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.
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.
Universal Life Insurance
Universal Life insurance
Variable Life Insurance
Variable Universal Life Insurance
Life Insurance a contract with a Insurance Company, in exchange for premium paid the Insurance company will pay a death benefit to your beneficary
What Is Life Insurance Fidelity Investments