You’ve been working for decades now and plan to have a peaceful retirement. Well before that dream comes true, I think you may need to consider devoting some time to financial planning. Life insurance is an important part of a strong financial plan. If you don’t already have a policy, now is the right time … Read more
The purpose of endowment life insurance is to provide a payout to the beneficiaries of the policy if the insured dies as well as to the insurance themselves after the specified time. A life insurance policy with an endowment can be used as an investment and savings vehicle; however, it’s not the best choice for … Read more
When you purchase term life insurance, you secure your rates for the minimum period, typically 20 years. The most common options for term durations that are level include 5, 10, 15, 20, and 30 years. Companies are providing 35 and 40-year time frames. The ideal scenario is to purchase the time that coincides with the … Read more
Over 50% of Americans have life insurance. One of the main benefits of having life insurance is the ability to pay an inheritance upon death to anyone you designate as the beneficiary. What Is a Life Insurance Death Benefit? The death benefit refers to the sum that your policyholders on your life insurance policy pay your beneficiaries … Read more
You’ll need a cash-value policy to take money out of the life insurance plan. This policy is known as permanent life insurance, covering whole and universal life insurance. The term life insurance policy is not a cash-value policy; therefore, you cannot take out loans from these policies. Review the policy’s documentation or contact the insurance … Read more
Life dividends from insurance are often challenging to understand. This is because insurance agents and companies discuss dividends as though they are like dividends on stocks. However, a dividend from an insurance policy for life differs from the dividend you get from the stock market or a mutual fund for stocks. What Are Life Insurance … Read more
If you are looking for an insurance policy for life that creates cash value and lets you invest in that cash value, then you may want to consider different life insurance. Based on your objectives, Variable life insurance (and the similar variable universal life insurance) could be an excellent option for your long-term protection or … Read more
Life insurance is a crucial financial tool to consider if you’re worried about the likelihood that your loved ones will be placed in a difficult situation in the event of a tragedy. What happens if you cannot afford to keep your insurance policy in place? Reducing premiums for life insurance that is paid up could … Read more
Life insurance policies are complex and filled with terms and phrases. Here are ten things you might not be aware of in the policy, but are crucial to know. This includes the free-look period as well as the incontestability clause the suicide clause as well as the grace period and the reinstatement clause. Also, it … Read more
Most life insurance policies offer the benefit of a fixed death and premium payments. Adjustable life insurance allows you to alter the death benefit and premiums throughout your policy. This life insurance is a viable option for those who want the most control over the policy. What is Adjustable Life Insurance? Adjustable life insurance can … Read more
For most life insurance, the company will gather and review a massive amount of information regarding the applicant. While insurance companies can access lots of data from their application, and usually the life insurance medical examination, they often rely on other sources for additional information, such as The MIB Group. MIB Group, Inc. MIB Group, … Read more
Suppose you’re in the market for a cash-value life insurance policy, such as universal or total life insurance. In that case, you should be aware that the quote for life insurance you receive could be significantly smaller than the amount you’ll have to pay. What you pay can dramatically increase over time. How can this be possible? … Read more
Impaired risk underwriting could allow you to obtain life insurance even though you suffer from a medical issue or another risk factor that generally would make you ineligible for standard life insurance. Life insurance firms use impaired risk underwriting to determine the risks of insuring a person not classified as a standard risk. It can … Read more
Yes, you can own multiple life insurance policies. There is no law limit on the amount of life insurance policy you can own. However, there are some limitations regarding the amount of insurance you may get based on your income, age, and other aspects. There are several reasons you may want to purchase multiple life … Read more
30-year term life insurance is an insurance policy that covers you for 30 years. The policy provides death benefits to your beneficiaries if you pass away during the period, no matter how healthy. Term life insurance doesn’t contain a cash value component, meaning you don’t accumulate funds within the policy that you can access later. … Read more