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Judul : How Life Insurances are DesignedLink : How Life Insurances are Designed
Understanding life insurance is a vital part in total financial planning. As in the article, What Type Of Life Insurance Do You Need?, there are two types of life insurances: Term insurance and Cash Value Insurance.
To understand how life insurances are designed, we need to base it on the three rules of insurance:
1. All insurance is term insurance
2. The cost of term insurance always goes up.
3. There is no free insurance.
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| How life insurances are designed |
In other words, all insurance is either term or term plus cash. The cost of term insurance always goes up as you get older (the probability of death is increasing). And, you must pay for the term insurance directly or you must have enough cash value to pay for the cost of insurance.
Basing on these rules, here is how life insurances are designed:
How Life Insurances are Designed
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