Life Insurance- Primary Purposes of Coverage When buying life insurance, many people assume that the coverage is specifically to offer financial security to their family or take care of their expenses after they are gone. While this is the most basic use of coverage, there are other purposes for life policies also. This is a policy where an insurance company will pay money to a named beneficiary in the event of the death of the...more
Life Insurance- How to Find an Agent Some people like to shop for life insurance on their own, and that's absolutely fine. However, others might prefer the assistance of an agent to help them determine the best insurance options for their needs. Agents are a great tool to have because their services are free of charge and they are skilled in the insurance industry so that they can provide you with the best results possible. You can...more
Advantages and Disadvantages of Survivorship Life Insurance – Consider the Good and the Bad A survivorship life insurance policy, commonly known as second to die life insurance, provides insurance for two people. Most frequently, a husband and wife will decide to take out a survivorship life insurance policy together. The most common reason to do so is if the couple is quite wealthy and wants to help their heirs offset high estate taxes they will be subject to when they receive their inheritance. Traditional life insurance is paid out when the insured individual passes away. The same is true here, but keep in mind that two people fall under the policy, so they must both pass away before the funds are made available to the beneficiaries. There are both advantages and disadvantages to survivorship life insurance. The first benefit is that it is a less expensive way to insure two people. The premium you pay is based on the life expectancy of both insured parties. Also, it is easier to buy than traditional life insurance because the bad health of one individual is not too large of a concern for an insurance company since both individuals must pass on...more
Advantages and Disadvantages of Term Life Insurance – Is it Right for You? Before you take out a term life insurance policy, you should become educated concerning the advantages and disadvantages of this option. Getting a full view of the picture will help you make an educated decision about whether term life insurance or whole...more
Advantages and Disadvantages of Universal Life Insurance – Considering All Points Every type of life insurance policy has both its advantages and its disadvantages. If there was one common policy that was better for everyone, it would be the only option to choose from. Universal life insurance is a kind of whole life insurance...more
Advantages and Disadvantages of Variable Life Insurance – Make an Informed Decision The purpose of all kinds of life insurance is to provide a financial safety net for your family once you pass on. The ability to know you are leaving your family in a stable situation when you pass away is something that will offer you great peace of mind during the years left in your life. Variable life insurance is one type that may be of interest to you. It is a form of permanent life insurance that will provide financial security to your family in the event of your death. This is generally considered the most expensive form of cash value life insurance because of the amazing benefits it has. Instead of simply paying monthly premiums for an eventual death benefit for your family, you are allowed to put a portion of your premium into separate investment funds including stocks, bonds, money market funds, and equity funds. This means, if you are very interested in variable life insurance, you should know quite a bit about investing first. Because of the way in which variable life insurance functions, it actively becomes a way to both invest your money and make sure...more
Advantages and Disadvantages of Whole Life Insurance – What to Consider Before You Buy The purpose of life insurance is to provide your family with some financial security in the event of your untimely passing. During your living...more
Life Insurance Purchased in Qualified Retirement Plans – A Look into How it Works While you may have the desire to take out a life insurance policy, the problem may be your inability to pay for the high premiums of the policy you...more
Life Insurance Tax Treatment – Understanding the Procedures The purpose of a life insurance policy, no matter which of the many types you choose to purchase, is to provide your family and any other beneficiary with financial security...more
Primary Purposes of Life Insurance – Protecting Your Family Financially The one non-negotiable aspect of life is the inevitable fact that everyone must die someday. This seems like a morbid thought, but when you realize that you...more
Survivorship Life Insurance – The Perfect Estate Planning Tool In exploring the various types of life insurance, you undoubtedly want to find an option that will work best for your situation. One less conventional option is to...more
The Many Uses of Permanent Life Insurance – Benefits During and After Your Lifetime The term "permanent life insurance" suggests that once you have your policy, you keep it for life. Since the death benefits associated with the...more