Life Insurance

Life insurance isn’t for the ones who left, Life insurance is for the ones they left behind!

Today life insurance is still the most efficient way to set up an immediate estate.  Today there are many different types of life insurance available.  Whole life, Term life, Return of Premium Term, Universal Life, Single premium life, and Guaranteed Life insurance just to name a few.  

Term Life insurance offers a large benefit amount for a fraction of the price of whole life and universal life.  Term life is the least expensive form of life insurance due to the fact it only offers coverage for a fixed period of time.  Terms usually range from 5, 10, 20, 30 and even 40-year terms.  Term life insurance is a great option for those that are raising children and have a mortgage along with student debt.  It is a fantastic way to make sure all liability is mitigated, and the beneficiary will be able to sustain a normal way of life.

Univeral life and Whole life are permanent plans that last until you die!  Universal and whole life build cash value of which the insured can borrow against.  Whole life Insurance, if the plan is a participating plan, will get paid dividends of which the insured can choose method of dividend distribution.  Universal life is credited interest and has charges deducted each month and are usually built on the idea of never using the cash value and projecting guaranteed death benefits to age 85-120 depending on what the person chooses.  

Most people don’t wish to think about life insurance, and they feel that they have all the time in the world to get it.  The truth is, that the best time to purchase life insurance is when you are young and healthy.  It is a very important decision and needs to be carefully planned.  Anyone can come down with a severe illness at any time which could possibly cause them not to qualify for coverage.  In most cases people think life insurance is way too expensive, however, it is quite the opposite.  The cost, of course, would depend on the amount of coverage selected. 

The true question should be, can I afford not to have life Insurance!


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