Reader’s Question

Hi. I am in my late 20s, and I recently got employed. I got across this new term when a coworker and friend told me she is presented with this flexible premium variable life insurance Indiana. How can it benefit me? I have never bought Indiana life insurance coverage before, please help.

Thanks,

Carl Davidson

Indianapolis, IN

A flexible premium variable life insurance in Indiana is like a universal life insurance integrated into an account having a flexible premium life insurance. It has flexible premium payments, as opposed to whole life insurance payments, where the value of the premium is set every year. With this type, an insured individual may – anytime after the first required minimum premium amount is paid – already set payments on his own, depending on how much he or she can set aside. The general rule here is to put in more on the early years as their dividends or interests will compound in the latter years, yielding you higher income and benefits, as well. This policy is said to be variable because it is invested in equities or bonds. Thus, the value of the death benefit can actually change, depending on how these investments perform in the market.

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So, how can it benefit you? As you are newly employed and just in your 20s, you have so much future still in store for you! You can take advantage of this kind of insurance policy. Here, after you have met the initial premium requirement, you can add more. This setup works especially for young people like you, since you still don’t have a family of your own, and no expenses to take care of or consider, like regular living allowance. You may start small, and as soon as you get promoted and your salary gets higher, you may increase your own premiums. Also, since you will be investing in an insurance that invests in variable market like equities, it is good for one to be a risk-taker. As these variable investments will not be giving you a fixed and determined death benefit, it will be good to know there are still more years for your investments to peak up when it hits a downturn sometime.

Hey, while you are here, enter your zip code in the form above and compare rates online for Indiana life insurance, you will be shown multiple quotes and carriers.

Good luck!

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