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Life Insurance and the Effect of Time, part II

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Waiting can also affect the dividends of your policy. A permanent life policy also qualifies for receiving dividends, provided that the insurance company that issues your policy declares them. As opposed to cash values, dividends are not definite and certain, and they are subjects to modification by the insurer. Whatever you do with your dividends is totally up to you and is only your business. An option often allows you to receive dividends in cash, or use dividends to add to your coverage through the purchase of additional paid life insurance. Paid life insurance is exactly that—you do not owe additional premiums—and it has also cash value and qualifies for dividends. Then, waiting could mean losing the chance to raise the paid benefit to your beneficiaries.

Furthermore, waiting can affect your insurability. Let’s suppose you wait four years to acquire a permanent life insurance. Today, you are in a healthy condition and getting insurance is no problem. Five years later, though, this situation can be different and an unexpected health condition can put your insurability at stake. In the worst of the cases, if you died in the next four years, the cost would be of the death benefits, which your beneficiaries would not receive.

Finally, evaluate the cost of the time you wait. Purchasing life insurance is a decision of major concern, and it is imperative that you take your time to gather all the required information and choose the kind of coverage that better suits to your own needs. Think carefully if you can actually afford not buying life insurance. At the end, the decision is totally yours, but remember that postponing to take it can result very costly.

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