Life Insurance

is a contract between an insurer and a policyholder, in which the insurer (insurance company) guarantees payment of a death benefit to the named beneficiary when the insured policyholder dies. The insurance company promises a death benefit in exchange for monthly payments (premiums) paid by the policyholder.

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Who should buy Life Insurance?

Everyone. 

• If you are young, you can buy early and lock in low rates.

• if you own a property. If you die, your family might not afford to pay the mortgage, property tax, utility bills, or the repairs.

• a parent of young children. The loss of your income can cause a financial hardship.

• a person with student loans where parent signed in on loan. If person dies, the parent will be left with the responsibility of loans causing financial hardship.

• a person that wants to leave family with enough money to cover burial expenses.

• even a business might have an important employee that their death will cause financial hardship to the company. This will allow company to purchase life insurance to protect the insurable interest.

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The different types of Life Insurance:

• Term Life- is a contract between you and the insurance company for an amount of coverage on a specific term (10, 20, 30 years). This is one of the most affordable types of life insurance.

• Final Expense/Burial Insurance- is designed to cover the bills that you will leave behind to your loved ones. These policies are for those on a tight budget and need a smaller amount to just cover the costs of the funeral expenses. Policies are approved quickly without needing a medical exam.

• Universal Life- the insurance policy that promises a death benefit that includes a component that generates interest. Death benefit can be adjusted over time.

• Whole Life- a permanent life insurance that accumulates a cash value.

• Permanent Life- Usually more expensive than a term life, permanent life stays active for the policyholders entire life.

• Indexed Universal Life-  a type of universal life insurance that lets the policyholder earn a fixed or equity-indexed rate of return on the cash value component. Links the policy cash value to a stock market index.

• Guaranteed Universal Life-a type of universal life insurance that does not build cash value and typically is cheaper than whole life.

• Variable Universal Life- the policyholder has the ability to invest the policy's cash value.

• Level Term Life- the monthly premiums stay the same every year.

• Mortgage Life Insurance- an insurance that pays only the balance of your mortgage and no proceeds go to your family. 

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The advantages of Life Insurance:

• Tax Free. The death benefit of life insurance is typically tax-free. Also, the cash value grows tax-free over your lifetime. You can typically exchange a life insurance policy for other policies without paying tax.

• If you buy the right policy, it will never expire.

• can be an inexpensive way to protect your loved ones from financial hardship.

• It is an asset. You can build cash value allowing you to later have the ability to access the cash.

• can use it to help fund your retirement.

• and many more reasons.

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Are you interested for more info?

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The reality is that life insurance can have a reputation for having pushy salesmen. The truth is that life insurance can be not only useful but vital for most people. With Life Insurance you are buying a peace of mind, by knowing your family is taken care of if something happens to you.

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