Life insurance is a powerful vehicle and the ultimate safety net. The market is steaming with numerous insurance products and options to fit various needs, scenarios and personal circumstances.
What is Life Insurance? Life insurance is a contract between you and the insurance company, where an insurance company promises to pay you a sum of money based on certain events taking place (e.g., death, disability, critical illness or end of the term) in return for premium payment(s).
What are the most common types of insurance? Temporary or Term Life and Permanent or Whole Life:
(1) Term Life: typically established for a number of years 10/20/30 and if the insured outlives the policy, the policy expires, or can be extended (oftentimes at additional/higher cost). The Term policies are typically inexpensive and easy to obtain.
(2) Whole Life: is a product designed to last a lifetime. Even though whole life insurance is more expensive, there are more benefits: it does not terminate, and you can borrow/loan the cash value if needs arise.
Many variations of the life insurance policies include additional benefits including:
Return of Premium: winning proposition - if you do not use the funds, simply collect them at the end of the policy term or roll them over and extend your coverage at no cost to you
Guaranteed Retirement Income (Annuities): safer retirement option, which tracks the S&P 500 Index to ensure your hard earned money are working hard for you, minimizes the risk while guaranteeing a return
Mortgage Protection Coverage ensures your mortgage payments will be covered if the unexpected was to happen; your family will be able to protect the equity in the home
Whether you would like to create an estate or legacy, plan for your retirement or have a peace of mind, the right insurance product is available for you!
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Life Insurance Options