Index Universal Life Insurance vs. Term Life Insurance
. Many can already understand and appreciate what life insurance products do. However, a scary statistic starts to unravel. Luckily for most, index universal life insurance can be very affordable if you know what kind of life insurance to purchase. In this article, you will find the difference between index universal life insurance and term life insurance.
Term life insurance, is meant to cover a specific person for a period of time which you dictate. For example, if your child is 5 years old, and you want to make sure that, in the tragic event of your death, your child will have the funds to go to college since you are no longer making the same amount of money, you can purchase florida term life insurance. This policy will remain into effect for as long as you choose, however, it is typically 5 to 20 years. An index universal life insurance policy can help you if you make good money and do not mind the heavier premium compared to term insurance, why is the premium higher?This is because you can borrow against the cash value which accumulates with an index universal life insurance policy. One huge benefit is the tax advantages. Rather than a traditional IRA which in the case of your death, gets transferred to your beneficiary, they will be taxed on this money. Sometimes up to 33%! With life insurance, you can contribute the same amount of money and pass the policy on without the hefty tax charges.
Index universal life insurance has proven to be useful since the idea first came to mind. Term life insurance can help for a temporary situations if you are not comfortable with the higher premium typically associated with universal life insurance policies. By calling a licensed life insurance agent, you can find out more information, and help regarding what is going on in your life, not anyone elses. Step up to the plate, and show your family that you are thinking about their future. Index universal life insurance sometimes comes into play when you discuss retirement plans, if you are a Florida resident, feel free to look at out informative website on Florida life insurance.
Index Universal Life Insurance vs. Term Life Insurance
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