Retirement Protection
30 min
Term Life
Term insurance is the cheapest form of Life Insurance and is designed to get the most coverage for the least amount of premium. The rate will stay level for the term length that you choose. These policies have different underwriting guidelines ranging from simplified issue which doesn't require an exam all the way to fully underwritten which does but will have the lowest premium. The rates vary depending on the term length and your individual health which will dictate which policy is best for you. A good solution is to have both Term and Whole Life where you put the bulk of the coverage on Term and then also have a smaller Whole Life policy. That way you can cover more in your working years while you have more liabilities, then when you retire and the term ends you still have a Whole Life policy to cover final expenses and leave behind something for your loved ones. Shopping by price only can lead to disaster down the road. It is important to consult with a licensed professional to take all of your individual circumstances in to consideration and also be able to shop multiple carriers to get the best fit for your needs and budget. All of this is provided free of charge to you and the compensation to the agent is paid for by the insurance company. Nothing comes out of your policy.
Whole Life
There are several Whole Life type products which at their core will have an investment portion along with the life insurance portion. This is how these policies are able to go your whole life no matter how long you live for the same premium. Traditional Whole Life will pay dividends to the investment portion and the monthly rate and death benefit will be set at the beginning. A Universal Life policy on the other hand may be flexible in premium and death benefit while the investment portion gains can be linked to a number of stock market indexes of your choosing and can be reset yearly. The compensation to the agent is paid for by the insurance company and not taken out of the policy proceeds. These policies can be a good fit for a number of situations such as legacy planning where you transfer wealth from one generation to the next, business benefit compensation or generational business transfer, funding a charitable gift which will increase that gift, tax free retirement payments or having a family bank to draw from instead of a loan and more! Having a licensed professional analyze your goals and needs to find the best fit from the seemingly endless choices is the key to finding the right policy for you