Advantages and Disadvantages of Universal Life Insurance – What are the Advantages and Disadvantages of Universal Life Insurance? What are the advantages and disadvantages of universal life insurance? In order to understand these issues, you need to understand what universal life is. This permanent life policy provides both death benefits and cash value. Unlike term or whole life policies, these policies allow a certain amount of...more
Characteristics of Single Premium Life Insurance – What are the Characteristics of Single Premium Life Insurance? What are some of the characteristics of single premium life insurance? The name of the insurance gives the most significant characteristic. The policyholder pays a single lump sum at the beginning of the policy. That is the total amount due on the entire policy. That money goes into investments that accumulate value...more
Characteristics of Survivorship Life Insurance – What are the Characteristics of Survivorship Life Insurance? What are the characteristics of survivorship life insurance? This type of insurance covers more than one person. The policy pays out when the last person dies. This is a common policy offered to married couples. One characteristic of these policies is that offer affordable life insurance if one partner is in better health than the other is. Individual policies can cost considerably more if purchased separately. When the coverage combines on two individuals, the costs are much lower. This is a particularly popular option for older individuals or those in poor health. The insurance company sees less risk in insuring two individuals than a single one. Another reason it is so popular is it is a handy device for estate planning. Because the policy does not pay out until the second person dies, the policy can handle the costs of estate taxes. Another reason many use these policies is to provide financial support for a special needs child after both parents die. It offers the ability to name any beneficiary as does any other life insurance policy does. This...more
Characteristics of Term Life Insurance – What are the Characteristics of Term Life Insurance? What are the characteristics of term life insurance? Term life insurance pays a specific amount of money to beneficiaries if the named insured person dies within the term of the policy. That is the basic definition of a term life policy....more
Characteristics of Universal Life Insurance – Understanding the Characteristics of Universal Life Insurance Understanding the characteristics of universal life insurance will allow you to make a wise choice when it comes to life insurance selection. One of the first characteristics you need to understand is the cash surrender...more
Characteristics of Variable Life Insurance Products – Several Characteristics of Variable Life Insurance Products It is important to understand the characteristics of variable life insurance products before investing. Each of these products offers a saving feature to their policyholders. Aside from insurance company fees, the premiums go into the balance of the policy. This allows a growing cash value to the policy. Many use this to build savings for particular situations such as college tuition or saving for a house. The cash value can grow without taxes and this allows the amount to grow at a faster rate than many other types of investments. This makes it an attractive option for some. Another important characteristic of variable life insurance products is the policyholder has control over where investment the cash value of the policy goes. Most of these products offer a wide range of investment options to the policyholders. These investments include a wide range of stocks, bonds, mutual funds, and money markets. This allows the policyholder to distribute the cash value over a range of investments to minimize risk and maximize return. The policies also allow the...more
Characteristics of Whole Life Insurance – What are the Characteristics of Whole Life Insurance? What are the characteristics of whole life insurance? First, you need to understand what whole life insurance is. This type of insurance...more
Combinations of Permanent and Term Life Insurance – The Benefits of Using Combinations of Permanent and Term Life Insurance Some people may find that combinations of permanent and term life insurance are the best for their particular...more
Evaluating Life Insurance Needs – Taking the Confusion out of Evaluating Life Insurance Needs Evaluating life insurance needs can be a bit confusing for many people. But doing a few simple things you can do to find a figure that will...more
Primary Purposes of Life Insurance – What are the Primary Purposes of Life Insurance? What are the primary purposes of life insurance? The primary reason most people purchase life insurance is to provide financial protection to their...more
Single Premium Life Insurance – Answering Some Common Questions about Single Premium Life Insurance What is single premium life insurance? This form of life insurance requires a single large upfront payment. That single lump payment...more
Types of Survivorship Life Insurance – Reviewing Two Types of Survivorship Life Insurance There are two common types of survivorship life insurance. The first type is whole life and the second is universal life. Both types of life...more
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