Advice For Choosing Your Life Insurance Payments - Ratinah

Life Insurance - While it is a responsible choice, the option to purchase a life insurance policy is not necessary. In addition to not wanting to think about inevitable death, many people choose not to buy a life insurance policy because they don't want to receive an extra payment for something they won't use immediately. 

Advice For Choosing Your Life Insurance Payments - Ratinah

Electricity bills, for example, are less painful to pay each month. You use electricity every day. Life insurance policies, on the other hand, are usually only used in the event of a financial emergency or the death of the policyholder.

Advice For Choosing Your Life Insurance Payments - Ratinah

However, most life insurance companies offer the ability to make life insurance policy payments in four different ways – monthly, quarterly, semi-annually, and annually – and your life insurance agent will be happy to offer advice on each payment option.

Monthly

Sometimes making monthly payments on your life insurance policy is the best option, simply because you have the money at the time. However, if you pay monthly, you may actually pay more than you pay if you pay quarterly, semi-annually, or annually, because many life insurance companies offer discounts on other payment options.

Quarterly

Quarterly payments are sometimes the most convenient option, as they allow you to save for several months before sending payments.

Mid-year

Semi-annual payments are not as large as annual payments, but they do offer the ability to save and pay twice a year.

Every year

Making annual payments on your life insurance policy in one lump sum payment can leave a lump in your throat, but depending on the life insurance company, you can actually save money this way.

Whether you are considering purchasing a life insurance policy, or already have one, talk to your life insurance agent about life insurance policy payment options. While you may think one payment option is best for you, the advice provided by your life insurance agent can help you see that other payment options are actually better.

That's Advice For Choosing Your Life Insurance Payments - Ratinah

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