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Two main types of life insurance are term life insurance and permanent insurance.
Term life insurance guarantees payment of a stated death benefit during a specified term, ranging from 10 to 30 years. If you die within the covered period, your family gets a death benefit, which can be used to cover funeral expenses and replace your lost income.
Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the policy to terminate.
Term life is usually less expensive than other insurance options.
Indexed universal life (IUL) is a type of permanent life insurance. The excess of premium payments above the current cost of insurance is credited to the cash value of the policy. Policyholders can adjust the death benefit within limits, and can use gains from the cash value to pay for premiums.
IUL is tied to the performance of a market index, like the S&P 500. Unlike just investing in an index fund, however, you won’t lose money when the market has a down year, however, there’s usually a cap on the maximum return you can earn. This is one of the most attractive features of an IUL, the ability to take advantage of stock market returns without the risk of loss.
Other benefits include:
Tax-free growth and distributions.
Use whenever you want.
Tax-free death benefit.
Whole life insurance is a type of permanent life insurance that offers lifelong coverage, level premiums and a guaranteed return on the policy’s cash value.
Whole life insurance is significantly more expensive. Whole life insurance products, however, are useful for some people. For instance, people with high incomes who have already maxed out their other tax-deferred accounts, whole life insurance can be a useful part of managing your estate. Or family with a special needs dependent who will need care after the caregiver is gone.
Final expense insurance is designed to cover the bills that your loved ones will face after your death.
These costs will include medical bills and funeral expenses. Even bare-bones funerals can cost thousands of dollars. However, it is rare for final expense insurance policies to get above $20,000.
Most people who do not want to place a hardship or burden their families with these burial and funeral costs will take out burial insurance polices.
An important advantage of burial premiums is that they are fixed, which means they remain the same even if your health deteriorates.
Final Expense coverage can pay for the casket, funeral service, visitation, hearse, the actual cemetery plot, or burial vault, headstone, flowers, and other expenses related directly to named insured’s funeral.
Many homeowners worry about leaving behind a sizable financial burden or foreclosure risk in the event of their death. A time of mourning is no time to make major financial decisions or face the impending crisis of foreclosure.
Mortgage protection insurance can safeguard family biggest's asset, their home. Depending on the policy, the payout may occur in the event of your death, or in the event that you lose your job or become disabled.
If you’ve been turned down for regular life insurance because of health problems, mortgage life insurance could be a good option, since your application is almost guaranteed to be approved without a medical exam. For people with high-risk jobs such as skydiving instructors, mortgage life insurance may make a lot of sense. That’s because it’s much easier to obtain – and cheaper – from insurance companies than straight-up disability insurance.
Annuities deals with longevity risk - the risk of outliving one's assets. Annuity is also a reliable means of securing steady cash flow for an individual during their retirement years or can also be created to turn a substantial lump sum into steady cash flow. For instance, winners of large cash settlements from a lawsuit or from winning the lottery.
Annuities are relatively low-risk. The insured pays a life insurance company a lump-sum premium at the start of the contract. That money is to be paid back to the insured in fixed, incremental amounts, over some future time period.
Annuities are illiquid. Deposits into annuity contracts are typically locked up for a period of time, known as the surrender period, where the annuitant would incur a penalty if all or part of that money were touched. Annuities can begin immediately upon deposit of a lump sum, or they can be structured as deferred benefits. Annuities are generally either fixed or variable.
Life insurance is not just for you. It's for those who will have to carry one without you. Protect yourself with a policy including living benefits. Protect your family with a life insurance policy if anything were to happen to you. We can help you accomplish this priority.