By Bart Astor
Cliffs Notes: figuring out existence coverage is the fitting software for an individual burdened by way of the tough language of lifestyles coverage. discover the myths and realities of coverage. Get the instruments you must ascertain what kind of plan is correct for you. Cliffs Notes: realizing existence coverage supplies specialist recommendation at the phrases and lingo of existence coverage and should assist you decipher the language of any coverage. find out about why existence coverage should be a big asset to you and your loved ones. jam-packed with details and professional pointers on decoding the language of lifestyles assurance. realize the variations among time period, complete, and common lifestyles. beneficial properties recommendation on new coverage items adapted to assorted wishes. existence coverage revenues have grown continuously when you consider that global warfare II with revenues attaining $9.8 billion in 1997. (LIMRA, 1999)
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Additional resources for Cliffsnotes Understanding Life Insurance (Cliffs Notes)
You get a significant tax savings. The tax savings may be the primary reason that people purchase this kind of life insurance. All the money you earn on your singlepremium whole life policy is tax-deferred. ■ You can immediately borrow against the cash value in your account. And if you only borrow against what the cash value itself earns, then you will likely pay Chapter 5: Whole Life Insurance 49 approximately the same interest the cash value earns, as well. Thus, by storing some money in the company’s coffers, you give yourself the opportunity to take out a loan virtually interest-free.
He also begins the policy with an initial investment of $1,596. 75 percent respectively). The projections that insurance agents give you are often little more than high hopes, and you shouldn’t count on getting anything more than what is guaranteed. If you look at the actual return, you can see that it’s just a bit higher than the minimum guaranty. But it’s also significantly lower than either of the more optimistic projections the agent presented. Note that the cash value never exceeds the amount of the premiums paid with the 4 percent guaranteed return (which is just over the minimum).
Tax-deferred cash-value earnings, and when you cash out, the premiums you paid reduce the gain. wherever you want). Returns aren’t as high as other tax-deferred plans such as IRAs and 401(k)s, (which also allow you to invest your money Comparing Whole Life Insurance Policies If you’ve decided that whole life insurance is for you, the next step is to get quotes from at least three insurance companies and compare them. To help you, I’ve provided a worksheet for you to fill out. Step 2 of the worksheet asks you to find out the rating of the insurance company — see Chapter 8 for more information about ratings companies, and see the Resource Center at the back of this book for how to obtain ratings.