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Home > Health Insurance > Life Insurance > Life Insurance and the Passing of Time, part 1
Life Insurance and the Passing of Time, part 1
Starting a diet the coming week or keep postponing a necessary appointment with the dentist, in a given moment, we all leave for tomorrow what we can do today. In most of the cases, the effects of our idleness are not of great concern, and we can go on living with the consequences. Regrettably, when it is about life insurance, the capacity to take an informed and opportune decision can be crucial.
As opposed to a diet, delaying the acquisition of life insurance until “a better time” can be a costly error for you and your most loved ones. Waiting only a couple of years can have a negative effect on a number of essential areas of a life insurance policy.
Permanent life insurance is economic protection as well as cash accumulation. In a nutshell, permanent life insurance is an instrument that protects people who rely on your economic support—without caring about what could happen to you tomorrow. In addition to provide money to its beneficiaries to replace their income, a permanent life insurance also offers an assured cash value accumulation. Cash value, if available, can be borrowed for the education of a child, to complement your retirement income, or to cover a cash emergency. Loans can affect the benefit after death, and accumulate interests until they are liquidated.
Waiting can affect the cash value of your insurance policy. Permanent life insurance builds up cash value with differed taxes meanwhile the policy is valid. A part of the premiums that you are paying for the insurance coverage accumulates cash value every year; money to which you have access through policy loans.
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