Life insurance has surrender charges.

Most people purchase life insurance so that the loved ones they live behind will not suffer financially. I believe that life insurance is a way to create family wealth. When a family receives a life insurance settlement that is substantial it can generate a whole new life style for the family. The choice of the kind of policy is not as important as the amount of the death benefit. The key is to make sure that whatever policy you purchase is in force at the time of death of the insured.

People who purchase life insurance have to make sure that they are getting what they are told they are getting. What do I mean? When I talk to people about policies that they have purchased they seem to think that it really makes a difference if their policy builds cash value. They also think that the interest rate will be whatever the agent says it is at the time of sale. Then they think it is some kind of investment. Oh, I also here people say that they would like to borrow from the policy if they need the money.

Agents have to let people know that life insurance is not an investment. Insurance agents have to sell the product that the company they are with encourage them to sell. How much would they sell if the clients they serve knew that these policies have surrender charges. So you cannot get your money out as easy as the agent may tell you.