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Term life insurance lasts for a specified number of years and then ends. You choose the term when you take out the policy, with common terms being 10, 20, or 30 years. The best-term life insurance policies balance affordability with long-term financial strength.
Types of Term Life Insurance:
Term life insurance is attractive to young people with children because parents can obtain large amounts of coverage at reasonably low costs. Upon the death of a parent, a significant benefit can replace lost income.
These policies are also well-suited for people who temporarily need specific amounts of life insurance. For example, the policyholder may calculate that by the time the policy expires, their survivors will no longer need extra financial protection or will have accumulated enough liquid assets to self-insure.
Term life insurance is for a predetermined period, typically between 10 and 30 years. Term policies may be renewed after they end, with premiums recalculated based on the holder’s age, life expectancy, and health. By contrast, whole life insurance covers the entire life of the holder. Unlike a term life policy, whole life insurance includes a savings component, where the cash value of the contract accumulates for the holder. The holder can withdraw or borrow against the savings portion of their policy, where it can serve as a source of equity.
Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.
Whole life insurance policies are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, but it does not equal permanent life insurance as there are many types of permanent life insurance.
Universal life insurance and whole life insurance are both permanent life insurance types that offer guaranteed death benefits for the life of the insured. However, a universal life policy allows the policyholder to adjust the death benefit as well as the premiums. As one might expect, higher death benefits require higher premiums. Universal life policyholders can also use their accumulated cash value to pay premiums, provided the balance is sufficient to cover the minimum due. Whole life insurance, alternatively, does not allow for changes to the death benefit or premiums, which are set upon issue.
Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option. However, some require a single premium (single lump-sum payment) or fixed premiums (scheduled fixed payments).
Unlike term life, UL insurance policies can accumulate interest-bearing funds like a savings account. Additionally, policyholders can adjust their premiums and death benefits. Those paying extra toward their premium receive interest on that excess.
If you want to build tax-deferred savings and don’t expect to tap into the funds for a long time, universal life may be a suitable option. The cash value option that’s part of a universal life policy may be available for you to withdraw or borrow against in an emergency.
It’s a good idea to talk with your insurance provider to better understand your life insurance options. They can help you review your personal situation and long-term goals to choose a policy that’s a good fit for you and your family.
Final expense insurance is a simple, affordable type of life insurance designed to cover end-of-life expenses such as funeral costs, medical bills, and small outstanding debts. It ensures that families are not left facing financial burdens during an already emotional time. Policies are easy to qualify for, often without the need for a medical exam, making them an accessible option for many individuals.
Final expense insurance typically offers smaller coverage amounts compared to traditional life insurance, but it’s specifically designed to meet the most immediate and essential financial needs. With fixed premiums and guaranteed benefits, these policies offer predictability and peace of mind for you and your loved ones.
Imagine the sudden loss of a loved one, and the unexpected burden of funeral costs, burial fees, and last medical bills. Final expense insurance can ease that burden, helping families focus on healing rather than worrying about how to pay for services. Having this protection in place is a powerful way to show care and responsibility toward your family’s future needs.
Because final expense insurance is affordable and straightforward, it’s an important option for individuals looking to ensure dignity and protection for their families. Whether you are planning for yourself or assisting a loved one, final expense insurance is a meaningful investment in peace of mind and financial stability.
Retirement planning is essential for ensuring financial security and independence in your later years. It’s about more than just saving; it’s about creating a personalized strategy that protects your lifestyle, covers future healthcare needs, and prepares you for the unexpected, giving you the freedom to enjoy your retirement without financial worry.
Effective retirement planning includes setting savings goals, selecting the right investment strategies, and protecting assets with the right insurance products. Whether it’s life insurance, annuities, or specialized retirement accounts, building a secure foundation now helps you avoid financial stress later on.
Imagine reaching retirement age with confidence, knowing you have a steady income stream, healthcare costs covered, and a solid plan for future needs. Thoughtful retirement planning makes that vision possible, helping you enjoy more freedom, less worry, and a better quality of life during your golden years.
No matter where you are in your journey, it’s never too early—or too late—to start planning. Working with a trusted advisor helps you create a flexible, customized strategy that evolves with your goals, ensuring that your retirement years are everything you hope for and deserve.
Mortgage protection insurance is a type of life insurance designed to help your loved ones pay off your mortgage if you pass away unexpectedly. This coverage ensures that your family can remain in their home without the added stress of mortgage payments during a difficult time.
Your home is one of your most valuable assets. Mortgage protection provides peace of mind, knowing that even in your absence, your mortgage won’t become a financial burden for your family. It can also cover critical illness or disability, depending on the policy.
When selecting a mortgage protection policy, consider the length of your mortgage, the remaining balance, and any additional coverage needs such as critical illness or disability. Our advisors can help you find a plan that fits your situation and budget.
Imagine eliminating your debt in half the time without increasing your income. It’s possible with the right strategy and financial tools. Many people are burdened by long-term loans and high-interest payments, but a smart debt elimination plan can change your financial future faster than you think.
Through a combination of income optimization, interest reduction, and strategic payment scheduling, our debt reduction program helps you pay off your mortgage, credit cards, and loans significantly faster. By redirecting existing income more efficiently, you can cut years off your debt payoff schedule.
This program is ideal for homeowners, families, or anyone carrying significant debt. Whether you’re just starting to pay down loans or already years in, we can create a personalized plan that accelerates your debt-free journey.
Don’t let debt control your future. Contact us for a free consultation and find out how quickly you can be on your way to total financial freedom.
Infinite Banking is a powerful financial strategy that allows you to take control of your money by using a specially designed whole life insurance policy. Instead of relying on traditional banks, you can borrow from your own policy and pay yourself back – just like a bank would.
This strategy leverages the cash value of a whole life insurance policy. As the policy grows, you can borrow against the cash value to fund major purchases, investments, or even pay off debt. You continue to earn interest on your full cash value, even while the loan is in use.
Whether you’re an entrepreneur, investor, or simply someone who wants more control over their finances, Infinite Banking can be a powerful part of your wealth-building strategy. It’s especially valuable for those looking for a safe and predictable financial foundation.
Ready to take control of your financial future? Discover how Infinite Banking can help you grow and access wealth on your terms. Contact us today for a free consultation and personalized plan.
After a lifetime of hard work, your retirement should be a time of security and peace—not uncertainty. Retirement protection ensures that your savings, income, and lifestyle are shielded from market volatility, unexpected healthcare costs, and inflation.
Many retirees face the risk of outliving their savings, market losses, or rising medical expenses. Retirement protection strategies can help preserve your wealth, guarantee income for life, and provide a legacy for your loved ones.
No two retirements are the same. That’s why we offer personalized strategies tailored to your lifestyle, risk tolerance, and financial goals. Whether you’re nearing retirement or already there, it’s never too late to protect what you’ve earned.
Take the next step in securing your retirement. Contact us for a complimentary retirement review and discover how to keep your assets safe while enjoying the freedom you deserve.