Financial Security
LIFE INSURANCE
Financial Security for You and Your Family
Life insurance gives you piece of mind knowing your loved ones will be able to maintain their lifestyle if you pass away too soon. You can also make it an essential part of your overall financial goals to help you reach life’s milestones.
- Pay your final expenses
- Pay off your mortgage/debts
- Pay for your child's education
- Save for life's milestones
- Build financial wealth
- Leave a legacy
Qualifying for Life Insurance. Healthy young people tend to put off buying life insurance while they focus on school, marriage, children, etc. The truth is, the sooner you buy life insurance, the lower your premiums will be. That is because most life insurance policies require medical underwriting (medical exam) for approval and rating. While those in their 40’s and 50’s, even to age 60, will pay more in premiums, if they are nonsmokers in good health, they shouldn’t have an issue getting an affordable policy.
Different Types of
LIFE INSURANCE
Term Life Policies
Term Life is one of the simplest, most cost-effective types of life insurance. Generally, it provides the largest immediate amount of protection for the lowest cost and pays a death benefit upon your death.
Term Life covers you for a set period of time, provided you pay the monthly premium, or in some instances, a lump sum in advance. The policy will pay to the named beneficiary the face amount of the policy (set benefit and/or lump sum) upon death of the insured within the stated term. Depending on the policy, it may also make payments upon terminal or critical illness.
Permanent Life Policies
This type of life insurance policy provides a death benefit, and helps you save for the future by building a cash value. Several advantages of Permanent Life include borrowing against the policy or building a tax deferred investment income, in addition to paying a death benefit.
Whole Life, Variable Life and Universal Life are all types of cash value life insurance. Cash value insurance is also known as permanent life insurance because it provides coverage for the policyholder’s entire life.
Annuities
An annuity is an insurance investment product designed to pay you an income over a period of time. They can help you grow your savings, inheritance, and retirement portfolio. In fact, they often provide you with retirement income that you cannot outlive.
Payments may begin immediately, or at some future date in exchange for a lump sum payment, or a series of payments, depending on your needs on how you structure the annuity.
Final Expense Plans
Unlike traditional life insurance, final expense policies have a much lower face value because they are intended to only cover costs related to a person’s final expenses, ad will protect your loved ones from the financial burden of funeral costs related to your passing. Final Expense policies require no medical exam and can often be purchased at low premiums that do not change. The policy pays a guaranteed set amount as long as you pay your premiums.
Living Benefits
Incredibly, people suffer from a heart attack or stroke every 30 seconds. They develop cancer and or Alzheimer’s at the alarming rate of every minute. When these events occur, living benefits allows you to use your life insurance benefits while you are still alive. In other words, you can receive care and pay for chronic or terminal illness that precedes death with your living benefits.