Life Insurance
Life Insurance is more than just mortgage insurance. It gives clients and their families the peace of mind knowing money will be available to help pay off their mortgage or other debs if they die. It can also help make mortgage payments if an individual experiences a major disability.
Term Life
Term Life Insurance provides coverage for a specific amount of time, usually 20 or 30 years, with a fixed premium and no cash accumulation. If you pass away, your beneficiaries will receive a payout for the term policy. This policy pays out upon death.
Term Life with living benefits provides an extra layer of protection for the living when an unforeseen circumstance arises. These policies allow the policy holder to pull money out to help pay for life events, such as chronic, critical, and terminal medical expenses. This type of term policy pays out while you are alive, if needed.
Term life policies tend to be much more affordable.
IUL (Indexed Universal Life)
A form of permanent life insurance with a cash value account, whereby premiums received are invested. (Premiums are generally higher than a term policy.) The investment value has a ceiling and a floor. In other words, when the market is growing, so does your investment. When the market is down, the value will never dip below a certain level. That addition value is available, paid directly to the policy holder, under certain circumstances.
For example: I purchase a policy for each of my children when they are young. As they proceed through life, they have access to money for major life events such as buying a house, going to college, or major medical expenses.
Final Expense
A policy considers all the your final expenses for end of life so your loved ones are not left holding the bill. This is an inexpensive way to avoid additional stress and struggles for your family when you die.