Term Insurance

• Duration: Provides coverage for a specific period (e.g., 10, 20, or 30
  years). If the insured passes away during this term, the beneficiaries
  receive the death benefit.
• Premiums: Generally lower than permanent insurance premiums,
  making it more affordable.
• Cash Value: Does not accumulate cash value. Once the term ends,
  coverage ceases unless renewed.
• Purpose: Ideal for temporary needs, such as covering a mortgage,
  supporting dependents, or planning for specific financial obligations.
• 
  Permanent Insurance

• Duration: Provides lifelong coverage as long as premiums are paid.
• Premiums: Generally higher than term insurance premiums, as they
  include both the death benefit and a savings component.
• Cash Value: Accumulates cash value over time, which can be borrowed
  against or withdrawn (with potential tax implications).
• Types: Includes whole life, universal life, and variable life insurance,
  each with different features and flexibility.
• Purpose: Suitable for long-term financial planning, estate planning, or
  wealth transfer.
• 
  Summary
• Term insurance is a more affordable option for those looking for
  coverage for a specific time frame without cash value benefits.
• Permanent insurance is better for individuals seeking lifetime coverage
  and savings benefits, albeit at a higher cost.
  When deciding which type is right for you, consider your financial goals,
  needs, and budget. It’s often beneficial to consult a financial advisor or
  insurance professional for personalized advice.

L I F E I N S U R A N C E
What is the purpose of the life insurance?
Buying life insurance protects your spouse and children from the potentially devastating
financial losses that could result if something happened to you. It provides financial
security, helps to pay off debts, helps to pay living expenses, and helps to pay any
medical or final expenses.
What does the life insurance cover?
By paying a monthly premium or a lump sum to your insurer for life cover, you can
safeguard your loved ones from financial hardship if you die. The money can be put
towards funeral costs, payment of a mortgage, debts, or your family’s living expenses.
What type of life insurance provides death benefit protection?
If you want your life insurance to be able to pay out the death benefit no matter when
you die, you’ll want a permanent policy.
What voids life insurance payout?
But it’s important to be aware that there are a few instances where life insurance won’t
pay out. Top reasons life insurance won’t pay out may be because the policyholder lied
on their application, their death was the result of suicide, or they passed away during
the waiting period.
How do beneficiaries receive their money?
Bank account beneficiary rules usually allow payable-on-death beneficiaries to withdraw
the entirety of a decedent’s bank account immediately following their death, so long as
they present the bank with the proper documentation to prove that the account holder
has died and to confirm their own identity.
Who Needs Life Insurance?
Parents with minor children.
Parents with special-needs adult children.
Adults who own property together.
Seniors who want to leave money to adult children who provide their care.
Children or young adults who want to lock in low rates.
Stay-at-home spouses
Wealthy families who expect to owe estate taxes.
Families who can’t afford burial and funeral expenses.
Those with preexisting medical conditions.
Married pensioners.
Parents with thinking on theirs kids education.
Thinking to get married or having kids.
Business owners.
If you are ones of the list above and still don’t have life insurance….
call me.
Life insurance is intended to protect those that would be financially affected