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Why YOU Should Consider Life Insurance
Why should you get life insurance? To protect your loved ones’ futures. If you are no longer able to provide for your family, a life insurance policy will ensure your beneficiaries will have financial stability. The policy, or Death Benefit will ensure your family’s lifestyle will be preserved.
Understanding Life Insurance with Living Benefits
Do you know, life insurance also comes with living benefits as well. How does it work?
If you experience a qualifying illness or injury, the Accelerated Benefits Rider (ABR) can allow you to access your death benefit while you are living for no additional expense. You also qualify to access the benefit if you live too long, allowing you to use the benefit for any purpose.(Exception for Massachusetts proceeds which must be used to pay for health expenses).
DON'T KNOW WHICH IS RIGHT FOR YOU? HERE IS ALL THE INFORMATION YOU NEED
Term Life Insurance is a policy that protects you for a set amount of time. It is often the most affordable option, meant to protect your family financially with the Death Benefit. Term Life Insurance is not permanent, but you could always switch to a permanent plan whenever you want.
Universal Life Insurance is one of two lifetime protection plans. It is a flexible plan that allows you to build cash value from stock index funds. You can also change premiums while covered in order to meet your financial needs.
The other lifetime protection plan, Whole Insurance, is the most lavish plan. This option will give you a guaranteed death benefit, and the opportunity to earn dividends from your stocks. This is the best plan on the marketplace as it comes with a fixed premium from the moment you purchase the plan.
Frequently Asked Questions
What is Term Life Insurance?
Term life insurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time (Usually 10 – 40 years). After the period is over, coverage at the previous rate of premiums is no longer guaranteed, and the client must either waive their coverage or renew coverage with different benefits. If the policy holder dies during the term, the death benefit will be paid to the beneficiary. Overall, term life insurance is the least expensive way to get coverage, however it is for a set period of time.
How should I choose between Term and Permanent Insurance?
Term life insurance generally covers 10 – 40 years, while permanent policy covers you for the rest of your life. They both offer a tax-free death benefit, but term life is cheaper and temporary, while whole life will cost more, securing you for life however. You may always switch to a lifetime plan if you apply for term insurance though.
How does the death benefit work?
Death Benefit depends on the plan you apply for. When you die, your insurance policy will provide your family with your death benefit plan. Payments may vary from $250,000 – $1,000,000 depending on your plan. These benefits are tax free, and the value. could be increased in stock indexes.
What is the best life insurance plan?
The best plan is whole life insurance. This plan offers your death benefit will be guaranteed to your family without tax. It gives you the opportunity to increase your benefit too, through the stock market. This plan also gives you a fixed premium from when you first purchase the plan. Although this plan may be pricey, so if you are looking for a more value plan, Universal and Term life insurance are also great options.
How to apply for life insurance?
Life Insurance is easy and should not require much stress after you’ve chosen a plan. You will be expected to fill out an application, describing your daily lifestyle and health condition. Depending on your plan, you may also have to apply for a free medical exam. Both steps would lead you to your cost, and you’re done!
When should I get life insurance?
Starting your career
You’re at the healthiest stage of your life, and you’d like to stay that way. Life Insurance is at its cheapest and can help you:
- Set yourself up for financial security
- Maintain coverage in case you become unemployed
- Protect your family from receiving your student debt
Growing your family
The most important and vulnerable stages of your life. From buying a new house, to taking care of a newborn, you have a lot on your hands. Life Insurance will help you:
- Stabilize your family’s financial if you die
- Ensure your family can stay in their home
- Cover education expenses or student debts
- Leave your family tax-free money
Raising your own children
Children are your first priorities, but without a doubt, it is a burdensome responsibility. Life Insurance is a good option as it can:
- Secure your children’s futures
- Cover your children’s education, such as college
- Protect your children in the case you die
- Start to plan your financials in the future
As you grow older and it’s time to start planning your retirement. Life Insurance can help by:
- Providing income replacement to your family so they could continue living
- Protects your family and future generations from any debt you carry once you die
- Cover medical expenses or final expenses
- Leave an inheritance
Living in retirement
You’ve worked your entire life and now you’re ready to enjoy the hard work you’ve gone through. With careful planning you should reassess how life insurance can help you. Life Insurance benefits you by:
- Paying for some of your final expenses such as burial costs
- Provide you with backup funds by withdrawing from a policy that carries cash value
- Help relieve unexpected medical payments
- Leave behind a legacy for your family