Primary Purposes of Life Insurance – Protecting Your Family Financially The one non-negotiable aspect of life is the inevitable fact that everyone must die someday. This seems like a morbid thought, but when you realize that you need to be taking steps to protect your family once you pass on, you will understand the importance of recognizing the inevitability of death. There is no way to predict when something might happen to...more
Survivorship Life Insurance – The Perfect Estate Planning Tool In exploring the various types of life insurance, you undoubtedly want to find an option that will work best for your situation. One less conventional option is to choose survivorship life insurance. Also called second to die life insurance or joint and survivor life insurance, this kind of insurance policy will provide insurance for the lives of two individuals...more
The Many Uses of Permanent Life Insurance – Benefits During and After Your Lifetime The term "permanent life insurance" suggests that once you have your policy, you keep it for life. Since the death benefits associated with the policy cannot be claimed by your beneficiaries until you pass away, the name is quite appropriate. However, there are many uses for permanent life insurance—also known as whole life insurance—because it offers more than simply death benefits. Unlike term life insurance, permanent life insurance accumulates a cash value along with providing your family with death benefits. The cash value amount is tax deferred, which is another great benefit. The cash value builds the longer the policy is open and can be used even while you are still alive. This means you can borrow the cash if you have unexpected expenses without any penalties. You might use the money to fund your child's higher education or help fund your retirement on top of taking care of emergency costs. While the premiums required of you in your young age are significantly more costly than if you were to choose a term life insurance policy, they become more economical...more
Types of Single Premium Life Insurance – Two Options for Investing Your Money If you can leave your family a substantial amount of money once you have passed on, you will guarantee their comfort and benefit from great peace of mind during your remaining years alive. There are many different kinds of life insurance, which can...more
Types of Term Life Insurance – Three Options to Consider Life insurance is important for anyone who supports a family to look into today. What if you were in an accident and left your family without any means of income? Life insurance addresses this possibility by offering your family a financial safety net in case of your loss...more
Types of Whole Life Insurance – Four Options to Choose From Whole life insurance is one of the two broad categories of life insurance you have to choose from today. The other option is called term life insurance. If you decide that whole life insurance is right for you, you still have four different types of whole life insurance options to choose between. Here is a look at each one so you can get a better idea of what might be best for you situation. First, there is an option called traditional whole life insurance. With this kind of policy, the amount you pay as your monthly premium is fixed. It can provide your family with permanent financial protection without needing to be renewed or converted. A cash value will begin to accumulate as your make your payments so you can borrow against your policy. This growing amount of money is tax deferred. If you were not to touch this money until you turned 100 years old, it would then be worth the face value of your policy. Next is universal life insurance. Also known as a flexible premium policy, this option allows you to determine how much and how frequently you pay your premium. The policy face...more
Cheap Life Insurance- Finding the Best Insurance for Your Money When you are shopping for cheap life insurance, you might feel like it is the impossible task. For some people, that may very well be the case. If you take the time to...more
Life Insurance- Guaranteed Approval Policies for Everyone Life insurance isn't easy to get. People who are young and healthy can get approval almost anywhere and for almost any type of policy. However, people who are older or have even...more
Life Insurance- How to Choose the Right Type of Coverage Buying life insurance is not an easy task. You can't just run to the store, grab a policy, and go. You have to think about your needs, look at different coverage options, and...more
Life Insurance- How the IRS Defines it for Tax Purposes Understanding life insurance is not at all difficult, but understanding the premise of life insurance policies as the IRS does is a little more complicated. In 1984, as more...more
Life Insurance Death Benefits- What You Should Know about Taxation Almost every life insurance policy has death benefits paid at a tax-free rate. That means that if you have $200,000 in benefits, your beneficiary will receive this...more
Life Insurance Quotes- Five Reasons to Get Quotes Online There are plenty of different ways that you can go about getting life insurance quotes. A lot of people like to go about things the old fashioned way because it makes them feel...more