Insurance Articles

There are some things that we just do not understand or appreciate until we are older. This is true for many things. When I was in high school and college I took history classes because I was told I had to in order to get my diploma. I had no interest in history. I would study for the tests and pass the class and get the credits and promptly forget everything that had been discussed in the class. I was into the here and now. Now that I have gotten older I find that I love watching television documentaries about history. My husband and I have even discussed taking a history class at the local university to learn more about the history of our state. When I was in school I was too concerned about looking what was ahead of me that I did not care about what had happened before. Now that I have experienced some history in living for a while I am more interested in past events.

I had a similar situation with my parents and a life insurance policy. When I was sixteen my [parents bought a life insurance policy for my. It was a twenty year policy that would pay our dividends after thirty years. I remember my parents explaining to me that they would pay the life insurance premiums until I was out of school and had a full time job. At sixteen I did not think this was any big deal so I just shrugged it off. When I had completed college and started a job my mother gave me all the information about the insurance and told me that it was time that I started paying the life insurance premiums. She stressed that they had paid in for six years already so I should continue to pay them. The life insurance premiums were very reasonable because the policy had been taken out when I was so young. I would pay the life insurance premiums twice a year and forget about them until the next notice came. When I got married I notified the company that I had a change of name and address. When I turned thirty six the company sent me notice that the insurance premiums were paid in full and that I would be able to start collecting dividends on a monthly basis when I was forty six or I could let them accumulate. We were raising our family and working full time I did not take the time to look into the benefit.

Now that I am seriously looking into retirement and looking at my income resources I realize what a special gift my parents had given me. I will be able to draw out a monthly income to supplement my retirement plan. In hind sight I wish I would have done the same for my children.

Getting yourself insured for life brings in many advantages. However, some of us are confused and hold ourselves back from being insured because of the myths and misconceptions surrounding the life insurance coverage and not understanding what life insurance is all about. Let us see what are these myths and misconceptions that are holding you back from getting insured.

If I am staying at home and not working there is no need for me to get insured. It is not true because it is not your work that you are insuring; it is your health which you are insuring. Would it not better if your loved ones were not hard pressed for money after you have gone?

I do not need insurance when I am young. It is not that you will remain young through out your life. As you grow old you may not be that healthy, you may fall prey to disease and you may meet with an accident. It is worthwhile getting yourself insured when you are young. At young age life insurance is inexpensive than at an older age by paying less premium and you may be saving 30% of the total expenses.

There must be some catch in cheap insurance? Every one of us has a feeling if the insurance premiums are low there must be some hidden catch in it. The fact is that there is no catch at all. The premium for life insurance policies depends upon the duration of insurance period, your age, your health and the premium remains the same throughout the coverage of insurance.

Do I need Insurance When I have no mortgage liability and my children are independently supporting themselves? Remember, it is not for the children and mortgage that you have to worry now. Your spouse needs the insurance money if she outlives you.

I do not need insurance because I already have one at my work place. Sure, you are covered by the insurance plan at your workplace but it is not sufficient to provide the protection you and your spouse need. This type of insurance abruptly stops on your retirement or when you quit the job.

Which particular type of Life Insurance is good for me? There is no need to panic for this issue. Complete information on different options for life insurance plans is available on internet. You can buy life insurance on internet also.

Simple rule is that get yourself insured when you are young, when you get married and buy a house. These myths and misconceptions are just figment of someone’s imagination. Insurance provides you customized coverage for your family.