Protect What Matters Most!
Life insurance may be one of the most important purchases you’ll ever make. In the event of a tragedy, life insurance proceeds can pay off a mortgage, pay some of the bills, keep a family business afloat, help pay for your children’s educations and protect the remaining spouse’s retirement plans and quality of life. If you’re considering securing etc. …
Types of Life Insurance:
- Term Insurance is the most affordable type of insurance and is often suitable for a young family because it is relatively inexpensive.
- Final Expense Insurance is an insurance policy used to pay for funeral services and a burial when the name insured passes away. Such a policy helps ease the financial burden placed on a family when a loved one dies.
- Universal Life Insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. Premiums, which are variable, are broken down by the insurance company into insurance and savings, allowing the policy owner to make adjustments based on their individual circumstances. For example, if the savings portion is earning a low return, it can be used instead of external funds to pay the premiums. Unlike whole life insurance, universal life allows the cash value of investments to grow at a variable rate that is adjusted monthly.
- Whole Life Insurance is a life insurance contract with level premiums and a guaranteed death benefit. Whole Life Insurance has two components: a death benefit and an an accumulated cash value that grows tax-deferred and which the policy holder can withdraw or borrow against.