When it comes to life insurance, you have a choice!
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Life Insurance can be very comforting to you and your loved ones. It provides a one-time payout to your loved ones, giving you the peace of mind you need. When you purchase a policy, you choose an amount and indicate who you want the money paid to in the event you pass away. Life insurance is a means by which we protect the people we love. More specifically, by depositing premiums into a pool of funds, your beneficiaries receive a tax-free cash benefit upon your passing. You can use this benefit to cover funeral costs, lifestyle-maintenance, debt repayment, or any other costs that may arise. Life insurance can be separated into two broad categories: Term insurance and permanent insurance.
TERM LIFE INSURANCE:
Term life insurance is the most common and affordable form of temporary life insurance. It is the perfect life insurance plan for those who want reliable coverage that works with their budget. The It s for a specific period10, 20 and 30 years period. After these periods expires the policy also expires and there are no cash back. Term insurance can be converted to a permanent policy at attaining age with no medical exam even if your health changes. Term policies are used for paying off an expense if you were to die within the term such as a mortgage, Automobile, maintaining the standard of living for minor children.
PERMANENT LIFE INSURANCE:
In contrast to term insurance, permanent insurance is meant to insure you for as long as you live. Whole life insurance insures you for your entire life and also offers a guaranteed cash surrender value including dividends in some cases (an amount that is paid out in cash should you decide to cancel your policy before expiration). Key features and advantages: Premiums, face value, and surrender values are all guaranteed under whole life. Your cash value and death benefit can never decrease in value unless you start withdrawing the cash value from the policy. Limited Pay Options - You can choose the duration of your premiums (20 or 100 years of age) based on your evolving priorities. RIDERS INCLUDE: Critical Illness Insurance Disability Insurance Disability Waiver of Premium Accidental Death and Dismemberment Guaranteed Insurability Children Term Rider.