Should I Buy Life Insurance, Whole Life, Term, Index Universal Life??
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Hi I'm Jose Sanchez thanks for visiting The Insurance Advisor. There are a lot of good reasons to buy life insurance and in todays market there are a variety of types and plans available. The type of life insurance you buy may be determined by the stage of life that you are in and how you choose to plan to protect your family. Lets go through the 4 stages of life and the different types of life insurance that is available. During the first stage of life ages 0 - 21, traditionally we are looking at a whole life policy. Whole Life policies provide permanent coverage with low to modest premium. Parents and Grand Parents love this type of insurance for the sense of security it provides. As we go into the second stage of life ages 21 - 31, for a lot of us that is when we start our career and start accumulating our first round of debt. Term Insurance is a great value at this stage. It provides low premiums with high face amounts, it provides the temporary sense of security we need in case of the inevitable. A lot of the newer policy's provide living benefits as an added sense of protection. As we move into the third stage of life age 27 - 61, that's when we start adding to our families, buying our first or second home. Really adding to the current debt that we have. Increasing you term insurance is always a good options here, to make sure that all of your assets are properly protected. to make sure that there are additional resources left to your family. At some point we need to start changing our thinking, thinking about future retirement needs. Winston Churchill once said "he that fails to plan is planning to fail". Failing to plan for retirement is a disaster in the making. At some point we need to shift our thinking and shift our life insurance from term insurance into an index universal life. Index universal life is a great way to provide a second source of retirement income for yourself. They take advantage of the up swings of the market without you risking your principle. As we move into the fourth and final stage of life age 61 and beyond. That is when we need to start taking the thinking off of us and shifting it to the next generation. We need to start thinking about legacy planning, how can we effectively start transferring our wealth to the next generation or any organization that we want it to go to. For that we use no laps universal life or single premium life because of the great tax advantages that it offers.
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