TodayInsurance.net

Life insurance, whether you are talking about whole life, term life, or one of the many policy variations available, can be a complicated and misunderstood subject. Perhaps for this reason it is not unusual that we make wrong decisions when purchasing a life insurance policy. With that in mind, we would like to bring up what some experts consider to be the four most common mistakes made when purchasing life insurance.

First, treating your life insurance policy as a savings account. Insurance is often purchased for two reasons, tax savings and as an investment instrument. Many experts believe that life insurance is best purchased to do what it is intended to do, which is provide protection in the event of loss of life. For this reason we suggest, as do many insurance experts, purchasing a term policy for life insuance, and for savings purchasing a separate mutual fund account. Granted, this view is somewhat of a purist viewpoint and will not be for everybody. Still, term policies are relatively inex (more...)

Although there are insurance companies out there that will issue a no exam whole life insurance policy, there are exclusions written into most of these policies that you, the consumer, need to be aware of.

I m certain that you ve seen the television commercials that guarantee whole life insurance coverage for individuals from fifty to eighty years old, guaranteed, no physical exam whole life insurance, also known as no test life insurance policies. It seems as if they show them ten times during an evening of watching tv.

Anyway, here are some of the things that you should be aware of before you buy one of these policies.

Many of these policies are known as “Modified Whole Life Insurance”. They are modified so that you must meet a specific set of terms in order to qualify for a full payment being issued at the time of your death. Some of the modifications to these policies are as follows:

#1. Your loved ones will be paid a reduced benefit, or nothing at all, in the e (more...)