Many people have the preconceived notion that life insurance is a morbid concept. In reality, it is the easiest and most inexpensive way to make sure that your family can stay in their home, your children can attend college and maintain their style of living should something happen.
Very few people realize there are living benefits associated with permanent insurance. Life insurance is generally a tax free way to produce income streams during retirement, aid in college expenses, plan vacations and more. The tax benefits alone is worth taking a look at the possibilities.
My clients generally think there are two types of insurance; term and whole life. These days there are a wide variety of products which can be tailored to a specific need. Following are the four types of insurance and basic descriptions of what each can offer.
Term Life Insurance
Term Life Insurance is most commonly used for a short term need such as mortgage protection and outstanding loans. Generally is the least expensive form of insurance.
Whole Life Insurance
Whole Life Insurance protects you for your whole life, from the day you purchase the policy until you die, as long as you pay the premiums. Is a form of permanent insurance.
Universal Life Insurance
Universal Life Insurance is another form of permanent insurance. The policy offers flexible protection and flexible premiums.
Annuities
A Deferred Annuity is a unique financial vehicle designed to help people accumulate money for their retirement and/or turn a lump sum of money into a guaranteed stream of income payments.
A Lifetime Income Annuities provide a 100% guarantee that your retirement income will last as long as you live, no matter how long that is and no matter how the financial markets perform.
