Welcome to my Is Life Insurance A Good Investment blog post. now I’ve been getting a lot of questions on insurance. Because it is part of your financial plan.
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Is Life Insurance A Good Investment?š„Honest Opinionš„
Insurance could be very very confusing and if you have any other questions you should always consult with an insurance professional. You have to be very very careful because sometimes a lot of insurance people that just sell people. You want to consult with a professional. It actually knows what they’re talking about so any questions always consult with a professional. Now I want to give you my perspective and educate you on a little bit about the different types of insurance.
Types of Insurance:
The two major types of insurance out there. One is called Permanent Life Insurance and another it’s called Term Insurance.
Permanent Life Insurance:
Let’s talk about permanent life insurance. In case you get confused. It’s actually very very simple the word permanent that āshould give you a clue is an insurance policy that covers your entire lifeā.
There are a few advantages to permanent life insurance.
1- The first one is tax-deferred growth for permanent life insurance. You build up the cash value over a period of time then you can borrow against it without paying taxes. Because essentially it is alone maybe you need that money to buy something maybe it’s for your kids’ tuition. You could do that benefit.
2 – You don’t lose your coverage after a number of years as long as you keep paying the premiums. In fact, that’s one of the key kinds of advertising benefits that you see from a lot of the permanent life insurance ads and infomercials and commercials. You will see that sometimes in some cases it covers up to age a hundred and twenty years old until you get very very old as long as you keep paying the premiums.
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3 – They get accelerated benefits. Now, what does that mean it? You don’t necessarily have to wait till you pass a way to get the full benefit from the permanent life insurance. For example, let’s say now you’re a little bit older and you have a certain type of illness that you could take some of the money out and take advantage of a few things. where it pays for your medical bills sometimes it’s up to 25% 30% 40% even up to a hundred percent. So that you can still enjoy a good quality of life in your final years.
Now the downside of that is then your beneficiary would probably we receive less than the full benefit. But you will be able to use some of their money upfront for yourself. so that’s permanent life insurance.
Term Insurance
Let’s talk about term insurance. So for Term Insurance you’re basically buying insurance for a term it’s not permanent. It doesn’t cover your entire life and all your monthly payment all your premium goes towards the death. If something happens to you all the death benefit goes to your beneficiary. It is that simple so for your term insurance. It doesn’t have the cash value component and it doesn’t have the investment component.
My Final Opinion:
So it’s life insurance a good investment. So here’s my recommendation. If you are ones with basic financial needs and you don’t have a lot of financial assets complicate if I notice your assets to protect then permanent life insurance probably is not something that you need term insurance. On the other hand, it is something that you want to consider because it protects your family and the ones that you love you shouldn’t consider that as an investment.
It’s really just a way for you to protect your family in case knock on wood something happens to you. You’re not paying like a huge premium right because that’s not the goal you’re not gonna get rich with your insurance policy. It is simply a way for you to protect your family however if you have more financial assets and you have a business you have other things. Then you may want to consult with a professional then maybe permanent life insurance makes more sense for you that’s my take.
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