As we have seen, there are many benefits and applications of life insurance. As a word of caution and to deepen your knowledge about the industry, there are a few considerations that might prove useful when considering buying life insurance.
Some Life Insurance Considerations
When considering life insurance, there are a number of factors that should be taken into account. In no particular order:
Life Insurance Can Be Complicated and Confusing
Although life insurance can be very useful, it is not always easy to make a rational comparison between the various life insurance options you have. The less straightforward the life insurance solution (i.e., the more flexibility you wish to keep or the more purposes it intends to serve), the bigger your effort will have to be to really understand the policy you buy. Due to the many (often country-specific) financial, legal, and tax angles involved in life insurance, it is essential to take sufficient time to really understand your options. In some jurisdictions, certain tax benefits only apply if you have selected the correct beneficiaries. Are you sure about your selection of beneficiaries? ...