Life insurance provides financial resources to a spouse and children should the unthinkable happen. Today’s economic uncertainties make finding the best insurance a must. Cost varies widely depending on the age and health of the insured.
(1) Term life insurance is a more affordable insurance that is in effect for a specific amount of time. Policies are available for a variety of terms such as 5, 10 or 20 years. Term life insurance provides a larger policy for the same monthly fee as a whole term policy.
Many people choose to have a term life insurance policy while they are raising their children to ensure the family is provided for should something happen to them. Providing for a spouse is also an important reason to purchase term life insurance.
Because there are a variety of choices for length of policy term life insurance can be purchased or added to any time a life event happens. Term life insurance may be available through an employer, but many experts recommend having an additional policy that is not dependent on a specific job.
(2) Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts.
(3) Universal life insurance provides permanent protection for your dependents and is more flexible than whole or variable life.
(4) Index Universal life insurance is a permanent product that provides flexibility for a client’s ever-changing circumstances and the potential for cash value accumulation on a tax-deferred basis. The policy owner has the ability to customize death benefit, length of coverage and premium obligation. The cash accumulation within the contract is based upon the performance of a stock index, such as the S&P 500, or multiple indices.
Buying life insurance can be complicated and confusing.
You should choose one who:
• Works with a reputable firm that has a strong financial rating
• Understands your financial situation, including your attitudes about risk, your income and estate tax brackets, your other financial assets and obligations, as well as your personal situation (age, marital status, dependents, etc.)
• Explains – in terms you can easily understand – issues, options and planned use(s) of life insurance in your financial program
• Provides you with a personalized written recommendation that
• Records the facts of your current financial and personal situation
• Describes the features of the life insurance policy and how it fits into your situation
• Does not pressure you into a decision, but works with you until you’re ready and convinced that you are doing what is best for you
• Is prepared to review with you periodically—perhaps every three years or so—whether the product continues to be suitable for your needs and circumstances
• Is licensed by your state insurance department
• Has not been disciplined by your state insurance department or any other professional body to which they might belong.
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