By Reg Wilson
Bargains safeguard directions to defend opposed to deceptive details whilst paying for lifestyles assurance.
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Extra resources for How to Insure Your Life: A Step by Step Guide to Buying the Coverage You Need at Prices You Can Afford
Page v Table of Contents Chapter 1 Why You Need Life Insurance 1 Chapter 2 How to Figure Out How Much Life Insurance You Need 25 Chapter 3 Important Definitions 57 Chapter 4 The Mechanics of Term Insurance 77 Chapter 5 The Mechanics of Whole Life Insurance 97 Chapter 6 Universal Life, Variable Life and Group Policies 113 Chapter 7 Choosing the Right Kind of Life Insurance 131 Page vi Chapter 8 Changing from One Kind of Insurance to Another 157 Chapter 9 Using Life Insurance as an Estate Planning Tool 169 Chapter 10 Using Life Insurance as an Investment Tool 185 Chapter 11 Relevant Tax Issues 203 Chapter 12 Accelerated Benefits and Other Claims Issues 213 Chapter 13 How Insurance Companies Price Coverage 223 Chapter 14 Tips for Smart Consumers 245 Index 271 Page 1 Chapter 1 Why You Need Life Insurance Introduction Life insurance has been bought and sold in the United States since the mid-1700s, but it wasn't until the 1840s that the industry made a significant impact on the American business scene.
In some cases, it is more. If it is easier for you to think in terms of a dollar-value of monthly income needs, use this formula: Page 34 The amount needed to generate income at 6% Monthly Income Needed: $___ x 200 = ? For example, if your family needs $3,000 per month, then multiply $3,000 x 200 = $600,000. As you can see, $600,000 invested at 6 percent will yield $36,000 per yearthat is, $3,000 per month. During the early 1990s, inflation remained relatively low. However, inflation did average 3 percent per year between 1945 and 1995.
Dismemberment benefits may be attached to a life insurance policy, most frequently in the form of accidental death and dismemberment benefits. As we've seen, the accidental death benefit pays an additional death benefit if an insured person dies because of an accident. The dismemberment benefit pays specified sums if the Insured loses one or more limbs, or sight of one or both eyes, and in some cases hearing, as the result of an accidental injury. Since the insured person is still alive and this is not a death benefit.