Advice For Choosing Your Life Insurance Payments

Although it's a responsible choice, the choice to purchase a life insurance
policy isn't required. Other than not wanting to think about inevitable
death, many people choose not to purchase a life insurance policy because
they don't want to take on the extra payments for something they will not
immediately use.
Electric bills, for example, are less painful to pay every month. You use
electricity every day. Life insurance policies, on the other hand, are
usually only used in case of a financial emergency or the death of the
policyholder.

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

Monthly

Sometimes making monthly payments on your life insurance policy is the best
choice, simply because you have the money right then. However, if you pay
monthly, you may actually end up paying more than you would if you paid
quarterly, semi-annually, or annually, because many life insurance companies
offer discounts for other payment options.

Quarterly

Quarterly payments are sometimes the most convenient option, because they
allow you to save for a few months before sending payment.

Semi-annually

Semi-annual payments aren't quite as large as annual payments, yet they do
offer the ability to save and pay twice a year.

Annually

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

Whether you're considering purchasing a life insurance policy, or already
have one, talk with your life insurance agent about life insurance policy
payment options. While you may think one payment option is best for you, the
advice your life insurance agent gives you may help you see that another
payment option is actually better.

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