 Life Insurance - am I getting ripped off? |
How much should a 33 year old preferred smoker expect to pay for a 250,000 life insurance policy a year? Is $600 too much?
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Jitu | In a whole life insurance for how many year do i need to pay premium? |
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avaldreteiv
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Generally speaking you pay a flat premium for the rest of your life. Depending on the contract (or company) it can take anywhere from 4 to 10 years before you have paid for the cost of insurance and then your premium is basicly going to build your cash value.
There is a companies out there that offer a "term" whole life type of contract (policy). This is where you decide that you only want to pay into the policy for X amount of years and after that you no longer pay any premiums. The premiums on these are generally higher up front but long term you will pay less into these than a regular whole life policy. |
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Tan D
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Generally, a life insurance meaning paying the premium for "life", mostly is till 85 years old. However, you may chose to stop paying the premium once your cash value is enough to support the policy. |
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Mark S
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Your whole life, if you want your survivors to receive any money. WL is until either 95 or 100, it is specified in the policy. That is the moment in time when your cash value equals the face value of poicy- you bought 100k, now;by 95 or 100 your policy will have accumulated 100k cash and would be paid to you ending the insurance coverage. |
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Deva
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in life insurance u can need to pay 10 / 15 / 20 years according to the plan you select. if you choose the longer term your premium amount will be lesser.
the new Types of policies called ULIP is hot selling policies now. there if you stop paying premium after 3 years, the policy benefits will continue up to the policy term of 20 years.
but be sure to select the right ULIP. The initial charges (allocation Charges) must be lower to 5% and the sum assured should be 30 times of your annual premium.
any further guidance in selecting policy, you may contact me by email.
with regards
devaraj0910@yahoo. com |
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Janmitra
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there is premium paying term. decide the term for the sum to be assured.life coverage is upto 85 years. |
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HMT
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In whole-life plans, you pay a premium for a fixed period or for your entire life in return for life-long coverage and accumulation of cash, which can be withdrawn as per policy stipulations. "You can also take a loan against the cash value. Besides, you can make withdrawals to pay future premiums, fund college education or retirement, and to work as emergency cash reserves," |
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brainyblonde38
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In a traditional whole life policy, premiums are generally payable for life. However, if you purchase a policy from a mutual company that pays dividends, you may be able to use dividend values to pay your premium in the future. Since dividends are not guaranteed, the insurance company can only project approximately when this might occur. You can ask for an illustration from the insurance company. |
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