Life Insurance Made Simple
How many people depend on your income? If the answer is “none,” you probably don’t need life insurance.
Life insurance is a financial vehicle that assists in picking up the pieces when somebody dies. You need life insurance when
- You’re Married
- You’re Married with kids
- You’re a Single Parent
- You’re a Stay-At-Home Parent
- You Have Grown Children
- You’re Retired
- You’re a Small-Business Owner
When would I need term life insurance?
These aren't your grandparents term insurance plans. With insurance sold in the 1930’s, if you died with a policy enforced, your beneficiary would receive a check. Life insurance now offers a new feature called LIVING BENEFITS. These Living Benefits or LBs are riders that are included to pay you as you recover from a heart attack or cancer. They pay you if you are diagnosed with chronic conditions. They will also pay you if you are diagnosed as terminally ill. This way if something were to happen, you can focus on recovery and not worry about the bills. Currently over 75% of the population live paycheck to paycheck. I am sure you would rather get a check in the mail than a get well card.
*Term insurance typically runs 10, 20 or 30 years.
Is whole life insurance my best option?
Whole life (Permanent) insurance is broken down into a few categories. Typical Whole Life, Guaranteed Universal Life (GUL) and Indexed Universal Life (IUL).
Guaranteed Universal Life Insurance is a cross between term and permanent coverage. It provides a level death benefit with a level premium up to age 121.
Indexed Universal Life insurance offers a death benefit along with a cash accumulation account. They allow you to earn a return of your cash value based on an index, such as the S&P 500. It builds cash value that can be later borrowed against. Although these plans have a death benefit, the main purpose of the IUL is to build cash.
Whole Life insurance, offers a level annual premium that must be paid for as long as the insured lives. It utilizes a savings component, called "cash value" that can be later borrowed against. Where IUL follows an index with most Whole Life Plans you have a guaranteed rate of return. Plans with smaller face amount (Under $40,000) are also available under the whole life umbrella. These FINAL EXPENSE PlANS Offer level prices and carry a level death benefit for life.
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