A life insurance policy is the best way to safeguard the financial needs of your family in case anything ever happens to you. Some policies build up an accumulated cash value so you can borrow funds in a pinch. However the primary reason people opt for life insurance remains the death benefit it provides their loved ones.
Your family has unique needs and your own goals are a primary consideration for selecting the type and amount of coverage. LifeCentra can help you understand and plan for any unforeseen expenses.
You Have a Choice
There are several types of life insurance, choose the one that’s right for you:
Term Life Insurance
The most basic form of life insurance is an affordable option offering coverage over a limit period or “term” of up to thirty years, and can be converted into a more permanent solution later. Term life insurance pays on the condition that death occurs during the term of the insurance policy; most of these policies are without benefit provisions, like accumulated cash values.
Whole Life Insurance
As the name suggests, this form of life insurance provides a permanent death benefit with a premium amount that never decreases. Whole life insurance guarantees lifelong protection and benefits in return for a fixed premium. This type of policy establishes a cash value and can be used while the policyholder is still alive.
Universal Life Insurance
A universal life insurance policy allows for varying premiums, provided there is sufficient value in the account. You may also select an option for guaranteed death benefits or accumulated cash value, depending on the premium amount and the value of the policy. This form of life insurance provides permanent financial protection with flexibility to meet financial goals.
Guarantee Universal Life Insurance
The coverage under a guaranteed universal plan is different from term and whole life plans, since the amount and timing of premium payments can vary. This plan offers the convenience of making flexible payments depending on the financial circumstances of the policyholder. This form of life insurance offers death benefits as well as the incentive to build cash value towards the policy.
Indexed Universal Life Insurance
Indexed universal life insurance offers tax-deferred cash accumulation for retirement (against which you may also take a loan for financial emergencies) while maintaining a death benefit. An indexed universal life plan can be attractive to business owners, in addition to being used as an estate-planning tool. This form of life insurance offers permanent life insurance protection with possible cash accumulation.
Why Do I Need Life Insurance?
Life insurance is an important safety net that can help your loved ones meet expenses in case of your death. Thus, it should be an essential part of your financial plan. LifeCentra can help you choose between policies that offer death benefits, cash value and even tax breaks allowing you to save more for retirement.
Fast Fact – About 30% of people do not have enough life insurance because they just “have not gotten around to it.”
Not sure what insurance you need?
Your life stage can give you some important clues about financial products that will match your unique needs:
- In a relationship
- Established family
What can LifeCentra do for you?
- Understanding your requirements and financial goals
- Expert advice that is personalized for your insurance needs
- Complimentary, no-obligation analysis of your existing coverage