual has several whole life insurance policies'?
The amount that is paid by whole life insurance is the face value of each policy. It would be paid to the beneficiaries listed by the owner upon his/her death.
Does an owner of a life insurance policy have to be the payer?
No, the owner of a life insurance policy does not have to be the payer. Pretty much anyone can be the payer.
What is endowment policies?
Unlike whole life, an endowment life insurance policy is designed primarily to provide a living benefit and only secondarily to provide life insurance protection. Therefore, it is more of an investment than a whole life policy. Endowment life insurance pays the face value of the policy either at the insured's death or at a certain age or after a number of years of premium payment. Endowment life insurance is a method of accumulating capital for a specific purpose and protecting this savings program against the saver's premature death. Many investors use endowment life insurance to fund anticipated financial needs, such as college education or retirement. Premium for an endowment life policy is much higher than those for a whole life policy.
What is endowment?
Unlike whole life, an endowment life insurance policy is designed primarily to provide a living benefit and only secondarily to provide life insurance protection. Therefore, it is more of an investment than a whole life policy. Endowment life insurance pays the face value of the policy either at the insured's death or at a certain age or after a number of years of premium payment. Endowment life insurance is a method of accumulating capital for a specific purpose and protecting this savings program against the saver's premature death. Many investors use endowment life insurance to fund anticipated financial needs, such as college education or retirement. Premium for an endowment life policy is much higher than those for a whole life policy.
How much money was George's life insurance policy worth in It's a Wonderful Life?
George Bailey has a life insurance policy worth $5,000.
is $241 a month too much for a $200,000 universal life insurance policy?
Is $241 a month too much to pay for a $200,000 universal life insurance policy?
Is your old whole life insurance policy worth anything?
You should contact your agent or the life insurance company directly, who will be able to tell you exactly how much cash value and what death benefit your life insurance policy has. If you have continued to pay the scheduled premiums for a long time, chances are your whole life policy's cash value has increased significantly. If you cannot contact your agent, look in the first few pages of the policy for a contact address and possibly a phone number for the insurance company. Also, Universal is often mistaken for whole life. Depending on the policy you have, it may or may not have much cash value. Do not cancel the policy for its cash value until you have spoken to a reputable agent and made sure that you are sure that you no longer need it. And taking money from a policy's cash value may shorten its life span or may require higher premiums in the future to maintain it.
Can someone take out a life insurance policy on someone that they do not know?
Why in the world would anyone want to pay that much money for an insurance policy if they did not know the person? Life insurance is expensive.
Life insurance policy holder since 1965.Need to find new face amount.?
need to find out how much my life insurance policy is worth
What is the cost for a 20 year term life insurance policy?
The cost for the 20 yer term life insuranc policy will be deferrent per insurance company. but here you can check the approximate Whole life insurance, on the other hand, combines a term policy with an ... and a same amount of renewable term coverage with a 20-year fixed premium of $350. .... (ie. medical issue) And if they can how much more will it cost then. ...
