Why Purchase Permanent Life Insurance?

Why Purchase Permanent Life Insurance?

A permanent life policy provides lifelong insurance protection. The policy pays a death benefit if you die tomorrow or if you live to be a hundred. There is also a savings element that will grow on a tax-deferred basis and may become substantial over time. Because of the savings element, premiums are generally higher for permanent than for term insurance. However, the premium in a permanent policy remains the same, while term can go up…

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What Are the Differences Between Term Life and Permanent Life Insurance

What Are the Differences Between Term Life and Permanent Life Insurance

Life insurance is a financial security net that protects your family when you pass away. It provides monetary support, which can be used to pay for the funeral, help make ends meet, pay off debt or even help pay for future expenses like college tuition. Its tax-free payment that can be used for any purpose after an unexpected loss. Is term life or permanent life insurance right for you? One benefit that life insurance has over direct…

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The Importance of Life Insurance Policy Illustrations

The Importance of Life Insurance Policy Illustrations

When dealing with permanent cash-value life insurance, sales are usually based on illustrations and product analysis. These illustrations are used to highlight project interest rates and future values, which are then shown to potential clients. But before any decisions, it is important to understand all the elements and components of these policy illustrations.

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What is Whole Life Insurance and Will It Really Last Until I Die?

What is Whole Life Insurance and Will It Really Last Until I Die?

Whole life – often called ordinary life or straight life – is the original permanent life insurance policy, which is still the most commonly used in-force policy today. Over the past 20 years, this policy has become less popular, with the introduction of universal life, variable life, and variable universal life. These policies are less rigid than whole life.

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Special Insurance Considerations for Dependents

Special Insurance Considerations for Dependents

Children and spouses are just one group of dependents that may require cash proceeds from a life insurance policy. Age and direct ties to your family are a couple things to think about if the worst should happen to you.

Distant relatives, ex-in-laws, foster children, and child support for any illegitimate children may also require additional streams of cash, notes Edward Graves, author of “McGill’s Life Insurance.”

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Term Life vs Permanent Life Insurance

Term Life vs Permanent Life Insurance

While it’s controversial among the experts, the question of whether to buy term life insurance or permanent life insurance – and invest the difference – is a key factor in building a successful financial strategy. People who purchase life insurance generally associate themselves into one of two “camps” who prefer one type of insurance to the other. The whole life camp consists of the “True Believers,” to whom buying life insurance is the answer to every…

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What Is Life Insurance Inside a Qualified Plan?

What Is Life Insurance Inside a Qualified Plan?

Qualified retirement plans are designed to encourage employees to save money now, so that they will have enough to sustain themselves when they are no longer working. A plan like this meets all the requirements of the Internal Revenue Code, which means it is eligible for certain tax benefits. In simpler terms, a qualified plan is a tax-favored accumulation vehicle like permanent (cash value) life insurance.

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