Characteristics of Term Life Insurance – What are the Characteristics of Term Life Insurance? What are the characteristics of term life insurance? Term life insurance pays a specific amount of money to beneficiaries if the named insured person dies within the term of the policy. That is the basic definition of a term life policy. The policyholder pays premiums for the entire length of the term in order to maintain insurance...more
Characteristics of Universal Life Insurance – Understanding the Characteristics of Universal Life Insurance Understanding the characteristics of universal life insurance will allow you to make a wise choice when it comes to life insurance selection. One of the first characteristics you need to understand is the cash surrender value. Like many other permanent life policies, this policy gradually builds cash value as the policy...more
Characteristics of Variable Life Insurance Products – Several Characteristics of Variable Life Insurance Products It is important to understand the characteristics of variable life insurance products before investing. Each of these products offers a saving feature to their policyholders. Aside from insurance company fees, the premiums go into the balance of the policy. This allows a growing cash value to the policy. Many use this to build savings for particular situations such as college tuition or saving for a house. The cash value can grow without taxes and this allows the amount to grow at a faster rate than many other types of investments. This makes it an attractive option for some. Another important characteristic of variable life insurance products is the policyholder has control over where investment the cash value of the policy goes. Most of these products offer a wide range of investment options to the policyholders. These investments include a wide range of stocks, bonds, mutual funds, and money markets. This allows the policyholder to distribute the cash value over a range of investments to minimize risk and maximize return. The policies also allow the...more
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...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...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...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...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...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