Short And Simple Guide To Life Insurance

Short And Simple Guide To Life Insurance

by Alan Lavine, Gail Liberman

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Product Details

ISBN-13: 9780595144488
Publisher: iUniverse, Incorporated
Publication date: 10/20/2000
Pages: 240
Product dimensions: 6.00(w) x 9.00(h) x 0.55(d)

Table of Contents

1Understanding and Using Life Insurance1
Who Buys Life Insurance?2
How Life Insurance Works: The Risk Factor3
Assessing the Risk6
Types of Insurance Policies10
Who Qualifies for Life Insurance?11
Types of Insurance Companies13
Different Kinds of Policies Serve Different Purposes16
Special Policies21
Special Policy Riders and Clauses22
2How Much Life Insurance Do You Need?27
Take Your Financial Temperature27
Reclaim Wasteful Spending30
The Time Value of Money32
How Much Insurance Do You Need?32
3Find an Insurance Agent--And a Sound Insurance Company41
Let the Buyer Beware41
What You Can Expect a Financial Planner or Insurance Agent to Do for You42
Check Their Credentials43
Get Referrals45
More Ways to Tell the Good from the Bad45
Selecting a "Solid Gold" Insurance Company47
High Yields Mean Big Risks47
How Healthy Is the Industry?49
Where You Can Get Information54
Putting It Together56
Dropping Down in Class Can Be Profitable58
Firms That Pay the Most Dividends at the Lowest Cost59
The Top 3059
4How Much Should You Pay?64
How Can You Tell Whether You Are Getting a Good Deal?65
What You Should Pay for Term Insurance66
A Word about No-Load Life Insurance67
Several Indexes69
5A Picture of Your Insurance75
Sample Illustration--Term Insurance76
Whole Life Hypothetical Example81
Features of Universal Life85
Variable Life Illustration90
There's No Free Lunch97
6Term Insurance99
Why Buy Term Insurance?100
Yearly Renewable Term versus Five-Year Renewable Term103
Short-Term Protection103
You Are Someone Special When You Buy a New Policy105
Are You a Convert?105
Tricky Conversion Features106
Other Kinds of Term Insurance109
7Whole Life Insurance115
Straight Life115
Payment Options118
Now You See It, Now You Don't118
Interest-Sensitive Whole Life120
Life Insurance as a Source of Low-Cost Loans122
Should You Buy Term Insurance and Invest the Difference?123
8Universal Life Insurance130
The Flexible Way to Buy130
Two Flavors of Universal Life131
A Life Cycle Insurance Policy133
What You See Is What You Get When You Purchase Universal135
There Are Drawbacks136
Tax-Free Pension Money141
9Variable Life Insurance144
How Variable Life Insurance Works145
Not All Mutual Funds Are Alike149
10Annuities159
What Is an Annuity?159
Different Kinds of Annuities160
The Downside162
The Pros and Cons of Different Types of Annuities162
Taking Payments from Your Annuity165
Finding a Low-Cost Variable Annuity166
Combination Annuities168
Be Leery of Death Benefit Guarantees169
CD Annuities170
High Yields That Are Safe and Tax-Free170
Fixed-Rate Annuities versus Municipal Bonds171
Annuity Tax Benefits173
11Diversifying Your Variable Life and Annuity Mutual Fund Portfolios176
Advantages and Disadvantages of Variable Annuities177
What Mutual Funds Do for You178
Types of Mutual Funds: A Fund for All Seasons179
You Need a Bridge over Troubled Waters184
Diversification Saved Money during the 1987 Crash185
The 1990 Stock Market Correction186
Over Ten Years, Diversification Worked187
Your Risks and Mix of Mutual Funds187
Review Your Investments191
Conclusion191
12How You or Your Beneficiaries Get Paid193
Cash Settlement193
Collect Just the Interest194
Get Money for a Fixed Period194
Life Income Option195
Life Income with a Cash Refund or Period Certain196
The Joint Survivor and Life Income Option197
13Creative Uses of Life Insurance201
Borrowing against the Cash Value201
An Extra Source of Retirement Income202
You Create an Estate203
Avoiding the Pension Trap204
Estate Tax Planning207
Immediate Annuities for Extra Income208
Glossary211
Index225

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