Life Insurance
However, with the right insurance policy, you can potentially have a source of tax-free income to assist with your needs. You’ll have the flexibility and potential to protect, accumulate, and transfer your wealth now and in the future.
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Do You Need Life Insurance?
Life happens, and you can’t always promise to be there for your loved ones. However, you can promise to provide for them when you’re gone. Life insurance is how you can assist your family after your death.
In the event of your death, if your insurance policy is active, then the beneficiary of your plan receives a cash benefit which they can use for funeral costs and bill payments. Funeral costs can be upwards of 10,00 dollars. For many Americans, this is a hefty bill to pay. With a life insurance policy, they don’t have to pay out of pocket.
However, it’s not just your loved ones who can benefit from a quality life insurance policy. With some policies, even you can benefit from a cash value component accrued throughout the policy’s activity, promising you some money you can use as a retirement fund.
Term Life Insurance vs. Whole Life Insurance
The two most common life insurance policies are term life insurance and whole life insurance. However, these are just umbrella terms. Within these policies, you’ll discover even more variations.
Term life insurance
is the most straightforward kind of life insurance policy. It offers death benefits to surviving family members if you die within a period. This period may be a few years to thirty years. During this time, you’ll pay a monthly premium.
The length of coverage, monthly premium, and eventual death benefit are determined through a health screening that looks at your medical history, driving habits, hobbies, and job. It is generally encouraged that you pick a policy that lasts for the most extended period; the older you are, the more likely your monthly premiums will increase.
A whole life insurance policy,
however, works differently. Instead of only providing coverage for some time, as long as the monthly premiums are paid, whole life insurance will cover the policyholder for their entire life. These policies are often much more expensive than term life insurance policies, but they offer the best overall benefits.
Not only will your family have a guaranteed death benefit payout, but you’ll have a cash value that you can use. From your monthly premium, a portion will be taken out and placed within a non-taxed investment account. Throughout your policy, this account will accrue value you can pull from for whatever you wish. This allows seniors to have an alternative option for retirement funds.
Term Life Insurance vs. Whole Life Insurance
The two most common life insurance policies are term life insurance and whole life insurance. However, these are just umbrella terms. Within these policies, you’ll discover even more variations.
Term life insurance
is the most straightforward kind of life insurance policy. It offers death benefits to surviving family members if you die within a period. This period may be a few years to thirty years. During this time, you’ll pay a monthly premium.
The length of coverage, monthly premium, and eventual death benefit are determined through a health screening that looks at your medical history, driving habits, hobbies, and job. It is generally encouraged that you pick a policy that lasts for the most extended period; the older you are, the more likely your monthly premiums will increase.
A whole life insurance policy,
however, works differently. Instead of only providing coverage for some time, as long as the monthly premiums are paid, whole life insurance will cover the policyholder for their entire life. These policies are often much more expensive than term life insurance policies, but they offer the best overall benefits.
Not only will your family have a guaranteed death benefit payout, but you’ll have a cash value that you can use. From your monthly premium, a portion will be taken out and placed within a non-taxed investment account. Throughout your policy, this account will accrue value you can pull from for whatever you wish. This allows seniors to have an alternative option for retirement funds.
Let us put our expertise to work for you.
Term or whole? You may be asking yourself now what kind of policy suits you. Don’t try to navigate the confusing world of life insurance policies alone. Call Southern Insurance & Annuities today.
As an independent insurance agency, we aim to assist you in satisfying all your insurance needs. We strive to provide guaranteed quality and comprehensive insurance and annuity products for our members. As a God-centered business, we strive to keep Biblical principles at our foundation.