Best Way to Save Money For College - A Life Insurance Policy? When you get a Life Insurance policy there are a variety of medical questions cheap life insurance which are asked. One of those is if you might be a smoker or perhaps a non-smoker. On that point alone insurance firms bills you a better premium if youre smoker. This is because a smoker features a statistically higher mortality rate (see my article: Life Insurance and Your Mortality) compared to a non-smoker. Let me suggest a proven way you might arrive at an appropriate amount. Your ability to cover your premiums conveniently can be considered with the coverage amount. You can like a lot of people do, calculate what your family would require to reside comfortably monthly and use this being a focus. Another method is calculating your revenue for a decade. Some people use more complex calculations. We would take a look at a fairly easy method to arrive at a large amount. Unfortunately, in this game should you win, you have become disabled, gotten a critical illness or died prematurely. Not a great winning hand, but all that you assets/wealth is protected for you personally and/or your loved ones. If you lose, youll still become ill, hurt or die, but the nest egg you have accumulated can all disappear, leaving your family or perhaps you with nothing. There is a big chance every year that nothing happens (a pass), and youve got to decide if you will bet again the coming year you arent. Now we will look into the second reason. If you want to make use of your life insurance coverage to construct a amount of money for your retirement, then you need a whole life policy or one of their derivatives. These policies will set you back than term policies and you also do not get all the in death benefits for cash, but you do build savings for future needs. Most of us arent saving adequately for future years therefore the discipline of paying for any insurance coverage policy can force us being better prepared for our senior years. If this is what you would want from the insurance coverage, you will need to take into consideration an entirely life or similar policy. "Many consumers realize that they wish to control how their lives and deaths will certainly go," says Dean Lambert, VP of Marketing for Homesteaders Life Company in West Des Moines, Iowa. "They determine what the funeral costs is today, plus they select a plan which will grow over time to pay for costs. People dont wish to leave financial and other burdens on their spouse and children when they die. [Also], it avoids conflict. When the family does celebration, they could think about living which was lived instead of fighting within the details of death."