Deciding to get a whole life insurance is a very clever investment for most people. Unit-linked life insurance provides income protection for your loved ones just in case you move on from this life earlier than them. It also acts as a savings account where you get to save money for yourself and earn interests higher than the average bank offers.
But before you get too fascinated with anything related to fund values and growth rates, remember to be careful about the following things first:
- Be mindful of the type of funds where your money will be invested in.
An insurance agent will usually assess your risk profile to know which type of fund will have you most comfortable to invest in. During this fact-finding, make sure to give your most honest answers so that you will yield the most appropriate result or recommendation. Do take the time to have your agent explain to you the type of fund where you will be investing in so you can set realistic expectations and be aware of painful realities should they ever hit you in the future. - Get to know the actual average growth rate rather than be influenced by tables and charts.
For the purpose of illustration, your insurance proposal usually comes with a table showing the projected growth of your funds based on specific rates (as approved by your insurance-regulating body). Be careful not to set your hopes too high based on the numbers you will see. It is best to ask your agent, instead, about the average growth rates of the different funds they have so you get to have a more realistic benchmark and can manage your expectations. - Go back to why you are getting a life insurance in the first place.
Remember that you are getting a life insurance for the death benefit, first. So whenever you get too obsessed with looking at the fund value, get yourself back to focus and be reminded that for as long as your beneficiaries will be afforded with the sum assured, you will never be in the losing end. The fund value that you will be getting is only the icing, so never undermine the cake.
For a more comprehensive discussion on the benefits of unit-linked whole life insurance, call the agency who provides the most honest and the best Insurance Services in Mableton GA. Quote IB is not only here to offer you the best whole life insurance in the market we also make sure that we properly explain to you the returns you will be getting with the investment you have made with us.
Call us at (800) 425-1843 to talk to our insurance experts.
