I don’t need investment life insurance, I do pretty well in the investment area on my own.
I do, however, want to provide for my family in case of death or incapacitating illness. I found some companies that offer UK and USA policies here in CZ. I’m mid-thirties, non-smoker and exercise regularly. What do I look for in these policies? What is something to avoid? What amounts should I go for? Time length?
I am currently looking at $250,000 and $500,000 policies (I don’t make a mint, so for now I need to be realistic).
One thing is, and I don’t remember the exact t erm for it, the period for which your rates are guaranteed.
What I mean is that you may get a dynamite rate at your age right now, but it’s only guaranteed for the next 5 years. You want that rate for the next 10 years, or 20 years, the premium will be higher.
You need to evaluate the pros and cons of paying more but knowing you will have it at that rate no matter what medical conditions you may develop in the years to come. This, versus maybe planning on being able to get an employer’s policy which does not address the health issue, for example. But then you also have to consider being tied always to an employer’s policy instead of always having your own upon which you can depend.
It’s a balancing act. So consider the options carefully.
It was a few years ago, but I briefly worked in the department of a bank that specialized in trust funds. Most were based on life insurance, and quite a few were term life policies.
Basically, clients paid for life insurance and then stipulated how it was to be parcelled out.
Call a reputable bank and ask to speak to their trust department and get the info. There are many different plans and I am sure you will find one that fits your needs.
BTW, I worked for Wells Fargo Bank at that time…so you might want to Google them and get in contact with someone there.
Oh, forgot to mention the best part…these kinds of life insurance trust funds are a loophole of sorts and a huge tax write-off, which is why most of our clients were very clever, wealthy people.