A graded premium life insurance policy features a cost structure that gradually increases. Typically, the policy’s pricing starts lower than a traditional plan would cost, but they continue to rise annually for a specific number of years until reaching a fixed level. With a modified whole life insurance policy, you receive the same benefit of a lower cost, but for a longer time. Instead of having the monthly prices rise yearly, it would stay at…
You likely think of life insurance as money you leave behind for your loved ones, but what if you could use it as a wealth-building tool? Life insurance is an excellent way to protect your loved ones from unexpected death, but if you use it as a tool to build wealth along the way, you may be able to leave your loved ones with even more money than you thought. Reasons to Use Whole Life…
Guaranteed issue life insurance is excellent when you need only a small amount of coverage and aren’t terminally ill. But there’s a problem. It only offers up to $25,000 in coverage in most cases. What if you need more? Term life insurance expires, so it’s not an option for most people looking to leave money for their loved ones. What if you outlive the policy? If you’re over 80-years old, very few policies are available…
Life insurance after 80 years old isn’t as easy to get as it was when you were younger. Fortunately, most seniors don’t have as many pressing debts, like a mortgage, putting kids through college, or replacing income if they should lose it. But many seniors over 80 find themselves without a safety net for their loved ones to cover things like their final expenses or other necessary bills. There are insurance options for seniors over…
You know you need life insurance but aren’t sure what you can afford. Whole life insurance is a permanent life insurance policy that many people want but can’t afford the premiums, so they turn to term life. Depending on your situation, though, term life isn’t always the answer, and there’s an alternative – modified whole life insurance. Here we describe the differences between whole life and modified whole life so you can see which one…
Life insurance does more than protect your beneficiaries when you die. Some life insurance policies also have a cash value, otherwise known as a living benefit. The death benefit is for your beneficiaries, while the living benefit is for you – your beneficiaries don’t get it if you die before using it. The cash value can be an emergency fund or provide access to the cash you need when in a bind. There are several…
When you get whole life insurance, your goal is to have a paid-up life insurance policy with cash value, right? That can seem like light years away or like you’ll never achieve it with the incredibly high premiums insurance companies charge. It can feel like you’re paying premiums that get you nowhere. There’s good news, though. Paid-up additions on your life insurance policy may help you reach your goal faster than you think. Here’s how.…
You may be pulled by the excitement of modified whole life insurance. Who wouldn’t? You can have health issues and still get life insurance? Sign me up, right? Not so fast. It’s not as good as it sounds. In fact, you may find that you’re wasting money on a product like this. It sounds attractive getting life insurance when you have health issues, but it’s not full coverage for at least two years, sometimes longer.…
Surrendering a whole life insurance policy means giving it up. You ‘surrender it’ for the cash. This works with whole life and universal life policies since they both accrue a cash value. But it may not be as much cash as you think. Understanding how the process works is important, so you can make the right decision before giving up your life insurance policy. What Does it Mean to Surrender a Life Insurance Policy for…
If you thought you’d be financially set in retirement throughout your life only to find out you’ve come up short, you may worry. Without a life insurance plan, you may not have anything to leave your loved ones to take care of your final expenses. At this point in your life, life insurance is unaffordable, right? Once you’re ‘older,’ life insurance companies don’t want to insure you, especially if you have health problems. Now what?…