GEICO insurance is actually an agreed sum of money that is assuredly
given to the selected beneficiary or receiver in the circumstance of
death of the person who has signed the
insurance agreement. The
beneficiaries are mostly children, siblings or spouses; children being
the most common among them. The total return is given in exchange of
monthly (time period depends on the agreement and is negotiable)
insurance premiums that are deducted from your income.
I’d tell
you how to choose a
GEICO insurance that will best take care of your
family, but are you even sure that you need it? It is important to
decide whether you really need
GEICO insurance, because if you don’t, the
money that will then be spent on monthly
insurance premiums may have
other better alternative spending areas which could profit you. Don’t
just listen to the
insurance sales agents babble, because they’ll
convince you to every possible point as to take the policy no matter
what since they earn high
commissions
from the company for each sale they make. You’d have to consider a
number of aspects and then decide if you really need it. A single person
with no liabilities, no debts, no credits, adequate consumption and a
maintained savings account does not need a
GEICO insurance at all. Some
reasons why you might need it are for instance if you have a family
depending on your income, you own a business, you need to cover any
leftover debts or charges following your death such as funeral and
burial costs, you need to cover federal taxes after your demise or you
are just looking in investing somewhere and find higher returns by the
insurance company.
Calculating the exact amount of the
GEICO insurance you need
is pretty hard, but it maybe appropriately calculated with the help of
certain factors. Create a statement if you can or just total the
probable expenses after your death on a piece of paper. These include
expenses such as discharge, burial,
tax preparation
and funeral costs, other sources of income such as spouse’s earning and
social security refunds, financial debts or liabilities you leave
behind, the number of dependants you have and their probable future
expenses when you’re not here.
Now the thing that is the most
confusing and previously even puzzled me, is that what the types of
GEICO
insurance are, how much do you need and which policy will best satisfy
you and your family. The information part is not confusing, but the
decision is quite hard to make when so many competitive options are
available to you. There are basically 2 types of life insurances;
permanent-life and term-life.
Permanent GEICO insurance involves
the payment of greater monthly premiums but it also gives a higher
return and the policy never expires. It also has sub-types namely whole
life, universal life and variable life insurance packages; different
policies for different sets of people. Permanent life insurance is good
for people who want permanent protection, their payments stable and the
ability to withdraw money against their policy on set terms.
Term GEICO insurance on
the other hand is a short-term investment and expires after an agreed
period of time. Term
GEICO insurance is relatively cheaper and preferably
for the fixed-income earning groups. It is important that you correctly
select the proper type according to your own requirement; otherwise it
would not be as profitable to you as it should be.
So, these were the
GEICO insurance basics. In a nutshell, analyze if you even
do
want an
insurance policy. Your policy return should be enough to run
your family’s day-to-day expenses after your death. You are perfectly
able to pay the relative
insurance premiums each month from your salary
without disturbing your monthly practices. Research well before
purchasing the insurance policy that fits you best and not just from the
first very company you visit; this is a serious matter. For a quick
introduction, search through
online GEICO insurance quotes
that can help you select a policy. If you are unsure of anything or any
matter is somewhat complex/new to you, contact a financial adviser or a
freelance insurance agent to help you on this matter. After your death,
the last thing you want for your loved ones to handle is any kind of
financial hardship; thus
GEICO insurance can make a great difference.
