Whole Life Insurance Pros And Cons

Life insurance, either whole life or term, may have one of a number of purposes. The bottom line is protection but protection from what? The whole life insurance pros and cons relate to the annual cost of the insurance and the benefits which we will discuss later in this article.

The military has life insurance. I had $10,000.00 while I was fighting in Korea which my parents would have collected if I took a fatal hit. I could have continued this insurance, as did many World War II veterans, but I was not wise in those matters after I was discharged and I guess I thought I was going to live forever.

Those who do keep their military insurance end up paying nothing for it as time goes on. Many people who served in World War II are now collecting that insurance, that is, their beneficiaries are. That amount pretty well covers funeral cost which are ridiculously high.

Almost one million policies for WWII veterans are still in force, some using the dividends to increase the value of their policy. The average holder is now over 80 years old. Almost two hundred thousand Korean veterans (the smart ones) still have this term insurance some purchasing more insurance with the dividends.

If you are a disabled veteran form military service or not, you should contact the Veteran's Administration to see what benefits you may be entitled to including mortgage insurance. Those who fought in Vietnam and in the Bush Wars should contact the Administration.

Life insurance can be used to protect from the loss of income if the breadwinner passes on. This is particularly important for families with children. When the income stops coming in, the cost of raising a family do not. So families should have protection.

Preserve Yourself From Life Insurance Scams

As if buying life insurance wasn’t complicated enough, there are multitudes of life insurance scams out there, run by criminals just looking for opportunities to separate people from their money. Not only do their victims lose out financially, but often learn that they can’t get legitimate life insurance or their identity has been stolen. So how can you preserve yourself from life insurance scams?

Know why you are buying life insurance

If you already have life insurance and someone is offering you a better deal, think carefully about why you would make a switch. Do you have reason to be dissatisfied with your current policy or insurance company?

If someone is offering you a fabulous deal that will make you big bucks, think long and hard and don’t let visions of what you could do with all that money cloud your judgment. An outrageously good deal is probably just one more life insurance scam.

Whether you have life insurance or not, be clear with yourself what your intent for having life insurance is. If you have a young family, then you want them to be protected if you die suddenly and can’t support them. If you are older, you might be looking for enough to cover funeral expenses and care for your spouse. Whatever your goal, know how much insurance you really need.

Ask questions, think about it, and ask some more

One reason life insurance scams are so common is that buying insurance can be complicated and many people don’t fully understand what the terms of their policies are. For example, some life insurance policies will only pay out after you have paid into it for 15 or more years. This kind of policy would not be a good option for an elderly person. Understand what it is that is being offered to you, and any penalties you would face if you gave up your existing coverage.

Population & the environment

I've spilt a lot of printer's ink on the topic of the connection between population size and environmental quality. Indeed 24 years ago I co-wrote a book on the topic.  At a Productivity Commission Workshop on "Sustainable Populations: Key Policy Issues" a few years back I was asked to summarise my bottom line.  I immodestly think its one of my better contributions.

http://www.pc.gov.au/__data/assets/pdf_file/0015/111057/17-population-discussant-clarke.pdf