This article is supposed to provide some information and hopefully encourage the reader to buy some life insurance for his own benefit. But rather than giving informative details such as those which the insurance agents provide or say in their efforts to convince one to buy, this article merely gives some advantages of having an insurance based on the author's personal experience with respect to his own personal life insurance.
Sometime in 2002 (I was just 22 years old then), I was engaged in a multi level marketing business which deals with alternative medicine or should I say food supplements and in the course of my undertaking such business, I met a woman---a mother who later became my downline---was in need of our products because of her ailing mother. Incidentally, she is a insurance agent. And naturally, being part of nature of the business, she asked me to purchase a life insurance from her. I agreed an ex deal was made.
For around a few years, I religiously paid my annual dues until a time when my finances cannot anymore afford to continue paying my bills. After my due date, I receive a receipt showing that my account was converted to a semi-annual mode of payment and that the first half of the year has been paid after applying as payment my accumulated dividends (I am not aware that this was the option my agent indicated in my application form). That was amazing because at least I was bailed out for this year.
But what was very pleasing for me with regard to insurance is about the living benefits. From what I understand, the nice thing about this one is that it is a loanable amount. After a minimum of three years of payment, you can actually borrow this amount from the insurance company. I remember my agent saying before that you can take this out as a loan and not bother paying it. The loan will just be deducted from your family's living benefits. So, life insurance can also be used as a credit source.
For around a few years, I religiously paid my annual dues until a time when my finances cannot anymore afford to continue paying my bills. After my due date, I receive a receipt showing that my account was converted to a semi-annual mode of payment and that the first half of the year has been paid after applying as payment my accumulated dividends (I am not aware that this was the option my agent indicated in my application form). That was amazing because at least I was bailed out for this year.
But what was very pleasing for me with regard to insurance is about the living benefits. From what I understand, the nice thing about this one is that it is a loanable amount. After a minimum of three years of payment, you can actually borrow this amount from the insurance company. I remember my agent saying before that you can take this out as a loan and not bother paying it. The loan will just be deducted from your family's living benefits. So, life insurance can also be used as a credit source.
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