Life InsuranceLife insurance at its best can be a life saver. In the event of an unforeseen tragedy, life insurance benefits can provide a safety net for your loved ones. Life insurance is recommended for everyone who has a dependent of any kind, at any age. However, there are many options. There are two basic types: term and permanent.
Term insurance provides coverage for a certain period of time (e.g. 10, 20, 30 years). Generally, unless a conditional provision is purchased, benefits are paid only if you die during the period of time or term specified. However, many policies have a "conversion" clause which allows the policy holder to convert a term policy into a permanent policy without having to provide proof of insurability (medical exams, list of medications and other health information).
Because at Asset MarketPlace we acknowledge that the one certainty in life is that everything changes, we specialize in Convertible Term, Permanent Life Insurance and Conversions. Convertible term insurance is the only term insurance we recommend.
Permanent Insurance provides lifelong protection plus the ability to accumulate tax-deferred cash value. There is a misconception that life insurance is only needed up to the point that your children are in college or the mortgage is paid off. This actually is not true. Many retirees rely on life insurance proceeds to sustain their living expenses after a spouse has died or to pass on legacies to their children, grandchildren or preferred charities.
Permanent life insurance allows the policy holder to build cash value over time as well as provide a death benefit. Cash values accumulate on a tax-deferred basis and can be borrowed against for any purpose or used to pay premiums. They can also be surrendered for a lesser amount before maturity or death. There is a wide variety of permanent life insurance products including the most common which are Whole Life and Universal Life.
Whole Life insurance offers a guaranteed amount of death benefit, steady premiums and a rate of return on cash values and the opportunity to earn non-guaranteed dividends. While Universal Life (UL) insurance enables the policy holder the ability to adjust premiums (within the confines of specified minimums and maximums) and usually guarantees a rate of return on cash values. However, UL policies can lapse due to changing market conditions and administrative costs, so a recent development is Universal Life policies with Secondary or "No-Lapse" Guarantees. This new option provides lifelong coverage at rates that are lower than other forms of permanent insurance and have the added advantage being able to adjust the premiums and benefits for estate planning purposes and tax ramifications.
Contact us today for more information and recommendations based on your circumstances and financial goals.
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