Life Insurance, Long-Term Care & Annuities
Life Insurance
When you die, life insurance offers money to your dependents to help them replace your lost income. This money is distributed to your beneficiaries and can be used for anything, including funeral costs, living expenses, college tuition, mortgage payments, and charitable gifts.
Death is costly. The average funeral costs roughly $10,000, not including medical fees incurred as a result of a hospital stay or prolonged sickness. Life insurance can cover these costs as well as any remaining bills, giving your family time to grieve a loss without having to worry about money. If you die, life insurance can assist your family pays their bills. Consider your family’s expenses: what would happen if you didn’t bring in another paycheck?
Types of Life Insurance
The most basic or simple type of life insurance is term insurance. It only pays out if the policyholder dies during the policy’s term, which is usually one to 30 years. There are no further benefits in most term insurance. Term insurance is always the lowest cost.
Permanent life insurance. These kinds of policies last your entire life and usually include a cash value component, which act like an investment and which you can withdraw or borrow against while you’re still alive.
Whole life insurance policies typically last until your death, as long as you pay the premiums. It’s the closest thing to buy it and forget life insurance. In general, your premiums stay the same, (and are higher than term) you generally get a guaranteed rate of return on the policy’s cash or market value or investment, and the death benefit amount doesn’t change, even if the cash value is higher.
Long Term Care Insurance
Long-term care insurance provides for services that assist people who are unable to conduct some daily activities without assistance or who require supervision owing to cognitive impairment like Alzheimer’s disease.
Determining whether long-term care insurance is right for you doesn’t have to be difficult. Let us help.
