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Term life insurance lasts for a specified number of years and then ends. You choose the term when you take out the policy, with common terms being 10, 20, or 30 years. The best-term life insurance policies balance affordability with long-term financial strength.
Types of Term Life Insurance:
Term life insurance is attractive to young people with children because parents can obtain large amounts of coverage at reasonably low costs. Upon the death of a parent, a significant benefit can replace lost income.
These policies are also well-suited for people who temporarily need specific amounts of life insurance. For example, the policyholder may calculate that by the time the policy expires, their survivors will no longer need extra financial protection or will have accumulated enough liquid assets to self-insure.
Term life insurance is for a predetermined period, typically between 10 and 30 years. Term policies may be renewed after they end, with premiums recalculated based on the holder’s age, life expectancy, and health. By contrast, whole life insurance covers the entire life of the holder. Unlike a term life policy, whole life insurance includes a savings component, where the cash value of the contract accumulates for the holder. The holder can withdraw or borrow against the savings portion of their policy, where it can serve as a source of equity.
Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.
Whole life insurance policies are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, but it does not equal permanent life insurance as there are many types of permanent life insurance.
Universal life insurance and whole life insurance are both permanent life insurance types that offer guaranteed death benefits for the life of the insured. However, a universal life policy allows the policyholder to adjust the death benefit as well as the premiums. As one might expect, higher death benefits require higher premiums. Universal life policyholders can also use their accumulated cash value to pay premiums, provided the balance is sufficient to cover the minimum due. Whole life insurance, alternatively, does not allow for changes to the death benefit or premiums, which are set upon issue.
Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option. However, some require a single premium (single lump-sum payment) or fixed premiums (scheduled fixed payments).
Unlike term life, UL insurance policies can accumulate interest-bearing funds like a savings account. Additionally, policyholders can adjust their premiums and death benefits. Those paying extra toward their premium receive interest on that excess.
If you want to build tax-deferred savings and don’t expect to tap into the funds for a long time, universal life may be a suitable option. The cash value option that’s part of a universal life policy may be available for you to withdraw or borrow against in an emergency.
It’s a good idea to talk with your insurance provider to better understand your life insurance options. They can help you review your personal situation and long-term goals to choose a policy that’s a good fit for you and your family.
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. It can also offer coverage for other types of healthcare, such as dental, mental health, and prescription drugs.
Health insurance protects you from high or unexpected healthcare costs. It ensures that you have access to medical care when you need it, helping to manage chronic conditions, emergencies, and preventive care.
Coverage can vary by plan, but most include:
Consider your healthcare needs, budget, preferred doctors or hospitals, and any chronic conditions when choosing a plan. Comparing premiums, deductibles, co-pays, and out-of-pocket maximums is also important.
Health insurance is an essential part of financial and physical well-being. Choosing the right plan can help protect you and your family from unexpected healthcare costs and ensure you receive the care you need.
Final expense insurance, also known as burial insurance or funeral insurance, is a type of whole life insurance designed to cover end-of-life expenses. These policies are typically smaller in value and are intended to help loved ones cover funeral costs, medical bills, and other final expenses.
Final expense insurance helps ease the financial burden on your family during a difficult time. It ensures that funeral and burial costs are covered, so your loved ones don’t have to worry about out-of-pocket expenses while grieving.
This type of insurance is ideal for seniors or those who do not have other life insurance coverage. It is also suitable for individuals who want to ensure their end-of-life expenses are fully covered and not passed on to their family members.
You can apply through licensed insurance agents, online insurance platforms, or directly from insurance companies. The application typically includes a few basic health questions, and approval can often happen within days.
Final expense insurance is a simple and affordable way to ensure your loved ones are not burdened with your end-of-life costs. It offers peace of mind and financial security during an emotionally challenging time.
Commercial insurance is coverage designed to protect businesses, their employees, and their assets from various risks. It helps businesses stay financially secure in the face of accidents, lawsuits, property damage, or other unexpected events.
Commercial insurance helps ensure business continuity by covering costs related to legal claims, damages, and disruptions. It also builds trust with clients and partners and may be required by law or contract in many industries.
Any business, whether small or large, should have commercial insurance. This includes retail shops, contractors, manufacturers, restaurants, tech companies, and professional service providers. If you have employees, clients, or physical assets, insurance is essential.
Costs vary depending on the size of your business, industry risks, location, number of employees, and types of coverage. Small businesses may pay a few hundred dollars per year, while larger or high-risk businesses may pay thousands.
You can get commercial insurance by contacting a licensed insurance agent, using an online business insurance marketplace, or going directly through an insurance company. Comparing quotes and coverages is important to get the right protection at the best price.
Commercial insurance is a critical part of running a successful business. It provides financial protection, supports legal compliance, and gives you peace of mind so you can focus on growth and service.