What is Life Insurance and how does it work?Life insurance is a contract between you and an insurance company. In exchange for your premium payments the insurance carrier will pay a death benefit to your beneficiaries upon your death.
What is the difference between Term Insurance and Permanent Insurance?Term Life Insurance generally has lower premiums than permanent insurance. Term Insurance offers coverage for a set “term” period, i.e. 10,15,20,30 years. Your beneficiaries are paid out the death benefit only if you die within that term period. Permanent Insurance provides long-term financial protection. Permanent insurance includes universal life, variable universal life, and whole life. These policies offer a death benefit and, in most cases, offer cash savings.
What is a beneficiary?The beneficiary is the person, people, or entity that you name on your policy to receive your death benefit after you pass.
Do I need life insurance if I already have a policy though my work?While life insurance through your employer is extremely cost effective, most life insurance provided through your employer may not be enough to cover funeral expenses. Additionally, when you change jobs, coverage may end.
How much life insurance should I consider purchasing?You want to consider your contributions to your family and what financial need would be lacking if you are no longer here to provide it. A good rule of thumb to have a number in mind is using 10X your annual income, then from there consider your situation and adjust as needed.
When is the best time to purchase life insurance?Yesterday. Your policy premium is directly correlated with your age, the younger you are the less you will pay in your premiums.
Term Life Insurance
Term Insurance offers coverage for a set “term” period, i.e. 10,15,20,30 years. Your beneficiaries are paid out the death benefit only if you die within that term period.
Group Life Insurance
Group Life insurance covers an entire group of people. Can be used to offer to your employees if you are a business owner,
Whole Life Insurance
Permanent insurance includes universal life, variable universal life, and whole life. These policies offer a death benefit and, in most cases, offer cash savings.
Investment planning is the process of aligning personal financial short term goals and financial long term goals with your resources.
Retirement planning can help prevent running out of money during retirement. You retirement plan will set goals and arrange a way to execute that plan.
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