If someone would be hurt financially in the event of your death, or if you want to leave funds for heirs or a favorite charity, you should have life insurance. I can help you select the type of life insurance to best meet your needs.
There are two main types of life insurance: TERM and PERMANENT.
TERM insurance is appropriate for needs with limited time horizons, such as for college costs and mortgage balance. Features of term insurance include:
1. Lower Cost
2. Ability to have premium cost guaranteed and level for up to 30 years
3. No cash value (consider it as renting a death benefit)
PERMANENT insurance is designed to remain in force indefinitely. Features include:
1. Premium higher than with term and there may be a cash value
2. Two types of Permanent Insurance:
a. Whole Life Insurance - requires a specified premium
b. Universal Life Insurance - has a proposed premium (more flexible)
3. A sub-type of Universal Life is INDEXED UNIVERSAL LIFE, which measures the growth of the internal value based on indexes that track the stock market
NOTE: A more recent innovation is a policy blending life insurance with long-term care features.
Life insurance, as part of a sound financial plan, may be appropriate in many situations.
I can help ease the process of deciding upon and implementing your plan for life insurance.
Call me or send an email.
- Joe Sperling, J.D.