Sunday, January 25, 2009

Insurance Planning

In the ever evolving business world there are many choices for a consumer to choose from when it comes time to consider future plans. When it comes to life insurance a customer has an abundance of plans one can select that best suits their needs and families needs. Has one grows older the choices out there seem to diminish as does the time to for decision making. It is important to address these situation early and life and have a plan for the future, whether it before saving for retirement or taking a plan out for an untimely death, it is vital to know ones options and be as best prepared as one can be.

With the ever growing expense to bury someone nowadays it is important to be prepared to lessen the burden on family members that have to not only morn ones death, but in some cases pay and arm and a leg to get one six feet under. Selling life insurance to someone today and can be very hard to decide what type a policies can fit ones needs and wants. In making a educated decision on buying a policy it is important to consider ones status in life and obligations that one might have.

When I started to research on life insurance policies I noticed that I am at a premium for companies and they are more than willing to work with me setting up a policy. I first looked into types of insurance that I would need and noticed I had an over whelming number to choose from. I looked into three different types term, whole life, and group insurance.

I first looked at term insurance, which basically put covers one for a certain period of time. I had many choices when it came to term insurance. I could get one with a renewable that gave me an option after the term came up. I had one that could give me the same premium for a certain amount of years that appealed to me. Also, I found a policy called a conversion policies that would allow me to convert to whole life insurance with a higher premium, it would be good since I can’t afford the higher premium at this point in my life.

At looking at whole life insurance I noticed that I couldn’t really find a policy that could fit my current situation. I had many to choose from, but since I don’t really know what kind of situation I will be in 5 years it was not to my benefit to take a plan until my future was a little more stable. I did notice it is important to start early if I wanted to take out a whole life policy, since the payments would be lower and I could receive a better premium.

The third type of life insurance I looked into was group life insurance, which can be best put as an insurance that one can get through a company they work for. The problem with this insurance is sometime the one can get a better premium with an outside agency and these plans are not as flexible as other term or whole life plans. These plans are best for certain person who is limited in what they can do and or are not able to financially make a decision at the time.

Ad it came time to decide on a plan that best suited me I brought into consideration my needs. Since, I am a full time student that still lives at home, with two working parents that both have insurance policies that still cover me till I am 25. I also, have no dependents of my own, I think it was best for me to not take a plan out at this time. But upon graduation in 2 years it would be to my greatest benefit to begin my own insurance policy and at that time I would begin an adjustable whole life plan that can increase or decrease my coverage as my life and outcome changes.

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