When you own cash value life insurance, your premium payments are allocated three ways. First, a portion of each premium pays for the actual insurance costs. Like term insurance, a specific cost is associated with the policy's death benefit, based on your age, health, and other underwriting criteria. Second, a portion pays for the insurance company's operating costs and profits. The remainder goes toward the policy's cash value.What is cash...more
Which type of life insurance is better--term or cash value? Insurance buyers have been asking this question for generations. When choosing between these two fundamentally different alternatives, you'll need to think about the amount of coverage you need, the amount of money you can afford to spend, and the length of time you need the coverage to continue.Term insuranceTerm insurance is often referred to as pure insurance. Term policies provide...more
Universal life insurance is a type of permanent life insurance that allows policyowners to decide how much premium to pay (so long as stated minimum costs are met), when to pay premiums, how much the death benefit will be, and more. Learning about the following features of a universal life insurance policy will help you decide whether this is the right coverage for your situation.Flexibility in paying premiumsWhen you buy universal life insurance, the policy provides for a level planned premium amount. But you don't have to make regular or level payments each payment period (e.g., monthly, quarterly). You can make larger or smaller payments, more or less frequently than planned. With each payment you make, your insurance company deducts a portion for administrative expenses related to your policy. The remainder is credited to a cash value account, from which the cost of insurance coverage is deducted each month. Your policy will remain in force as long as you maintain a positive balance in your cash value account, even if you didn't make the planned premium payments. Your cash value accumulates tax deferred and at current interest rates determined by the company (though a minimum...more
If you want the assurance of a death benefit and level (unchanging) premium payments for the life of your policy, coupled with the possibility of enhancing your death benefit through the use of investments, then variable life insurance may be the answer you're looking for. You don't need to worry about monitoring the amount of money in your policy....more
Variable universal life insurance is among the most flexible products on the market today. It is permanent insurance that provides guaranteed lifetime protection, combining the adjustable premium and adjustable coverage of universal life with the growth potential of variable life. (Guarantees are subject to the claims-paying ability of the...more
Cheap Life - Life Insurance for Seniors Steadily increased the number of Americans over 55 years as the baby boomers in this age group. In addition, more and more people are living longer. These trends have caused the price of life insurance, rising from 33% in the last 10 years. To keep pace with the growth over the lives of many insurance companies are expanding their product lines, markets for the protection, that meets the needs of the elderly.Large consumers now have many newAlternatives to choose from. Industry sources say that despite the recent 10 years ago, some of these options for the highest life insurance was not available. For example, coverage of term life insurance is updated to allow purchases at older ages, with guaranteed insurance periods – twenty-five to thirty years, the cost-cutting across all age groups, elderly and old problems. In fact, many life insurance companies offer to people 80 years and beyond. Tothe elderly, there are many reasons why life insurance makes sense:Counseling – Sometimes the family needs money for funeral expenses and death to pay.Estate taxes – the properties are large, heavy taxes amounting to 37% of property assets...more
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