Thinking About Life Insurance-Term Life- Permanent Life Insurance

Thinking Life Insurance

Thinking about Life Insurance – There are two main types- Term Life Insurance and Permanent.

Term life Insurance pays a death benefit if the Insured dies within the term of the policy.

Permanent Life Insurance, this type of Life Insurance offers investment option that can build cash value over time, some permanent policy offer long term care benefit- chronic illness rider. This option allows the policy holder to accelerate a portion of the Life Insurance policy face amount for any purpose as long as you meet the terms of the contract.

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Thinking about Life Insurance

When you think about Life Insurance, you are not planning to die, you are actually preparing your family and securing their financial stability.

The main reason for buying life insurance is –

to replace income, to help continue your family current life style.

provide financial stability when life happens

to pay of mortgage loans and other loan including business commitments

Pay off credit cards debts and student loans

Facilate the easy transfer of small business

For Estate Planning

Permanent Life Insurance

Unlike Term life Insurance, Permanent Insurance stayes in place for as long as the premiums are paid, usually for life.

The cash value component continue to grow through out the policy term. You can borrow against the cash value or use it to help with retirement income.

There are four types of permanent insurance policy.

Whole Life Insurance

Offer a fix premium for the life of the policy, Guaranteed cash value growth, guaranteed death benefit includes chronic illness rider. There may be an interest charge if you take a policy loan.