Life insurance is one of the most important investments you can make. It is an investment in yourself and the future of your loved ones, and it is a way to secure your financial responsibilities to your family.
Your life insurance policy can be used to pay off debts and estate taxes, provide money for continuing mortgage payments, and keep your business up and running upon your passing. But most important, it can be used to ensure that your family’s dreams for the future become realities.
Term insurance is the most affordable option for life insurance. Commonly available with 10, 15, 20 and 30 year level premium guarantee periods but does not build cash value.
If another form of permanent insurance that blends some elements of both term insurance and whole life insurance even with an option to provide an increasing death benefit. Can build cash value and if structured adequately can provide a monthly income benefit for life.
Often referred to as permanent insurance provides level premiums for the life of the policy or a limited period. Will build cash value that can be accessed through policy loans or surrendered for cash.
Written on a simplified issue basis meaning limited health questions are asked. Whole life insurance with level premiums, builds cash value and typically used to cover end of life expenses for loved ones.
No health questions asked to qualify. Death benefits are typically modified except in the case of an accidental death for the first two years before full death becomes available. May or may not build cash value depending on the plan selected. Everyone qualifies, some age restrictions present.
While most people don't like to talk about end-of-life issues, it is important to plan for them. Expenses associated with death, such as caskets and embalming, can have a substantial financial impact on those you love. Final expense life insurance can help protect loved ones from having to pay these costs out of pocket.
In 2012, the average funeral exceeded $8,000. In most cases, a basic funeral service will include a memorial, death certificates for the deceased, and housing the remains. In addition to those costs, there are also charges involved for goods and services, such as transportation, preparation and embalming, use of the funeral home, a casket and headstone, a burial plot, gravesite, the burial service or alternatively, cremation. There may also be additional costs, such as flowers and the printing of memorial cards.
