Financial Planning Wiz
A financial advisor can ensure you’re saving enough to meet all your immediate and retirement needs. Find out what’s best for you and your retirement goals!
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Whole Life Insurance: An insurance plan that gives a specific amount of money to your beneficiary.
You’ve spent a lifetime building your dreams. If the unthinkable happens, what happens to that dream?
Don’t let your and your family’s life become a nightmare! Protect your family from financial concerns after your death. With a life insurance policy, your family won’t have to be faced with financial devastation. With the proper amount of coverage your family will not only have enough cash to pay all funeral expenses, your spouse will be able to pay the home mortgage, send the children through college, and even go into retirement with peace of mind. So how do you make sure you have life insurance or if you have life insurance, how do you make sure you have enough coverage? It’s very simple. Just fill out our on-line quote form and an agent discuss your needs with you.
The agent will not only be able to tell you if you have enough insurance coverage, but they will be able to answer any questions you may have and also guide you into a new or additional policy if you so need. Whole Life insurance provides protection for a specified amount of time. It pays a benefit only if you pass during the term. Some term insurance policies can be renewed when you reach the end of the plan. The usual length of a term is 1 to 20 years. The premium rates may increase at each renewal date.
Initially, premiums are generally lower than those for Whole Life Insurance, allowing you to purchase more coverage at a younger age when the need for protection is often it’s greatest. This policy type works great as a limited term, stand alone policy or as a supplement coverage policy, to cover a special need for coverage like a home mortgage.
The bad news is that the premiums for a Whole Life Insurance policy will increase over the years. This policy may become too expensive to continue on a long-term basis. Usually, this policy does not offer cash value insurance.
There are many companies in the United States that sell life insurance. While some consumers prefer to buy policies directly from a company, most people buy life insurance through life insurance agents or brokers. Much of the information provided here would be helpful whichever way you decide to buy life insurance. The main reason people purchase life insurance is to replace the income that would be lost with their death. The cash benefits provided by your life insurance policy can help so your dependents are not burdened with your debts after your death. Life insurance cash benefits could mean your dependents wouldn’t have to sell assets, such as a home, a car or other valuable personal property, to pay off bills and taxes.
Before buying life insurance, you should review your family’s financial needs. There are a number of factors to consider when determining how much protection you should have. The factors are: funeral costs, final illness costs and estate taxes, funds for a readjustment period, ongoing financial needs, such as mortgage, monthly expenses, college tuition and retirement. You should purchase life insurance that is equal to five to seven times your annual gross income. This will ensure enough financial coverage.
Do I have enough coverage?
A major problem life insurance is that many people are not prepared. Talk with a life insurance agent or broker to work out a plan that would best suit your family’s needs. More Answers!
Which spouse should start a policy?
Both! Whether both of you are working or not, the death of a spouse will be a financial burden. There will be funeral costs, living costs, and retirement costs to deal with. So be prepared!
Q. How much life insurance will I need?
A. It may vary depending on family’s financial situation, savings and lifestyle. Usually plan on between 4 – 7 times your income. You should review your coverage every few years to verify you still have enough coverage.
Q. What if I need insurance coverage for short period of time?
A. Then Term Life insurance is policy type for you. This plan provides temporary coverage for a set amount of time. Term insurance generally provides a lower initial cost, with the cost rising over the years.
Q. When should I create a will?
A. Now! There is no better way to ensure your family’s financial security in the event of tragedy. Make sure to state who will receive which assets and be specific. If you want John Doe to have your car, then specify that exact statement. Otherwise there could be confusion, and where there is confusion, there could be court. And you don’t want to put your family through this. So be specific!
Q. Why is Whole Life insurance more expensive?
A. The initial premium can be higher than that of term insurance, but there are additional features and benefits built into Whole Life insurance that make it a greater value for the dollar spent. For instance it carries a cash gains in which you can borrow from, tax-free. Also Whole Life insurance is “Permanent Life insurance”; this means that the policy will last your lifetime.
Life insurance is designed to provide financial security for your family after your gone. Find out more about Whole Life insurance; fill out the “quote” form and receive answers to your questions and a free life insurance quote!
FINDING A FINANCIAL ADVISOR
A financial advisor can ensure you’re saving enough to meet all your immediate and retirement needs. Find out what’s best for you and your retirement goals! Learn more about the different asset allocation types, explore the areas above and fill out our on-line form to find a certified financial advisor in your area.
A financial advisor can ensure you’re saving enough to meet all your immediate and retirement needs. Find out what’s best for you and your retirement goals!