Term vs. Universal Life Insurance: An Overview Although life insurance comes in various forms, two common types are term life and universal life insurance. The main differences between these are the duration of the term, cash value accumulation, and cost. Term Life Insurance Term life insurance is the most basic insurance policy. It is a life insurance policy that provides coverage for a specific period of time and usually for a fixed premium. Some policies provide coverage for dismemberment and additional coverage for accidental death. If you or your beneficiaries do not make any claims during the term the policy, it will expire. At expiration, some insurers allow for the continuation...
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How can i get life insurance. Universal Life Insurance Universal life insurance is permanent life insurance — that is, it remains in force for your whole life. But universal life insurance has an important difference from other types of permanent insurance: it provides a flexible premium. Universal life insurance policy. That means the policyholder decides how much to put in above a set minimum. By extension, the policyholder also determines the face amount of the policy. Universal life insurance policies accumulate cash value — cash value that grows tax deferred. Guarantees are based on the claims-paying ability of the issuing company. Universal life insurance policies normally...
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Choosing Between Term And Universal Life Insurance Surely anyone who has been in the market to purchase a life insurance policy has run into the confusing array of plans available. The following will give you a brief summary two of the most popular life insurance coverage choices: Choosing between The first thing to understand is that term life insurance is known as “pure” insurance. That means that term life is straight life insurance and does not build any cash value. You can buy this coverage for a certain amount of years, known as the “term,” and once the term is over you may either renew the policy for another set amount of time or simply walk away. The...
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We’re big believers in long-term care insurance (we both own policies), but the premiums can be quite expensive. One relatively recent innovation in the insurance realm is the option of converting a portion of the cash value on a life insurance policy into a long-term care policy. One listener of our radio program recently asked us to outline the pros and cons of converting a portion of his universal life policy’s cash value to a long-term care policy. It’s a topic that’s rife with complexities, and we wanted to clarify what you need to know before utilizing this strategy. An Overview of Universal Life and Long-Term Care Insurance Before delving into the conversion, it’s important to first...
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There are two types of Permanent life insurance: Each policy will last the duration of your life, but there are some significant differences between these two types of life insurance policies. For example: The cost of the insurance itself – including the factors that determine pricing and flexibility of premiums – vary greatly. Universal life insurance offers lower premiums than a whole life insurance policy and you can still get the permanent protection you may need. These concepts can be difficult to understand, so we seek to explain these ideas in an intelligible manner. A Guaranteed Universal Life (GUL) policy will last until a person is 121. It is the most affordable way to get...
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Is Term Life Insurance The Best Option? The use of life insurance and what type to buy is widely debated. Knowing what type of policy to purchase, and how much insurance to carry is critical, as is knowing which will work best for your situation. The first step in determining how much coverage you need is to identify the specific reason you want the coverage. Are you simply covering a debt or obligation, or do you want to replace an income to support loved ones? Now, the second step is to determine what type of coverage you should have by first understanding how long you need or want the coverage to last. Do you only need coverage for a few years, or do you need it long term? Typically the...
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Term Life Insurance Term life insurance is a great, cost-efficient way to protect your loved ones from the worst case scenario. Even though term life insurance won’t give you as many options as permanent life insurance, it is a budget-friendly alternative. Term life insurance is a promise from the insurance company to pay your beneficiary or beneficiaries the death benefit state in the policy if anything were to happen to you. This pact for compensation is essential for protecting your family’s livelihood, and it pays for you to know how term life insurance policies are constructed. The Basics Term life insurance policies will all look similar on the outside regardless of what insurance...
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For most people who aren't in the insurance or financial services industry, trying to understand what different types of life insurance products are, and how they differ from one another, can be confusing. In this post, we'll review the similarities, and key differences, of two common types of life insurance: term life insurance and universal life insurance. When you have a better understanding of how these products work, you will be able to make an informed decision about which type of life insurance will best meet your needs, and your budget. How Term Life and Universal Life Insurance are alike Before we examine their differences, let's spend a moment reviewing the similarities between...
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Life Insurance Safeguard your family’s future with the right life insurance policy. Serving North Central Washington communities and all of Washington. Don’t leave the future of your loved ones to chance. Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made to your family when you are gone. The VIP Insurance Agency can help you find the right life insurance policy for you and help ensure that your policy continually meets your needs. Contact us today to get started. Life Changes — So Should Your Policy The right life insurance policy will be unique for you and...
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Life Insurance Safeguard your family’s future with the right life insurance policy. Serving Stockton and all of California. Don’t leave the future of your loved ones to chance. Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made to your family when you are gone. Raj Insurance Services can help you find the right life insurance policy for you and help ensure that your policy continually meets your needs. Contact us today to get started. Life Changes — So Should Your Policy The right life insurance policy will be unique for you and dependent on your personal and...
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