As a spouse or parent, you’ve made a commitment to take care of and provide for your family. If you’ve built your own business, you want to do the same for your company, too. But who will take care of your family or business should something happen to you? Life Insurance can help you keep that promise and make sure your family or business stays financially sound, even after your gone. Affordable life insurance.
allow your family to meet daily living expenses like mortgage or rent, groceries and utilities
provide an education fund for children or a retirement fund for your spouse
donate funds to a favorite charity
4 Types of Life Insurance
Term Life-provides you with financial protection for a specific period of time. Most often 10, 15,20 or 30 years. Premiums remain the same through out the length of the term. If the person dies during this period, the beneficiaries receive the proceed income tax-free.
Annual Renewable Term: death benefit is a level amount and the policy is
automatically renewed the next year without evidence of insurability–however premiums may increase each year with age.
Cheap life insurance policies
Level Team: Death benefit is a level amount and policy is generally purchased for a period of 10, 20 or 30 years, and the premium often remain level over the entire period.
Decreasing Term: Typically used to help pay the mortgage; decreasing term maintains a level premium over a specific number of years and the benefit decreases every year until the selected term period expires.
Credit Insurance: You may receive offers in the mail for credit insurance. They are really offering you a type a term insurance-and at a hefty price. If you health is good. you may be able to purchase an individual term policy to provide this coverage at a fraction of the cost.
Whole Life- is the most common type of permanent life insurance. Your premium payments remain the same over the life of the policy, you can choose how often you’d like to make premium payments-annually, semiannually, quarterly or monthly.
Whole life insurance is designed for the long-term, so before purchasing be sure to think about you ability to make premium payments consistently over the life of the policy.
If you own a whole life policy, you can typically take a loan from your policy’s cash value. You may also be able to withdraw any accumulated dividends without repayment. The drawback? Doing so may reduce future growth opportunities for your policy’s cash value.
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Policy’s cash value grows tax deferred–no annual tax due on gains (interest paid on any dividends or excess credits left in cash value may be subject to annual taxation)
Universal Life- provides permanent life insurance protection and access to tax-deferred cash values
Fixed Premium Universal Life: offers protection, however policy provisions cannot be changed after the policy has been issued.
Flexible Universal Life Insurance: you can change the protection level of the policy (within bounds) and you can control the amount of frequency of payments.
Variable Life- is a life insurance product with investment features. It’s designed to help you protect your family’s future with life insurance and, at the same time, give you access to professionally managed investments that can help you save for retirement.
also gives you the opportunity to you the policy for many of your planned financial needs like: education funding, estate planning and business continuation.
What is term life insurance
Can provide a number of tax-advantaged opportunities including: Income tax-free death benefits, tax-deferred accumulation, nontaxable transfers, tax-free access to cash
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