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...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. The policyholder pays premiums for the entire length of the term in order to maintain insurance...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 value. Like many other permanent life policies, this policy gradually builds cash value as the policy owner makes premiums against it. The policy owner can surrender that policy at any point to receive the cash value. That value equals the amount of the investments minus outstanding loans and surrender fees associated with the policy. It is a good option for those that want a safe savings vehicle in addition to death coverage. Another characteristic is premium flexibility. The minimum required needs to cover the policy fees and deductions. As the investment value of the policy grows, the flexibility increases because that growth can go towards covering the fees and deductions. However, this can lead to a decrease in the overall value of the policy over time. This flexibility usually comes at a higher cost in fees than other permanent life...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...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 provides coverage for the named individual from the time someone opens the policy until the insured...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 situation. Both offer advantages and disadvantages to the policyholder and the beneficiaries. Often a combination is the best option. Permanent life insurance comes in the form of whole or universal life. It provides a permanent cash value based on the premiums paid on the policy. This ensures the beneficiaries of the policy receive something at the death of the named insured. But, term life insurance offers benefits as well. Covering lost wages is important if a parent dies with minor children. It is also important to consider the cost of filling the role of a primary care giver. There are many reasons to consider term life insurance. Businesses often employ both permanent and term life insurance to cover key individuals such as owners or chief operating officers. The business will take a large blow at the loss of some individuals. It is important to provide adequate financial coverage to cover those losses. It may involve the need...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
Types of Term Life Insurance – Looking at the Different Types of Term Life Insurance Many people are surprised at the fact there are multiple types of term life insurance. You need to understand these differences to make sure you get...more
Types of Variable Life Insurance Products – Reviewing the Different Types of Variable Life Insurance Products There are different types of variable life insurance products on the market today. One type is the simple variable life...more