I sold life insurance for several different companies. Some thoughts include "10 times your income", "as much as you can afford" and "it depends on why you are buying". Life insurance, even though in my opinion, has given itself it's own black eye is a wonderful financial planning tool. It's not only tax free at death, you can put additional monies (PUA's) inside the policy, earn decent interest and then pull the money out tax free at the end. Dividends are tax free and can be used to help pay for additional life insurance or cash. It can be self completing. It has a lot of features and depending on your age and needs can really help you.
"I never paid a death claim, where the beneficiary said that's way to much money". Good luck.
By buying adequate insurance protection.
Almost all local insurance agencies will be willing to offer you a life insurance plan that is adequate. Your place of work will also offer life insurance. It is often an added bonus, but if not, may be purchased through them at a group rate.
with spouse, children, or others who depends on their income.
Adequate insurance depends on your specific situation; the Needs Calculator will help you determine the adequate amount for your specific needs.
Are you referring to mortgage insurance that is added to your monthly payment in case of default? Anyone with an ltv at 80% or greater. Or are you talking about mortgage life insurance? These are two very different things. You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off the mortgage.
A life insurance payout is not taxed.
No. They are two totally different types of insurance.
Surrendering a Postal life insurance policy in India requires going into the Post with adequate documentation. After a suitable waiting period it is necessary to present the case to a magistrate for full approval.
"Yes you can obtain life insurance from Prudential. Questions you should ask yourself include how much life insurance do I need, Do I need life insurance for my family."
Mutual of America Life Insurance Company deals with retirement financing, retirement programs, pension and pension investment. They work with individuals to help insure that they have adequate funds for retirement.
Comprehensive Life Insurance Analysis How much life insurance do you need? This comprehensive life insurance calculator includes detailed net worth analysis, budgeting and college savings to help you decide how much life insurance you might need. You can also adjust the inflation rate and your expected rate of return to see how these variables can impact your insurance needs.
"You can get more information on what standard life insurance is, and how much it costs by talking to a life insurance company. I would ask Penn Mutual."