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Life Insurance Information
Permanent life insurance can be a product that can be used in many different way's. This products number one feature is the death benefit that it provides to your beneficiaries at the time of death of the insured. Permanent life insurance can also be used as an investment that grows tax deferred that can be used for retirement, educational expenses and many other needs.
What is permanent life insurance?
Permanent life insurance is a life insurance product that never expires or cancels like term life insurance. This type of insurance has cash value built into the product that grows tax deferred and the cash value is invested in different kinds of investment vehicles. The type of permanent life insurance will determine how the cash value will be invested and your cash value will be credited. There are many types of permanent life insurance products in the market.
What are the benefits of permanent life insurance?
Permanent life insurance has many benefits but at the same time it is a more complexed product than term life insurance. Permanent life policies offer a death benefit and cash value. You can use the funds by cashing out the policy, taking a loan against the policy or taking a withdraw. Benefits last a lifetime and do not expire like term life insurance. Permanent life insurance policies can be set up to have the same premium for life but this can have some flexibility on some types of permanent life insurance policies.
What is a rider for a permanent life insurance and what types of riders are available?
A rider in a life insurance policy adds benefits but also increases the premium that the consumer has to pay. There are many riders available and below are some that a term life insurance policy can offer.
- Chronical Illness: This rider allows the insured to use a portion or all of his death benefit when the insured can not perform two of six activities of daily living.
- Waiver of Premium Disability: This rider covers your premium in case you became disabled.
- Accidental Death: This rider pays an additional death benefit if the death results from an accidental bodily injury.
- Accelerated Death Benefit: This rider allows the individual to have access to his death benefit if the insured is diagnosed with a terminal illness.
These are just a couple of riders, that might be available.
Reasons why someone might need permanent life insurance?
- Income Protection: One of the main reasons to buy life insurance is to provide income protection for his beneficiaries. The death benefit should replace the income the insured made on a yearly basis for the entire life of his beneficiaries.
- Home Mortgage Protection: This provides a solution for a family that has a mortgage on their home. The beneficiaries would receive the death benefit and then they would pay off the mortgage.
- Buy Sell Agreement: Is a legal contract between owners of a company that dictates what will happen to the company at the time of death of one owner or more. This buy sell agreement determines the amount the beneficiaries would receive at the time of death. Permanent life insurance can be used so that when one of the company owners dies the company can have enough liquid assets to pay the beneficiaries of the deceased.
- Estate Planning: Permanent life insurance can be used in providing liquid assets to pay the estate taxes at the time of death of the insured.
- Retirement Planning: Permanent life insurance can be used to supplement income at retirement. This planning might be a great way to invest because of the tax deferred growth, and the income at retirement might be income tax free.
- Final Expense Life Insurance: Is a way to structure a permanent life insurance to be able to cover the funeral (cremation expense) and any other cost that a person might have at the time of death.
"Remember that its never to early to get life insurance"
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