Term Insurance provides protection for you and your family for a period of one or more years. The death benefit is paid only if you die within the specified term. Term life insurance typically offers the largest insurance protection for your premium dollar and generally does not build up cash value. Most term insurance policies are renewable for one or more terms even if your health has changed.
Each time you renew your policy for a new term, premiums may be higher. You may be able to trade many term insurance policies for a cash value policy during a conversion period -- even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term life insurance.
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Whole life insurance is often referred to as permanent insurance. Unlike term insurance, it will always remain in force as long as you make your premium payments on time and premiums remain level throughout the policy�s lifetime.� Whole life insurance builds cash value and you can borrow against the cash value of the policy in the event of an emergency.
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Burial Insurance can solve the expenses associated with the cost of dying. Policies are available from as little as $5,000 to as much as $50,000.� Most plans do not require a physical examination however your medical records are reviewed.�
Decisions at the time of a loved one's death will be some of the most difficult a family will be forced to make. Final Expense insurance can help provide your family with the time they need to make these important decisions and continue the plans you helped initiate. Final expenses can not only include the cost of the funeral, but also unanticipated charges such as medical costs not covered by your health insurance, federal and state taxes and/or other bills. Funeral costs alone can range from $3,800 to $11,700, or even more, depending on where you live and your personal preferences.
Final Expense Insurance is designed for those wanting minimum coverage ��typically less than fifty thousand dollars. Most policies are guaranteed or simplified issued and can be either term or whole life based. No medical exam is required. And little or no underwriting is performed. Of course, your premium will depend mostly on your age. And because these products are usually guaranteed issue, the cost will be two to four times more than fully underwritten term life insurance.
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Second to Die Insurance is used for estate planning purposes.� Survivorship life is used to insure two or more people under the same policy.� This type of insurance covers both the husband and wife and pays a benefit when both spouses have passed away.� At that time, the full death benefit goes to the named beneficiaries.� This type of policy is effective in easing federal estate taxes on those who would be subject to such taxes and have elected to take maximum advantage of the marital deduction, which would have tax due upon the survivor�s death.�
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Universal Life Insurance is a unique 'combination' of term life insurance and whole life insurance. By providing the protection of term life and the cash value of whole life; universal life insurance appeals to consumers who prefer flexible premiums and death benefits.
By investing premiums in excess of actual insurance costs, your policy will begin to cumulate cash, which will eventually serve to counteract the higher insurance costs associated with aging. Typically, this cash value accumulation will earn a minimum interest rate (predetermined and guaranteed by the insurance company) and will fluctuate in accordance with the insurance company's investments.
The amount of your universal life insurance premium's, as well as the frequency with which you pay, is flexible. Provided there is sufficient cash value, your policy will not lapse because of a skipped premium payment. Another aspect? Although, universal life policies have annual premium requirements, the timing of those payments is quite flexible.
Your death benefit is another flexible component of a universal policy. The death benefit can be lowered or increased in accordance with your needs. For instance, you may wish to lower the benefit if your policy is to cover a decreasing liability, such as a business loan. On the other hand, as your family needs evolve you may feel more comfortable with an increased benefit. If this is an option you would like to consider, remember that any increases in the face amount of the policy will most likely require evidence of insurability and a physical may be required.
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