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Over 50s Life Insurance
Mike Armstrong
Life insurance is unique. No investment or asset can provide the purchaser with such extraordinary leverage and the ability
to create liquidity when, in many cases, it is most needed. Obviously, most people purchase life insurance solely for the
ultimate payout upon the death of the insured in order to provide for their dependents. However, life insurance can also be
used to pay death taxes and estate settlement costs, to shift wealth from one generation to another or to benefit selected
charities.
Life insurance policies are typically divided into two major types: term insurance and permanent insurance. From these two
basic policies, the insurance industry has developed a number of products using the same essential principals.
The evaluation of life insurance policies are as follows:
-Term policies from different companies can usually be compared relatively easily. As long as the features which are included
in the policies are identical, a true premium comparison will provide you with the most cost efficient life insurance policy.
-Whole life policies which are exactly identical in premium, stated death benefits and other options could be substantially
different in many other ways. Insurance companies must use certain assumptions, guarantees and projections in valuing their
policies.Things that could greatly affect the cost and level of coverage for life insurance policy are as mentioned below:
-Surrender charges:
The amount the company will charge if the policy is terminated.
-Cash value projections:
This shows whether the cash value will be sufficient to keep the policy in force in later years.
-Policy loans:
The illustrations use policy loans to fund premiums in some years or not.
-Dividends:
This ensures that the dividends which the company is projecting are in line with what the company has typically paid in the
past.
-Mortality assumptions:
This shows that each insurance company uses its own statistical analyses to determine the risk of an individual dying at a
point in time while the policy is in place.
The insurance company and their stability should be considered in evaluating any policy. A life insurance company whose
financial stability is in question may need to price policies below that of their competitors. Life insurance is a very
complex product and, yet, is essential for many individuals in order to protect their loved ones or meet the other needs for
which it is being purchased.
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