Life & Health Insurance


Life insurance is one of the most important purchases you could ever make but the process of getting yourself insured shouldn’t take years off your life.

Life insurance provides a tax-free lump sum of money to your loved ones in the event of your death, allowing them to continue toward their financial goals. It’s a value asset that gives you peace of mind that the people you love most will be taken care of even when you’re not around.

What are the different types of life insurance?

Broadly speaking, life insurance can be divided into two different types: term and permanent.

Term life insurance

Term life lasts for a predetermined period of time, known as the term. When the term is expires, so does the coverage. This is the most affordable type of life insurance, and lasts only as long as you need it to cover debts and provide for beneficiaries.

Permanent life insurance

Permanent insurance lasts for as long as the policyholder pays the premiums. Permanent policies also have a cash value component that acts as a sort of investment vehicle that can be borrowed against. The cash value portion, fees, and the absence of an expiration date raises the price of permanent policies compared to term. Permanent life insurance policies include whole, variable, universal and variable universal life.

Whole vs. Term

Most people end up deciding between term and the most popular type of permanent life insurance, whole. Term life is often the preferred choice for a majority of people because it’s affordable and straightforward. However, whole life, with its cash value and permanent status, can be useful for people with complicated finances. We can help you decide which option is right for you.

What are the advantages of life insurance?

There are many benefits of life insurance that make it a necessary part of any financial plan. No matter how you use it as part of your safety net, you can count on the following.

It provides money tax-free

The death benefit provided by a life insurance policy is a lump sum of money that’s tax-free. That means the whole amount goes to your beneficiaries – and they don’t have to plan their goals around splitting a portion of the money with the government.

It’s affordable protection

While the exact cost of life insurance varies, for the most part, it’s pretty affordable. Consider this: A healthy 30-year-old male can expect to pay around $40 a month for a $1,000,000 term life policy. That’s about half the cost of the average internet bill. Since the money can go toward your loved one’s college education, first house, or retirement – that’s money well spent.

It’s an alternative investment option

Term life insurance is straightforward, but the cash value of whole and other permanent types can act as a forced investment vehicle. You should talk to a trusted adviser before deciding whether or not a permanent life insurance policy is the right path, but if you’ve already maxed out other investment options, life insurance might work as an additional vehicle.

Who needs life insurance?

Life insurance is a useful tool for most people, but there are a few things to consider to see if it’s right for you. Here are a few scenarios that you may fall in to:

  • You don’t have any beneficiaries. If you’re young and single, and no one is counting on your financially, you probably don’t need life insurance. But keep in mind that there are still reasons you might buy it. Life insurance gets more expensive the longer you wait to buy, so you might choose to apply while you’re young to lock in low rates. Also, no one’s health is guaranteed. Once you get a diagnosis it could be too late to purchase life insurance. You might also want to leave money to an institution or charity.
  • You don’t have (or anticipate) any debt. If your death won’t leave loved ones with debt, you might not need life insurance. But you should also consider future debt, like the cost of putting your kids through school or caring for aging parents. It’s important to look ahead to your life insurance needs, not just to the past.
  • You can self-insure. Even if you do have or anticipate debt, you might be able to cover the costs simply using your own savings.

If you don’t fall into one of these scenarios, you should seriously consider life insurance. If you don’t have it, you risk leaving your loved ones financially vulnerable in a worst-case scenario – something that’s easily avoidable with life insurance.

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