Whether it’s the loss of a job, unexpected medical expenses, home repairs or just putting the kids through college, anyone in a financial bind has a variety of resources they can turn to—particularly if they already have a bit of equity to borrow against.
Options include borrowing from a life insurance policy or a 401(k) plan, tapping a home-equity loan, an ordinary refinancing or getting a reverse mortgage.
Of course no discussion of these issues would be complete without first mentioning the importance of financial planning to try and avoid this scenario. Each of these options comes with potential drawbacks to the point where some financial analysts argue for just avoiding them altogether.
As of right now, there are over 1,500 active life insurance companies, each offering a variety of policies, which makes for an endless amount of available options. This can make your decision even more difficult. No guide, adviser or reference can feasibly cover every type of policy. This column is designed to help you distinguish the differences between term and permanent life. For starters, all life insurance policies promise to pay an agreed sum of…
Life insurance will raise premiums due to high blood pressure being an early indicator of cardiovascular disease, kidney disease and chronic heart failure.
The U.S. Food and Drug Administration approves Afrezza to help patients living with diabetes, which is a costly disease that can result in high life insurance premiums.