"They are ill discoverers that think there is no land, when they can see nothing but sea."Francis Bacon
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Golden Years Planning and Preparation
Preparing for Your Golden years Planning for your retirement is obviously a good idea. The phrase "the earlier, the better" describes what your policy should be for handling your transition from a harried work life to your relaxed golden years. At best, ...
Top 10 Things to Consider on Home Loans
Here are our Top 10 most important things to consider when shopping for a Home Loan, Equity Line of Credit, or Refinance, courtesy of LoanResources.Net: Down-Payment Fixed Versus Adjustable Rate APR Loan Types Loan Amount Qualification, Income Loan Amount ...
Working In Dubai
Dubai in the United Arab Emirates is one of the world's fastest growing employment hotspots in the world. Up to 20 new companies establish themselves in the emirate's free trade zones every week and since 2002 some 650 companies have registered in the ...
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If you have decided that whole life insurance is the route you want to take, you need to be well-aware of both its pros and its cons.
Whole life insurance covers you for your entire life, as opposed to term life insurance which only covers you for a certain number of years. However, with that additional coverage comes additional costs. Isn't that the way things always happen? With whole life insurance, not only are you paying for the cost of the insurance, but you are also paying for the cost of investment. Some have referred to the investment costs as “forced savings,” and, admittedly, there are ways of saving for retirement that make more sense to some. As you get older, the cost of insurance coverage gets higher and the cost of investment gets lower. If you decide to cash in your whole life insurance policy, you may be paid in cash or in insurance that has been paid-up. Yet, with commission fees, market fluctuations, and hypothetical numbers that agents use for illustration purposes, it is not so easy to know how much you will cash in.
Still, there are many wealthy people who opt to purchase whole life insurance policies, and for a good reason. Whole life insurance policies help them in estate planning. By setting up an insurance trust through whole life insurance, they can make sure the proceeds of their insurance policy are used to pay their estate taxes. This is helpful, as estate taxes would otherwise be left to be paid out-of-pocket.
After understanding whole life insurance, it might not seem as safe and secure as its name sounds. Yes, you will be covered for life, but there are also additional costs for coverage that some people just do not need. If you have the extra money to invest in whole life insurance, by setting up an insurance trust, you won't exactly be wasting money, either.
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Italy PM Monti defends tax authorities as protests mountReutersROME (Reuters) - Italian Prime Minister Mario Monti faced protests and catcalls on Saturday as he defended tax authorities against attacks fuelled by his government's unpopular austerity measures. Monti's speech to a passing-out parade of new officers ... |
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