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Useful Tips You Don't Know About Life Insurance
There are several useful things you might not know about life insurance besides that it is a necessary expense for families with children. Byron Udell, CEO of AccuQuote, which offers online life insurance quotes and information sums it up, "Life insurance is at the foundation of the financial planning pyramid. Bad things happen. And when they do, life insurance is the only product that provides the right solution for that moment in time. Your chances of dying are one out of one. It's just a matter of when."
Here are some additional things about life insurance that you might not be aware of.
An Investment For Yourself Depending on the type of life insurance you buy, a policy can also be a forced savings vehicle, notes Udell, of AccuQuote. "I have owned a $500,000 whole life plan for the past 20 years. If I were to cash it today, I would have earned over 4% per year cumulatively, on every dollar I put into it; not to mention the fact that if I had become disabled, the insurance company would have paid my premiums for me and I'd still have all that cash available to me. Further, my beneficiaries would receive over $500,000 tax free, if I passed away."
Tax Deferred Growth Plan Income taxes are expected to rise to pay for huge government spending including health care so any tips on lowering your tax bill to Uncle Sam should peak your interest. There is another way to make use of a life insurance policy, especially for people who earn too much income to qualify for a Roth IRA. With a cash value life insurance policy, you can stash away the dollars that can't go into a Roth IRA a life insurance policy. This strategy provides the same tax deferred accumulation of dollars. In the future when you need to take money out it will be tax free (just like the Roth IRA). This is a good work around to the income limitations in place for Roth IRAs.
Don't Rely On Life Insurance Coverage Through Your Employer Many employers have group life insurance as part of their benefits plan. While you don't want to pass up free or really cheap coverage offered by your employer, do not rely 100% on it. The policy is not portable, meaning the day you leave your company you are no longer covered. Supplement that with a policy on your own so that you never have interruption of coverage.
How To Choose A Life Insurance Company Four independent agencies: A.M. Best, Fitch, Moody's and Standard & Poors, rate the financial strength of insurance companies. You'll want to choose an insurer that has solid financial footing. "You don't want the insurance company to 'die' before you do," says Udell from AccuQuote. "A life insurance policy is a 'promise to pay' by an insurance company and you want them to be there in the future to pay your claim." Only buy from companies that are highly rated by agencies like AM Best [A++ is the highest rating] and Standard & Poors [AAA is the highest rating].
Author Resource:-
Nathan Randall, editor, Daily Dollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the Daily Dollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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