Characteristics of Whole Life Insurance – What are the Characteristics of Whole Life Insurance? What are the characteristics of whole life insurance? First, you need to understand what whole life insurance is. This type of insurance provides coverage for the named individual from the time someone opens the policy until the insured person's death. The premiums paid on the policy help to build the policy's value. Some policies have...more
Combinations of Permanent and Term Life Insurance – The Benefits of Using Combinations of Permanent and Term Life Insurance Some people may find that combinations of permanent and term life insurance are the best for their particular situation. Both offer advantages and disadvantages to the policyholder and the beneficiaries. Often a combination is the best option. Permanent life insurance comes in the form of whole or universal...more
Evaluating Life Insurance Needs – Taking the Confusion out of Evaluating Life Insurance Needs Evaluating life insurance needs can be a bit confusing for many people. But doing a few simple things you can do to find a figure that will work for you and your family. Every individual has unique circumstances around their life. Those circumstances can dictate how much life insurance they really need. If you ask representatives of different insurance companies, they would provide you with different numbers. If you are trying to figure out how much insurance you would need to replace your annual salary, these steps can help. The first number you need is your annual, before tax income. If you are a primary care giver for children or other dependents, the number you need is how much it would cost to replace your role as a primary care giver. The next number you need is how long you want to carry the insurance. Some policies will continue as long as you pay premiums. Others have a set termination date. If you have young children, you likely want to carry coverage through the end of their college years. So a 20-year policy might be ideal. But with older children, a 10 or...more
Primary Purposes of Life Insurance – What are the Primary Purposes of Life Insurance? What are the primary purposes of life insurance? The primary reason most people purchase life insurance is to provide financial protection to their families in case of their deaths. Some get this insurance to handle the costs of final expenses. In...more
Single Premium Life Insurance – Answering Some Common Questions about Single Premium Life Insurance What is single premium life insurance? This form of life insurance requires a single large upfront payment. That single lump payment funds the investment portion of this whole life policy. The value of the policy will increase as the...more
Types of Survivorship Life Insurance – Reviewing Two Types of Survivorship Life Insurance There are two common types of survivorship life insurance. The first type is whole life and the second is universal life. Both types of life insurance cover both spouses in a marriage. Both have to die before the policy pays out. This is a simple way to handle estate taxes. A spouse can leave everything to the other spouse without incurring estate taxes. However, when the surviving spouse dies, the estate taxes will come due. A survivorship policy will cover those taxes and preserve the estate for the heirs. It is also a good vehicle for providing financial assets to support a special needs child. This is becoming a popular option for anyone who needs to provide for dependents after they die. The first type of survivorship life insurance is the whole life policy. As with other permanent life insurance policies, this type of insurance provides death benefit coverage throughout the covered persons lives. It also has an accumulating cash value that the policy owner can use for loans or eventually surrender it for cash. There are several subtypes of these policies such as the...more
Types of Term Life Insurance – Looking at the Different Types of Term Life Insurance Many people are surprised at the fact there are multiple types of term life insurance. You need to understand these differences to make sure you get...more
Types of Variable Life Insurance Products – Reviewing the Different Types of Variable Life Insurance Products There are different types of variable life insurance products on the market today. One type is the simple variable life...more
Types of Whole Life Insurance – What are the Different Types of Whole Life Insurance? You will find several types of whole life insurance available on the market today. They can go by different names in different areas, but here are...more
Variable Life Insurance Products – Understanding the Variable Life Insurance Products There are a number of variable life insurance products on the market. All of them utilize the option of allowing the policyholder to designate...more
What Is Life Insurance? – What is Life Insurance? What is life insurance? There are legal definitions and practical definitions. The basic legal definition states that life insurance is a contract between an insured person and an...more
Advantages and Disadvantages of Survivorship Life Insurance – A Policy for Spouse with Real Estate For those who are interested in finding a life insurance policy that will provide their beneficiaries with the greatest sum, it is...more