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For those who are just beginning to understand life insurance , buying term life insurance or lifetime life insurance has always been a topic that is often mentioned, but there is no absolute answer to this question. Whether it is a financial consultant or an insurance broker, you need to make comprehensive judgments and suggestions based on each person/family’s situation and his understanding and preferences for insurance products.
Generally speaking, the premium of regular life insurance is relatively low, suitable for people who need large life insurance coverage but do not have a lot of budget. The premiums to be paid for lifetime life insurance are relatively higher, but the life insurance coverage that follows the policyholder's life.
What are the similarities and differences between term life insurance and whole life insurance
Choose to rent a house or buy a house?
Many people prefer fixed-term life insurance products - use very low premiums to obtain high life insurance coverage; but many people also believe that the monthly premium paid will be 10 years and 20 years later, when the contract is terminated, most of the situation is that the insured is still alive, so if the policyholder is not renewed, it will have no value.
If we compare renting a house and buying a house, buying term life insurance is similar to renting a house, and the premium paid is purely life insurance coverage. Purchasing whole life insurance is similar to buying a house. You can choose to pay a full payment or a similar mortgage loan, pay premiums every year or monthly, and while obtaining life insurance coverage, you have ownership of the policy cash value , and withdraw it when needed and use it for any place you need: pension subsidies, children's education funds, emergency backup funds, initial funding for entrepreneurship, down payment for buying a house, etc.
So what after the term life insurance contract expires?
The life insurance cost of term life insurance increases with age. Although the premium of fixed term life insurance is fixed within the policy term, if the policyholder still needs life insurance coverage to renew after the policy expires, the premium will become very expensive. The total amount of premiums paid in the end will even exceed the premiums of lifetime life insurance. If the policy expires and the insured is still in good health, it is possible to find relatively cheap insurance products on the market, but if the insured suffers from certain chronic diseases or other physical conditions, it may even become unqualified to insure life insurance, the existing life insurance coverage can only be maintained by paying annual renewal premiums.
Case: The above picture takes a 20-year term life insurance policy plan as an example. The insured is a 30-year-old healthy young man (not smoking), and the insurance amount is US$1 million. After the policy expiration, the premium at the age of 51 increased from a fixed annual $665 to $10,035/year, and the premium increased every year, and the premium increased to $41,925/year by the age of 65.
dividend rate for lifetime life insurance
Another part of the people prefer to choose lifetime life insurance because the premium paid can be used as savings and investments after paying the life insurance cost and insurance costs, and there is a accumulation of tax-deferred cash value in the policy. Of course, some financial managers will also compare the dividend ratio of life insurance with the returns of other investment products. First of all, the accumulated cash value of life insurance has the function of tax deferred in the policy, while the returns of other investment and financial products need to be considered for personal income tax.
A brief example: If the return on investment is 10% and the tax rate is 30%, then the net return after tax is 7%.
Secondly, the death compensation of lifetime life insurance is a real financial asset that can increase the total inheritance amount. When making comparisons, people often ignore the asset inheritance function of lifetime life insurance tax-free.
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