condition guarnatee and Life Insurance: Basic disagreement between the Two

Can I Deduct Cobra Health Insurance Premiums - condition guarnatee and Life Insurance: Basic disagreement between the Two

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Many population are often confused about health insurance and life insurance. In straightforward terms, a health insurance prevents you from paying a large bill by outside full or a part of your curative expenses. A life insurance, on the other hand, gives to your beneficiary the whole face value of the course as lump sum if you (the insured) die.

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Can I Deduct Cobra Health Insurance Premiums

There are two kinds of life insurance: whole life and term life. Term life insurance is less high-priced than whole life insurance. You can buy a term life insurance course for as short as one year to a maximum of 30 years. If you have a term life insurance, your beneficiary only gets the money if you die. Most population select to go with a term life insurance course when they come to be older.

Whole life insurance, on the other hand, employs is a mix of life insurance course and an speculation plan. The premium that you pay is partly put into the life course and the rest is put into the speculation mechanism of your choice. You can select to invest your money in a mutual fund, money store instrument, stocks, bonds and others. With a whole life insurance policy, you, the holder, is "forced" to save money, which you can eventually use when you retire. However, there are a lot of fees and commissions complex in whole life insurance. When you take these fees into account, a whole life insurance may turn out to be high-priced for an individual.

Although a life insurance course and health insurance course are very much distinct from each other, both depend largely on the age and health of an individual. The younger you are, the less monthly premium you have to pay. If you are older and have poor health, you would end up paying high premiums.

So which insurance course should you choose? Unfortunately, there is no black and white talk to this. If you are an employee and your manager offers both a health insurance and a low face value life insurance policy, take advantage and get both. However, if your manager only offers one and not the other, or you are self-employed, your choice of insurance course will depend on your monthly spending power and uncut financial situation.

Although expensive, it may be better to opt for health insurance coverage to avoid having to pay a hefty curative bill when you go down with an illness or have an accident. However, if you are not medically insured and have huge curative bills to be paid, a term life insurance course that has a face value adequate adequate to pay off your bills will be helpful. You can designate your spouse as your beneficiary and he or she will not have to bear the burden of paying off the debt since your course number will be take care of your curative bills.

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