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Car Insurance Matters

I still remember the day that I drove off of that used car lot with my first car. In my excitement to show off my new ride to my friends, I smashed my car into a telephone pole. Although I can laugh about the accident now, it was devastating at the time. In addition to completely destroying my reputation, I also had to deal with the expenses that were involved with the wreck. Unfortunately, I hadn't purchased car insurance, so I had to foot the repair bills on my own. After getting my car fixed and thinking about my actions, it was very clear to me that I needed to invest in a car insurance policy. I decided to learn as much as I could about insurance, and that is one of the reasons that I decided to become an insurance agent.

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3 Convenient Features Of Life Insurance Policies

Are you considering getting a new life insurance policy? Read on to find out about some of the nice things about getting one of these financial safeguards in place to protect family finances.

Unlike some other kinds of insurance, life insurance can end up being a very affordable way to protect the household against unanticipated events. In some ways, these types of policies are specially designed to accommodate the cycle of family life through generations. With the right information and resources, nearly anyone can find a policy that's right for them.

Tax Exemption

In general, life insurance payouts are not taxable. By contrast, most other kinds of lump sums that someone would get are considered taxable income. For example, structured settlements from a court case can be considered taxable. Capital gains are usually considered taxable income. And even winning the lottery or some other contest will trigger IRS responsibilities in most cases.

The philosophy behind tax exemption for life insurance payouts is that these policies were made for financial protection. People aren't just 'getting money' for no reason. But the specific tax exemption does benefit families in considerable ways.

Investment Vehicles

Some types of life insurance policies actually have investment tools built in. Instead of just paying a premium on the fixed payout, policyholders can put in money that will come back to them after retirement. For more on these types of policies, take a look at this guide from Allstate that goes over some of how these fund accounts are set up.

Versatility

Life insurance is also a versatile market. It's set up so that the consumer can really choose what level of coverage he or she wants, and what type of premium he or she wants to pay. That's not the way it is with things like auto insurance and major medical insurance, where the insurance is covering a fixed set of risks.

One way to customize life insurance is to change the term of a life insurance policy. Some who are not familiar with the market think of life insurance as something that always applies for the individual's entire life. But in reality there are five year, ten year, twenty year, and other terms to choose from.

Life insurance shoppers can also change the payout, for example, from $1,000,000 to $500,000 or $300,000 dollars. There are even policies that just provide a small payout like $50,000, with much smaller premiums, which can be convenient for someone who is aging and can't get lower-dollar premiums for a higher payout policy.

When you go shopping for life insurance, you have these facts on your side. Take a look at what you can get on this relatively open market. Talk to a life insurance agent, such as Creamer Insurance Agency, Inc, to get further informed.