Types of Life Insurance: Advantages and Disadvantages

Types of Life Insurance: Advantages and Disadvantages Overview Life insurance is one of the most popular types of insurance that people purchase. Life insurance is basically insurance that you purchase and will pay money to your beneficiaries if you die. One of the main reasons why people purchase life insurance is to protect their family financially. Life insurance will help pay for burial costs, debt, mortgages, and any other income losses that will occur if someone dies. Life insurance is paid for just like automotive insurance is. It can be paid by a monthly, quarterly, or annually premium for as long as the policy goes for (Types of Insurance Policies, 2011). There are several different types of life insurance policies that people can purchase that will best suit their needs. The main types are term life insurance, whole life insurance, variable life insurance, and universal life insurance. In this research paper, I will explain the advantages, disadvantages, time lengths, and how each of the types of life insurance fit different people. It is very important to understand how these insurance companies calculate premiums for different people. Their main goal is to assess the risk of someone dying during the policy. Just like other types of insurance, the more risk you have, the higher your premium will be. Some of the factors that are used to determine premiums are gender, age, occupation, height, weight, medical history, lifestyle, and if you smoke (Types of Insurance Policies, 2011). Recently I had to do a project in class where you had to find different premiums on life insurance. Some other things that I was asked were if I recently had any DUIs, if any relatives have died before the age of 60, if I have recently been hospitalized, and if any diseases run in my family. All of these factors do give the insurance companies a better understanding of someones risk, but it is nearly impossible to be able to determine the chances of someone passing away. It is also difficult to estimate the cost of each of the different types of life insurance because it is different for every individual. Term life insurance is very affordable, and that is why it is growing in popularity. Term life insurance is basically a life insurance policy that covers a person if they die during the length of their insurance. Term life insurance policies can be anywhere from 1 to 30 years. These policies are known as temporary because once the policies are over, you are no longer covered. For example, if you purchase a 10 year term life insurance policy, and you die the year after your policy expires, your beneficiaries wont receive any money. This also means that if you stop paying your premiums, you will no longer be covered. There are many different reasons how people decided on how long they want their life insurance policy to cover their family. A lot people that purchase term life insurance decide to make their contract until they retire. Another popular way people decide on their term is to remain covered until their children have turned 18. This is a very smart way to insure that your children will be financially protected until they are adults (Life Insurance Wiz, 2006). Another good reason to purchase term life insurance is if you are involved in risky or potentially fatal activities. Even though these factors will increase your premium, it is still worth it in case something terrible happens. The cost of term life insurance all depends on a persons risk and the length of the policy. There are several different types of term life insurance, and it is important to know the differences when selecting the best type. Annual renewable term life insurance means that each year a person may renew their term life insurance. However, each year you renew your term life insurance, the premium will go up in cost because of your age. Renewable term life insurance means that after your specific term is up, you are allowed sign a new term life insurance contract. Level premium term insurance means that your premium will not change throughout the length of the contract. This type of term insurance is good because as you get older, you dont have to pay more money for your life insurance. Convertible term insurance means that you are allowed to convert your term insurance into another type of life insurance, like universal or whole life (Life Insurance Wiz, 2006). There are advantages and disadvantages to term life insurance. Some advantages are that you get to choose how long you want to be covered for, most policies can be changed or renewed to other policies, and your beneficiaries are paid a specific amount upon your death which is decided when you start your policy. Some disadvantages are that if you pass away after your term life insurance policy, no benefits are giving to your family, and it doesnt offer as much protection as other life insurance policies offer (Life Insurance Wiz, 2006). Whole Life Insurance Whole life insurance is exactly what it sounds like, a life insurance policy that last for someones whole life. Upon death, the beneficiary receives the value of the account. Whole life insurance is also known as permanent life insurance. The main difference between whole life and term life is that whole life insurance grows in value over time. Whole life insurance is similar to a retirement account where you are putting money toward the future, except in this case it is toward your death. An interesting fact about whole life insurance is that you can actually borrow money out of your account, which you cannot do with term insurance (Life Insurance Wiz, 2006). To be able to borrow money out of your account, there must be a set minimum of money already invested into the account. Most whole life insurance policies mature when a person turns 100 years old, so if that person is still alive they will receive the face value of their account (My Life Insured, 2007). The main reason why peop le choose whole life insurance over term life insurance is because they want to be insured for the rest of their life. For this reason, whole life insurance is more expensive than term insurance. There are several different types of whole life insurance. Non participating whole life insurance means that you do not receive dividends for your policy. On the other hand, participating whole life insurance means that you do receive dividends. Level premium whole life insurance is just like level term insurance, where you pay the same premium throughout the length of the policy. Purchasing a life insurance policy with a fixed premium is a great choice because once you retire, you wouldnt want your premium to increase every year due to the loss in income. Single premium whole life insurance is a policy where you pay a large sum of money in the begging of your policy, which than eliminates having to pay premiums. This type of policy is not very popular due to the reason that you would need a lot of money up front. Intermediate whole life insurance means that your premiums change over time depending on your status (New York State Insurance Department, 2011). In the past couple years, a significant amount of people lost their homes because of adjustable mortgages, so I think that this type of whole life insurance is not a good choice. Some advantages of Whole life insurance are that they are usually fixed premiums, the beneficiaries will receive money whenever the policy holder dies, there are tax benefits, and most of the money will be returned if the policy is cancelled. The money that accumulates in your policy is tax free, which attracts a lot of people to purchase a whole life insurance policy over a term life insurance policy. Some disadvantages of whole life insurance is that it is costly compared to term insurance, and it is much more complicated than term life insurance (New York State Insurance Department, 2011). If you are interested in purchases a whole life insurance policy, it is important to know which type it is so you know you will be able to afford it for the rest of your life. Universal Life Insurance Universal life insurance is very similar to whole life insurance. A universal life insurance policy will cover someone for their whole life, so it is also considered a permanent life insurance policy. Universal life insurance policies also grow in cash over time, which is tax deferred. The interest rates increase and decrease like the money market, so there is a chance to make a lot of money in this type of life insurance (My Life Insured, 2007). The main advantage that universal life insurance has over whole life insurance is that there is more flexibility in the policy. The cash value and the death benefits parts of your policy are broken up, so a person can decide how much of their money will go in each part (Life Insurance Wiz, 2006). The policy holder can also increase and decrease their premium depending on their situation. However, the insurance companies do have a target premium, so if you pay less than it, you may be penalized (Life Insurance Wiz, 2006). This type of life in surance policy would be best for someone who wanted to be covered for the rest of their life, and would want to be able to adjust their policy to be suit their needs. Advantages of Universal life insurance are it is the most flexible, you are able to take out loans, you can adjust your premiums due to your situation, and the cash you earn in interest can be used toward your payments. Some disadvantages are that your cash value isnt guaranteed like it is with whole life insurance and it more costly than term and universal life insurance policies (Life Insurance Info, 2011). Variable Life Insurance Variable life insurance is also considered a permanent type of life insurance. It is considered a pure investment policy because the insured has completed control of how their money is invested (My Life Insured, 2007). They can decide to invest their cash account into bonds, stocks, or any other money market funds (My Life Insured, 2007). For this reason, variable life insurance is the most risky out of all the types of life insurance. If a person makes poor investment choices, they risk losing a substantial amount of their money. On the other hand, if good investments are made, the policy holder can receive a significant profit. Due to the risk of this type of life insurance, it is the most expensive one. This type of life insurance policy is only a good choice for people that understand the money market, and will remain active in watching their investments.

Ralph Ellison was an African American

Ralph Ellison was an African American writer and literary critic who was most recognized for the book â€Å"Invisible Man† in 1952, which is written in an adaptation of the Afro-American folk and cultural tradition. In her paper â€Å"Ritual and Rationalization: Black Folklore in the Works of Ralph Ellison† Susan Blake posited that â€Å"the predominant theme in this story is the quest for cultural identity [†¦] as unbeknownst to the main character, he seeks identity as a black man in a white society† (p. 121). This is evident as Battle Royal opens with a seemingly young and confused black boy on the cusp of manhood, who desperately wants to belong but is unsure of how to establish himself in a world where life is stacked against him. This is an issue which can be identified in today's society particularly among the black youth. For the purpose of this essay we shall analyse the events in â€Å"Battle Royal† in an effort to identify parallels which exist between present day society and that of the protagonist's society in â€Å"Battle Royal†. The chapter is an account of inequality and racial injustices in a small town down south in the post -colonial era, where segregation was alive. It begins with the protagonist narrating a childhood memory of his grandfather's death and his final words in passing. The grandfather had admonished the protagonist's parents to teach him and the other young ones to be a traitor as he, the grandfather had been, so he can get ahead in a white society. These were appalling words to the family and the children, including the narrator had been rushed from the room. The boy grew, always thinking the grandfather had imparted a curse and spent his life trying to escape the clutches of the curse, for who would want to be known as a traitorous coward? The parallels which exist between our society and that of the story are embedded in the symbolism that Ellison employed as a tool in his treatment of the issues of the black society in the 1950s. The story is rife with symbolism for issues which may easily be identified in modern day society. First we see the dying grandfather and his last words, symbolic of the hopes and dreams of ancestors passed on to the next generation. He has little else left to leave behind as a legacy, all he has is his wisdom. We see a confused black boy, symbolic of much of the black society, wandering aimlessly as they haven't a true sense of who they were before slavery and they struggle to figure out how to begin to carve out a place in this world. The gathering at the Battle Royal, comprising of the most influential and affluent whites in the society represents the hierarchy that governs the system we live under. It also represents black perception of opportunities for a seat at the table or at the very least, crumbs from the table; a chance to win the approval of whites for social and economic advancement. Such opportunities are often used as a lure, they keep blacks hopeful, paint a picture of all we could accomplish but beneath the surface can be the trap that leads to destruction. The white stripper represents the fantasies of blacks, something that is often not attainable; something that would often serve as a source of embarrassment to us if they were to be known, yet they make us vulnerable. The animosity the nine boys have towards the main character symbolizes the helplessness and frustration of the black community (Blake, p.122). The protagonist represents to the boys, a constant reminder of the scourge of their lowly estate as slaves, the physical and sexual exploitation that had to have occurred to make his existence possible, for he was a ginger coloured boy, indicative of lighter complexion which is testament to a black ancestor being raped by a white master. He was tainted by this for it made him appear to be a house nigger as opposed to darker hued boys who would have been regarded as field niggers. This mentality is prolonged in present day society as colorism is an issue among blacks, who feel that the lighter skinned blacks have better odds as they may have lighter skin tones and finer hair textures that may afford them more opportunities than darkies. This frustration feeds into the symbol of the blindfolded fight serving as blacks being played against each other. We lash out, not knowing why we are fighting against each other, not recognizing that the differences in each other that we pick at make no difference to whites, who still see us all as blacks. We are conditioned to adopt the philosophy of every man for himself. In essence we forsake the principle of community and abandon team work. It sets us up for the money rug, which is symbolic of the whites dangling the proverbial carrot, a part of a sordid game that further divides us and allows them the upper hand. It relegates us to a position of grovelling, total degradation. It represents the economic struggles of blacks , who must bear unspeakable humiliation and undergo excruciating pain and sacrifice to make a dollar. Finally, the note in the main character's dream symbolizes the ever shifting goal post; the reality that the rules of the game will always keep changing. Ellison uses the Battle Royal as a ritual rooted in slavery in which both sides accept their status and assumes their role (â€Å"Art† p. 175) Other writers used some variation of the Battle royal in their stories as it appears to have been a fixture of slavery in which slave owners pitted their strongest slaves against their neighbor's with the plantation as the ultimate stake. In order to understand the underbelly of the basis of the symbolism in the grandfather's statement on his death bed, one must know the differences between the Sambo and John characters in African American folklore. Sambo represents the docile, subservient slave who accepts degradation while John represents the unbroken defiant slave who continually defies master. The parting words of the protagonist's grandfather serve as nuggets of wisdom for though youth and pride would have many aspiring to be a John, for longevity sake it would serve him better to be a Sambo or Samfie; for though this appears to be Sambo's nature, it is his greatest source of power. We see the protagonist rejecting the Sambo nature out of pride. This is still the attitude of many blacks today, for they cannot see how playing Sambo will benefit them and think it further extends the white man's narrative, that they can be no more than grovelling idiots who suck up and worship the ground that whites walk on. They refuse to accept the grandfather's philosophy that it can be harnessed and used as a tool that can pacify the whites to some degree and help blacks to eke out a living for themselves. By virtue of the staunch opposition to the Sambo stereotype, some blacks are regarded as traitors because they choose the path of least resistance to survive a prejudicial society. Those who would try to walk the path of Sambo are called coons, Massa's boy as a label that shows disdain for their decision to travel the path of least resistance; an indictment that they have somehow sold out the black race or relinquished their black card. This may result in alienation, as both whites and blacks reject such a one.By the end of the chapter the grandfather's words take on new meaning for he only wished to let the next generation know that to get ahead blacks must outsmart the white man by playing the white man's game of black subservience, but know at all times that you won't win on their terms. Take footsteps of Sambo, for Sambo can fly under the radar but John will draw heat from Massa and they will always seek to break John. The takeaway then, is that we should continue to go to the sc hools, take the scholarships, seek to accomplish by the white man's standards but know that for him this is entertainment and so the game of â€Å"send the fool a little further† will always be part of the black man's reality.

Analysis of Charlotte Gilmans The Yellow Wallpaper

Yellow Wallpaper Annotated Bibliography Frye, C.B. Using Literature in Health Care: Reflections on The Yellow Wallpaper. The Annals of Pharmacotherapy. (32: 7). 1998. 829.33. Print. Most people who wrote about The Yellow Wallpaper do so from the perspective of a literary scholar. This however is written by someone in the health care field. C.B. Frye says that fiction can impact the larger world; in this case it impacted mental health and the work of Gillmans doctor, S Weir Mitchell. Although the short story acts as a testimony from a patient, there is either no or very little information from the perspective of the health care community about why the rest cure was used. This article provides an altogether unique perspective on the short story. Instead of examining it as a work of literature, Frye reads The Yellow Wallpaper as an autobiographic document about a mental health patient. By doing this, he provides the literary scholar a unique viewpoint on the topic. Gilbert, Kelly. The Yellow Wallpaper: an Autobiography of Emotions by Charlotte Perkins Gilman. Print. Charlotte Perkins Gillmans own experiences with mental illness are well documented. She herself was subjected to the rest cure which the character in The Yellow Wallpaper also has to endure, which drives her crazy. In this article, Gilbert explores the significance of Gillmans story and the changes that it began in terms of womens mental health. For the first time many people came toShow MoreRelatedAn Analysis of Charlotte Gilmans The Yellow Wallpaper1239 Words   |  5 PagesWhat if something as simple as a pattern could cause someone so much grief, attention and unwanted thoughts that it could eventually causes them to slowly go insane? In Charlotte Gilmans short story, The Yellow Wallpaper she uses the techniques of foreshadowing, personification, simile, and symbolism, in order to acknowledge how easily humans are convinced and influenced in their daily lives. Ones own perspective on themselves can quickly be changed as they are exposed to different thoughtsRead MoreAnalysis of Charlotte Gilman’s Story The Yellow Wallpaper711 Words   |  3 Pages Charlotte Gilman’s short story â€Å"The Yellow Wallpaper† is centered on the deteriorating psychological condition of the female narrator. As a woman in a male dominating society in the 19th century, the narrator has no control over her life. This persistence eventually evolves into her madness. The insanity is triggered by her change in attitude towards her husband, the emergent obsession with the wallpaper and the projection of herself as the women behind the wallpaper. The â€Å"rest cure† which wasRead MoreAn Analysis of Charlotte Perkins Gilmans The Yellow Wallpaper693 Words   |  3 Pagesï » ¿1. The Yellow Wallpaper by Charlotte Perkins Gilman (1899) contains elements that could be construed as a feminist take on a paternalistic society or a gothic ghost story. When the writer states that  ¦ he hardly lets me stir without direction, I cant imagine anythi ng more claustrophobic. Given the period in which this is written, it makes sense that this attitude is fueled by the endemic paternalism of the time. When the heads with bulging eyes began to appear in the wallpaper, as if theseRead MoreThe Yellow Wallpaper, By Harriet Beecher Stowe1603 Words   |  7 PagesThe Yellow Wallpaper is a feminist piece of literature that analyzed women’s struggle in the 1900s, such as medical diagnosis and women’s roles. Over the years, women struggled to attain independence and freedom. In order to achieve these liberties, they were females who paved the way and spoke out about these issues to secure equal rights for women. In addition, these powerful females used their vulnerability to challenge the male domination through their literary work. The Yellow Wallpaper is aRead MoreCultural Analysis : The Yellow Wallpaper927 Words   |  4 PagesCultural Analysis: The Yellow Wallpaper Charlotte Perkins Gilman’s â€Å"The Yellow Wallpaper† is a short story told from the perspective of a woman who’s believed to be â€Å"crazy†. The narrator believes that she is sick while her husband, John, believes her to just be suffering from a temporary nervous depression. The narrator’s condition worsens and she begins to see a woman moving from behind the yellow wallpaper in their bedroom. The wallpaper captures the narrator’s attention and initial drives herRead MoreThe Yellow Wallpaper By Charlotte Perkins Gilman846 Words   |  4 Pagesjourney of the admirable story â€Å"The Yellow Wallpaper† created by Charlotte Perkins Gilman’s, gave the thought whether or not the outcome was influenced by female oppression and feminism. Female oppression and feminist encouraged a series of women to have the freedom to oppose for their equal rights. Signified events in the story â€Å"The Yellow Wallpaper† resulted of inequ ality justice for women. Charlotte Perkins Gilman gave the reader different literary analysis to join the unjustifiable lifestyleRead More What Others Say about The Yellow Wallpaper1572 Words   |  7 PagesWhat Others Say about The Yellow Wallpaper      Ã‚  Ã‚   The Yellow Wallpaper is a short story written by Charlotte Perkins Gilman in 1890 and eventually published in 1892 in the New England Magazine and in William Dean Howells collection, Great Modern American Stories (Shumaker 94). The story was original not only because of its subject matter, but also because it is written in the form of a loosely connected journal. It follows the narrators private thoughts which become increasingly more confusingRead MoreEffects Of Repressing The Yellow Wallpaper 1520 Words   |  7 PagesThe Yellow Wallpaper In her story, The Yellow Wallpaper, Charlotte Perkins Gilman expresses exasperation towards the separate male and female roles expected of her society, and the evident repressed rights of a woman versus the active duties of a man. The story depicts the methods taken to cure a woman of her psychological state during Gilman’s time, and delineates the dominant cure of the time period, â€Å"the resting cure,† which encouraged the restraint of the imagination (The Yellow Wallpaper: LookingRead More Critical Analysis of The Yellow Wallpaper by Charlotte Perkins1179 Words   |  5 PagesCritical Analysis of The Yellow Wallpaper by Charlotte Perkins Charlotte Perkins Gilman’s â€Å"The Yellow Wallpaper† is a detailed account of the author’s battle with depression and mental illness. Gilman’s state of mental illness and delusion is portrayed in this narrative essay. Through her account of this debilitating illness, the reader is able to relate her behavior and thoughts to that of an insane patient in an asylum. She exhibits the same typeRead MoreThe Yellow Wallpaper Essay : Importance Of Identity And Self Expression1707 Words   |  7 PagesThe Importance of Identity and Self Expression in The Yellow Wallpaper In the article â€Å"‘Too Terribly Good to Be Printed’: Charlotte Gilman’s ‘The Yellow Wallpaper,’† Conrad Shumaker explains the genius of â€Å"The Yellow Wallpaper† and how its themes reflect the patriarchal society of the time period. Shumaker identifies one theme as the detriment of suppressing the narrator’s sense of self and that â€Å"by trying to ignore and repress her imagination, in short, John eventually brings about the very circumstance

Bristoe Campaign in the American Civil War