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The Principle of Owning Versus Renting Life Insurance

Posted by Howard Wolkowitz | Mar 02, 2018 | 0 Comments

DON'T BUY A LIFE INSURANCE POLICY FROM ANYBODY WITHOUT READING THIS FIRST

There are basically 7 different types of life insurance policies. When you combine that with over 100 companies offering several options that gives you several 1000 different policies to choose from.

So how do you choose?

Clearly identify:

  • Why you need life insurance?
  • How long you want that life insurance to be in place for?
  • How long you want to pay for it?
  • Do you want the policy to be guaranteed?
  • Do you want a policy that has the potential to accumulate cash?
  • Do you want the potential growth to come from an interest rate, dividend rate or the stock market?
  • Are you purchasing a cash-value policy for death benefit or to access the cash accumulation for future use?
  • If you purchase a term policy, is convertibility to a cash value policy important to you?
  • If yes, what type of cash value policy do you want to convert it to?
  • If yes, how long do you want the right to convert without any evidence of insurability? Do you know what this means and the implications of this option?
  • Do you know what underwriting classification you received and why?
  • Do you know how the particular insurance company you applied to treats your underwriting issue if you have an issue?
  • Do you know who should be the owner and who should be the beneficiary of the policy?

If you know the answer to all these questions, you purchased life insurance. If not, someone sold you life insurance.

The answers to every question are critical to the ultimate success of your investment in life insurance.

AT THE END OF YOUR LIFE, YOUR LIFE INSURACE WILL EITHER BE AN EXPENSE OR AN INVESTMENT. YOU GET TO CHOOSE. MAKE A WISE CHOICE.

About the Author

Howard Wolkowitz

Where he came from; where he is going Baby Boomer Born and raised in Brooklyn, New York Solid B student with an occasional C and an occasional A Oldest of three boys Graduated from Baruch College, the Business School of the City of New York in 1974, with a degree in Industrial Psychology. I ...

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