How to secure your life?
Buy life insurance to secure your life, simple!
A life insurance policy is an agreement between two parties, the policy owner and the insurer. If the insured dies, the insurer pays the benefit to the beneficiary. An insurance contract or agreement is a written agreement between two parties, where the first party or insurance company assesses the other party or the insured’s financial, health and living conditions and provides life insurance at the request of the applicant.
Highlights
– The policy starts when two parties enter a life insurance agreement or a legal contract.
– In most cases, the insurance policy remains in force until the insured dies, or the last premium, or until the insured surrenders the plan.
As per the contract, the benefit amount may change or stay the same to the maturity. The insurer’s guarantor pays benefits to the insured in case the insurance company files bankruptcy. In terms of life planning, securing your life is the most important decision.
Mishaps can occur at any stage of life, including birth, marriage, childbirth, and old age. We provide life insurance that fits every stage of life so that you and your family are prepared.
There are many reasons for securing your life, such as
-Financial protection
– Life insurance is the best and cheapest way to secure your financial security, as we mentioned earlier. If you are concerned about the financial future of your loved ones, then you should purchase a plan to secure your life and to ensure that they can easily pay off your debts, final expenses, and taxes.
– Legacy for family –
Buy life insurance to leave a legacy for your family and children. We offer secure life plans with cash value and investment options.
– Tax-free payments –
If you pass your house or property to your children, it will be taxable under the rules, but life insurance benefits are tax free, as long as they named the beneficiary in plan.
– Creditor protection –
If they properly drafted the policy, life insurance death benefits and cash values are protected from creditors. If a business owner wants protection against bankruptcy, creditor protection is an important feature.
– Living benefit –
If an insured is diagnosed with a terminal illness, the policy can become a living benefit.
Different plans to secure your life
1. Term life insurance.
As the name implies, term insurance has a defined duration, such as 10 years, 20 years, 30 years or more. Since it has a fixed duration, term life insurance is cheaper. Note: We can also use term life insurance as mortgage insurance. Further, the term life insurance can be divided into:
Decreasing Term
– The amount of coverage decreases overtime. Our liabilities also start decreasing after a certain age, so term life insurance applies in such cases.
Variable or Convertible Term
– The term type allows the insured to switch to permanent insurance at the end of the term.
Renewable Term
– This is an annual renewable term life insurance, where the premium increases every year, being cheaper in the beginning and becoming more expensive.
2. Permanent
This policy lasts for as long as the policyholder pays the premiums or surrenders the policy. Since it does not have a time limit, it is more expensive than term life insurance. We can further divide the permanent life insurance into: –
Whole life
– The life insurance policy with a cash value and death benefit is called whole life insurance. This is also known as money back policy, in which the insured can access the accumulated fund and keep their life insurance policy in force as per contract terms. It is a flexible life insurance policy with investment options. The insurer can deposit a higher premium with Universal Life Insurance, which leads to investment. Flexible payment options, short-term payment options, and growth options make UL policies popular.
Universal life insurance and Variable UL are two other types of permanent life insurance.
Term Life Insurance vs. Permanent Life Insurance.
- Temporary coverage from the financial impact of death.
- Young families, homeowners with the mortgage, and business loan owners are the buyers.
- It is inexpensive, comparatively one can buy more coverage with the same amounts.
- Convertible to permanent life insurance, return of premium options are the key points.
- Term Life Insurance is for a fixed term.
- Term life insurance is cheaper, whereas permanent life insurance is relatively expensive.
- Lifelong coverage from the financial impact of death.
- Adults with long life goals, and want to invest in the legacy, are major buyers.
- Lifetime coverage, bit more expensive, but comes with better investment and growth opportunities.
- Permanent coverage, short term pay off options are the key points.
- Permanent life insurance has the potential for investment, while term life insurance does not.
To ensure the beneficiaries’ living standards, we must assess our needs. Analyze your financial situation and determine how much money your beneficiaries will need to maintain a standard of living. An experienced financial advisor can help you assess your needs and find the right secure life plan. We are experts in these services. Get in touch with us today, or use our online life insurance premium calculator to find out how much life insurance you need.
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