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The Life Insurance Policy and What You Need to Know Before You Buy policies are sold by focusing on projected interest rates rather than contractual guarantees. If you are considering the purchase of a whole life insurance policy from a mutual company that declares annual dividends, ask the agent for a hypothetical illustration using a dividend forecast at least one percent less than the current rate. In the past, when long-term interest rates were higher, mutual companies credited very handsome dividends to their policies. But today with long-term rates still depressed, it's unlikely a life insurance policy will perform as illustrated. In summary, pay close attention to the guarantees of whatever life insurance policy you decide to buy. Also, make sure you know the credit rating of the life insurance company. There is nothing wrong with term life insurance, but understand your options about converting to a permanent plan. This could be critical if you become uninsurable before the policy expires. Don Adams is a 24 year veteran financial consultant who provides easy to understand personal finance advice on a wide variety of money matters. « Previous Page « Last page » Discuss it »
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