Is Term or Whole Life Insurance Right for You?
Whole life insurance is more complicated than term life insurance, but out of all of the permanent life insurance products, it is the most basic and easy to understand. Whole life insurance is a two-part product that pays a death benefit and has a savings component that accumulates cash-value over time. The policyholder can withdraw or borrow against the cash value once enough money has accumulated. A whole life policy may also be part of a tax-efficient strategy for the policyholder.
A whole life insurance policy will pay a guaranteed death benefit when you die no matter how long you have the policy and regardless of your age. It will remain in force for as long as you continue to pay your premiums. Premiums are fixed for life and will not increase or change over time.
One common question people have is, “how much more are whole life premiums compared to term life premiums?” Typically, premiums are three to five times more expensive for whole life insurance policies because a portion of your premium payment goes toward the cash value of the policy.
When it comes to life insurance, there is never a one-size-fits-all approach. It’s important to consult with a financial expert and insurance advisor to find the right solution for you.
Whole life insurance might be right for you, please give us a call. We offer a consultative approach so that you will better understand your life insurance options. You’ll become informed and empowered to make the right choice for you and your family.
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7 Mistakes to Avoid when Buying Life Insurance
Are looking to buy life insurance but concerned about the cost, and overwhelmed by the amount of information you need to sift through to determine the right life insurance policy to protect your family’s financial future? If you’re in the process of researching your options here are 7 Mistakes to Avoid When Buying Life Insurance.
Life insurance – Balance your Needs with your Resources
Life insurance will provide a safety net for your family after you are gone. It will help cover the debt, provide income and help your family maintain the lifestyle they are accustom to. Everyone’s life insurance needs will vary depending on their financial and family situation, so that’s why it’s important to talk with a
Term life insurance – 4 things to help you determine how long you’ll need it
Term life insurance is available is many different terms. Use these questions to decide what length of term is right for you and your family. 1. How long will your dependents need your income? The length of a term life insurance policy greatly depends on the number of years your dependents will need an income.
Understanding A.M. Best’s Rating System for Life Insurance Companies
How financially secure is your life insurance company? How will you know if they will be able to secure the financial future for your family when you’re gone? You can find out by using industry standard credit rating systems such as A.M. Best, Standard and Poor’s and Moody’s Investors Services. A.M. Best Company sets the