A younger couple or single parent should typically look at some kind of Term Life Insurance plan to protect their family in case of their untimely demise during the prime earning years of their lives. Older couples or individuals about to retire may want to consider Final Expense Insurance to protect their loves ones from excessive costs of their death such as final bills, funeral and burial costs, and make sure they don’t leave those they love with a burden. Almost anyone can benefit from a Whole Life or Universal Life Insurance policy that provides not only a death benefit and protection, but also creates wealth and savings for themselves in retirement. No matter what type of Life Insurance is right, get a quote and see just how affordable life insurance can be. When you’re ready, talk to a broker who has your best interests in-mind, and not an agent who is working for a single company who has only their bottom line on the brain.
Term life insurance provides coverage for a certain time period. It’s often called “pure life insurance” because it’s designed only to protect your dependents in case you die prematurely. If you have a term policy and die within the term, your beneficiaries receive the payout. You choose the term when you buy the policy. Common terms are 10, 20 and 30 years. With most policies, the premium is the same throughout the term.
Final expense insurance is a life insurance policy that has a smaller death benefit and is easier to get approved for. Final expense insurance is also called “funeral insurance,” “burial insurance,” “simplified issue whole life insurance,” or “modified whole life insurance.” These polcies are typically less expensive, and they are considered a “whole life” policy, meaning you keep them until you die, and your beneficiaries always get paid out when you do.
Both Whole Life and Universal Life are types of life insurance that fall into the category of permanent insurance. Unlike term insurance, permanent policies provide lifetime coverage. If you cancel your permanent policies, you generally receive a refund credit for premiums paid after a certain period of time, and some of these policies are “cash accumulating” meaning they can also be used as a savings vehicle, as well as a death protection insurance policy. A Universal Index Life policy can be quite profitable if designed correctly, and purchased at an early age.