Life insurance is designed to protect those that depend on us in the untimely event of our death. Without good life insurance coverage, there may not be adequate cash to pay a mortgage, fund a college education or keep a business afloat. Ask yourself what would happen to your family if you didn't make it home tonight. Would life insurance make a difference?
There are two main types of life insurance:
- Term Life Insurance - Term life insurance is coverage purchased for a specific period of time. A policy might have a 1, 5, 10, 15, 20 or 30 year rate guarantee. Generally, the longer you need the coverage guaranteed, the more expensive the policy premiums in the first year. It is important that individuals recognize how long they might need/want the coverage in order to get the most for their money. For example: A 20 year term would cost much less than twenty 1 year terms over the twenty-year period.
- Permanent Life Insurance - Permanent Life Insurance is designed to pay a death benefit at the death of the insured no matter when the death occurs. Some of the different types of permanent policies are Whole Life, Universal Life, and Variable Universal Life. In addition to a permanent death benefit many of these policies offer a cash value that can be used to pay expenses while still living. Funds inside of the cash value accumulate tax deferred and can earn a competitive rate of return.
Because of the guarantee to pay a death benefit, permanent insurance premiums are initially more expensive than term insurance premiums. However, when one takes into account the guaranteed death benefit that will be paid out to the heirs, and the ability to accumulate funds in a tax deferred environment, permanent insurance is a better long-term purchase.
Life insurance's taxation makes it a superior tool used in estate and business planning . Life insurance can be purchased on an individual or group basis. For a free quote and more information on how life insurance can benefit you please [click here].
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