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Which kind of life insurance should I have?

That's a question we keep hearing and we are here to make the answers simple for you!

Life insurance serves many needs to you and your family. It's an investment for the unforeseen times to come. We can't predict what will happen, though we can be prepared.

Whole Life

Whole life insurance is permanent life insurance. It is like owning a home. When you pay your mortgage you build equity in your home. With whole life insurance as you pay your premiums you will build cash value. You have the option to cash out prior to your death. If you cash out, you will no longer have life insurance. The other option is to take a loan against your cash value. This loan can be paid back. If you pass away and still have a loan balance the insurance company will pay the difference. For example, if you have a $100,000 death benefit with a $20,000 loan balance, your family would receive the difference of $80,000. All life insurance pays a tax free death benefit. 

Term Life

A Term Life policy provides protection for a certain period of time. They can last for 1, 5,10,15, 20 or 30 years. Term Life is like renting life insurance. It is for a specific amount of time for a specific dollar amount, which is budget friendly. Some Term Life policies can be converted to Whole Life while others cannot. It's very important to know the expiration date of the Term Life policy so that you do not lose any investment.

Universal Life 

With this policy, there is a combination of a flexible premium and adjustable life insurance. A Flexible Premium Policy is a policy feature that allows the policy holder to vary premium payments in the amount and/or timing. An Adjustable Life Policy permits changes in the face amount, premium amount, period of protection and the duration of the premium payment period. Unlike Term life insurance, this policy will not expire until either the insurer's passing or if it is canceled. This policy also builds cash value from which you can borrow against it.

Medicare Doctor Parents just bought whole life insurance
Medicare Doctor A couple is happy about their life insurance.
Medicare Doctor Friends talk about life insurance.
Medicare Doctor Family travels with appreciation for life insurance.

Index Universal Life

Index Universal Life insurance is a Universal Life Insurance Policy in which the cash value is invested in the external market indexes such as the S & P 500 or the Russel 3000. Indexed Universal Life (IUL) insurance policies provide greater upside potential, flexibility, and tax-free gains. This type of life insurance offers permanent coverage as long as premiums are paid. IUL is designed to accumulate cash value. This could be a great tool to fund educational expensed or retirement income. 

A family is happy about their life insurnace.
Medicare Doctor A son is appreciative for burial insurance.

Final Expense

Burial Insurance is another term often associated with final expenses. It is a type of whole life insurance that has a smaller face amount than traditional insurance. A Final Expense policy focuses on covering end of life expenses while most life insurance policies focus on income replacement for the beneficiary. 

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