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What is the best life insurance?

What is the best Life Insurance, to be with?

  • I want to purchase whole life insurance and want to purchase insurance for all four of my kids. I'm 28 years old and want a life time insurance where I can separate 25% to each child after my death. And carry insurance on my all my kids until at least 28 years of age. Plus something where I can borrow money from in the future. Any good suggestion? I want to be with the best life insurance?

  • Answer:

    i am wrting all the policies here.Review and find the best that you want to go for. 1)Term Life Insurance Policy-It provides coverage for a specified period or term. In the event of death of the insured individual, the insurance company pays the face value of the policy amount to the beneficiary within the term. In case the term is over and the policy is not renewed or the death occurs after the maturity of term period, the insurance company is not liable to pay any cash benefits to the beneficiary. 2)Whole Life Policy- Under this type of policy, the person has to pay a fixed premium based on his age and other factors. As the years go by, the insured person earns a certain interest on his policy's cash value. This policy continues till your old age for the same premium you started with, and offers not only permanent protection but also accumulates a substantial amount for the family in case of any emergency. 3)Endowment Policy- Endowment insurance policy is specifically designed to provide life insurance cover for a specific time period. It is a combination of a risk cover with financial savings. Most people take this policy if they want to purchase a product that provides both insurance cover and savings. Often, the maturity amount is used to supplement the pension income. This policy, although coming with a high premium payment, has worth its value. 4) Money Back Policy- Under this type of insurance policy, the insurance company pays a part of the amount assured at fixed time periods in the form of survival benefits before the maturity date. The premium is payable for a particular period of time. The nominee will receive the entire sum assured in the event of death of the insured person during the term of the policy even if the insured had received fixed portions of the sum assured. 5) Life Insurance Policy- Children's Life Insurance policy aims at securing the future of one's children in case of any unforeseen circumstances such as death of any parent. In this case, the beneficiary, i.e., the child, gets the benefit in the form of a guaranteed lump sum amount. If you want to go in detail just visit http://www.paisawaisa.com/insurance/product-info-life-insurance.aspx.This will explain you in detail.

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When you make an insurance decision, you need to come up with a purpose and a reason. Your purpose is clear - you want to protect your kids in case you are not there for them. You seem to also want to build some estate to leave for your children. There are multiple ways of getting what you wanted, and the idea to buy a bunch of life insurances is one of them. In this case you are looking for permanent options (as opposed to term). But is this the best way to go? I would say, you could do better than that. You are young, so you could buy a term insurance for yourself and invest the difference. If you plan your investment properly, you could save on taxes. Perhaps, you want to invest in your kids college plan. Or you could establish an account under your child's name, under Uniform Gifts to Minors Act/Uniform Transfers to Minors Act, and a good part of earnings on that account would be taxed at your child's (not yours) tax rate. Another question: how would your kids benefit from their own life insurance? Life insurance is not the product that an insured person can use, for very obvious reasons. If you are simply trying to build cash value for them, insurance is not the answer. You should rather invest. The reason to consider a different route from what you described.is that all insurance policies that come with a cash value are actually two products in one. One is an insurance, and the second is the investment plan. The truth is: you could do one without doing the other. A "pure" life insurance - and the cheapest one is term insurance. You can easily get a term policy with a face value of $1Million, and it would probably cost you less than $50 a month, if you are healthy. You would pay much, much more for a same face value of a permanent policy. A "pure" investment plan is a brokerage account (or an IRA, or a 529 account). It usually gives you more flexibility than a permanent policy investment. And given that your money stays yours, and you can withdraw them rather than borrowing against them - a "pure" investment plan looks like a better deal to me. Finally, use some sort of the calculator, or this free tool: http://www.ameri-financial.com/finance-test/personal-finance-test.html to figure the amount of life insurance coverage you need.

Serge Polyak

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