Life insurance is one of the most effective ways to protect your family’s finances and life style after you’re gone. How will your death impact your loved ones? In addition to dealing with the emotional impact of their loss, will your family have to deal with financial difficulties? Life Insurance allows continuous care for your family, without interruption.
If in your absence the answer to any of the following questions is “Yes”, then a life insurance policy may be the right tool for your family’s protection:
• Will your home still have a mortgage to be paid off?
• Will your children need to pay for a higher education?
• Will your business manage to continue after you’re gone?
• Will your family be able to retain their income and lifestyle even in your absence?
Below is a list of Life Insurance types available to you:
Universal Life Insurance
This is a flexible premium life insurance policy that allows you to adjust the policy to meet your plans. For example, you can customize these policies to:
• Request a higher death benefit while your children are young, and decrease it as they get older and more independent. Varying death benefit over time can result in growth to meet your needs.
• Help protect and safeguard your spouse’s retirement options.
• Grow your Money. The policy can be an Investment Vehicle. You may want to grow the cash value of the policy on a tax-free basis and borrow from it as needed.
• Adjust Premiums. Although you’re guaranteed coverage at fixed premiums, if your income does fluctuate, you have the flexibility to adjust your payments to a minimum payment.
Term life insurance
Although limited, this is the most affordable way to ensure your loved ones will receive a substantial pension or payment after you are gone. The length of your Term Life Insurance can be anywhere between 1 and 30 years. The rates will increase once the term has expired and term life insurance is usually only cost-effective for the original term. Some policies can be converted to universal or whole life insurance.
Whole life insurance
This policy is the most structured among the three policies mentioned. Some whole life policies may even pay dividends that can be taken as cash, help pay down a policy loan, used for additional life insurance or reduce future premiums. Whole life insurance policies provide:
• Guaranteed Death Benefit
• Guaranteed Cash Value
• Guaranteed Premium
Life insurance with long term care riders
These are whole life or universal life products that include long term care riders. They can be funded with single premiums or premiums over time. There is a death benefit at an appreciated amount that serves to transfer assets like traditional life insurance policies. But in addition, there is a substantial long term care benefit that can be utilized when long term care is needed. These products are ideal for a person who primarily wants to be protected against long term care costs but yet has a desire to transfer any remaining assets to heir. Visit our Learning Center
to learn more about Long Term Care Insurance.
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