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Life Insurance
Determining what life insurance you may need — including benefits, costs and the time to buy — can be challenging. Deepen your understanding of whole, term and universal life insurance and how these solutions could help increase security for you and your loved ones.
Joint life insurance is a policy that covers both spouses and pays out either when the first or second spouse dies, offering potential cost savings but limited coverage options.
An Accidental Death Rider is an add-on or provision to a life insurance policy that provides an additional payout if the insured's death results from an accident.
An irrevocable beneficiary is a person or entity in a life insurance policy who cannot be easily changed or removed, providing security and predictability for the beneficiaries.
Learn the truth about life insurance, debunking myths such as affordability, age, and health restrictions, coverage through employers, and the importance of stay-at-home spouses having coverage, ensuring your family's financial stability.
A life insurance beneficiary is the person who would receive the death benefit from your policy. Here's some information to help you make the right choice.
You likely have employer-provided life insurance coverage, but is this coverage enough? Your coverage needs may change at different stages of your career.
Long-term care insurance is important for safeguarding retirement savings and helps prevent financial strain on family members, providing coverage for various care options and greater flexibility than Medicaid.
The COVID-19 vaccine does not affect life insurance coverage, as clarified by state departments, insurance industry groups, and the American Council of Life Insurers.
Helping to replace lost income is just one of the many benefits of life insurance. Here are nine reasons why having a life insurance policy can be important for the future well-being of your family.
Contact your life insurance company's customer service, provide your personal information, and request a copy of the policy; alternatively, use resources like the NAIC policy locator tool or search through financial documents to locate the policy.
Term life insurance offers a range of benefits, including simplicity and affordability, making it an accessible choice for many. With the added advantage of flexibility, it allows policyholders to tailor coverage based on their specific needs and budget.
Life insurance is a contract between an individual and an insurance company where the individual pays regular premiums, and in exchange, the insurance company provides a lump sum payment to the designated beneficiaries upon the insured person's death.
To choose life insurance, it is important to understand different policy types, evaluate coverage needs, assess costs and financial ratings, and seek guidance from a financial representative.
Life insurance premiums are generally not tax-deductible, but beneficiaries usually receive tax-free death benefits, and policies with cash value offer potential tax advantages.
Overfunded life insurance is an approach where you contribute more funds to a permanent life insurance policy than is required to pay the premiums. This method helps boost your policy's cash value growth, potentially providing tax benefits and opportunities for financial flexibility and long-term wealth building.
Convertible term life insurance can be a good fit for those who want the flexibility to switch to permanent coverage in the future without undergoing a health exam.
The cost of life insurance is influenced by factors such as death benefit amount, type of policy, riders, age, gender, health, tobacco use, family history, lifestyle, and occupation.
Common online life insurance scams involve tactics such as falsely claiming issues with your policy, surprising you as a beneficiary, creating fake websites, offering unrealistic teaser rates, and providing dishonest online quotes to deceive individuals seeking life insurance coverage.
Term life insurance provides coverage for a specified period and offers a death benefit if the insured passes away, while permanent life insurance provides coverage for the entire lifetime and includes an investment component.
Cash value life insurance is generally not taxable as it grows within the policy. However, taxes may apply to withdrawals, loans, or surrenders that exceed the total premium payments made, so it's essential to understand the specific rules and consult a tax advisor for guidance.
Cash value life insurance is a type of permanent life insurance with both a death benefit and a cash value component. A portion of your premium payments goes towards building this cash value with the potential to earn interest and grow.
A revocable beneficiary allows the policy owner to change beneficiaries without restrictions, providing flexibility for adapting to changing life circumstances and goals.
A contingent beneficiary is someone who receives the proceeds of a life insurance policy if the primary beneficiary cannot, ensuring the distribution of assets according to the policyholder's wishes.
Life insurance policies have a grace period, also known as a "free look period," during which you can review and evaluate a newly purchased policy without any financial risks. If you decide to cancel within this timeframe, you'll receive a full refund of any premiums paid, allowing you to make an informed decision without pressure.
Accidental death insurance specifically covers death resulting from accidents, while life insurance provides broader coverage for most causes of death, making it important to choose the right policy for financial protection.
Retirees should evaluate their financial situation and specific needs to determine if obtaining life insurance is necessary to safeguard their loved ones' financial well-being.
It is important for individuals changing careers, especially primary breadwinners with dependents, to assess their life insurance needs and consider getting their own policy to help with financial protection and their peace of mind.
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