Term Life Insurance
Life Insurance is designed to provide coverage for a specific period of time, also called the "term" of the policy. You can select the length of the term (the number of years you want coverage) and the coverage amount (also called the death benefit). When you have term life insurance and you die while your policy is in force, your beneficiaries will be paid the death benefit. And the best news of all, it's tax free (based on current federal tax laws). Doesn’t build up any cash value.
A term life policy generally is much cheaper than other types of life insurance. Also, the rate does not go up during the term length you choose. That means you and your loved ones are protected and there are no surprises.
Term Life Insurance is also often a smart choice as part of an overall financial plan. Because the premiums are affordable, you can choose a term length and coverage amount that fits all your needs. You can plan to repay debts, cover ongoing living expenses, and save for future education costs for your loved ones.
Permanent Life Insurance
Permanent life insurance refers to a variety of life insurance products intended to provide you and your loved ones with life-long protection. One of the most common types of permanent life insurance is one you've likely heard of: Whole Life Insurance. But, there are a several types of customizable permanent life insurance policies available. All of them are designed to cover you until your death. Like with any life insurance purchase, it's important to match the right type of permanent insurance coverage to your individual needs. We'll review a few common types of permanent life insurance coverage, and reasons people choose those policy types to help you make the most informed decision possible.
An attractive aspect of securing permanent life insurance is that it typically affords you the opportunity to lock in a fixed rate of premium. Level premium insurance means that the amount you pay towards your policy will remain unchanged over time so long as you make your premium payments as scheduled. These payments can usually be made on a monthly, semi- annual or annual basis. Builds up cash value on a tax deferred basis.
Variable Life Insurance
Think of this life insurance policy as an investment with a death benefit. Builds cash value on a tax deferred basis.
Long-Term Care (LTC)
Long-term care is often referred to as LTC and refers to help with activities of daily living. These activities include bathing, dressing, grooming, transferring, and other activities performed to take care of oneself. When individuals are no longer able to complete two or more of these activities without assistance their exists the need for long-term care. Long-term care differs from other forms of care by nature. Long-term care focuses on services provided to promote independence for individuals who can longer care for themselves.
Long-term care is designed to cater to those who can no longer care for themselves without assistance. Long-term care is not age inclusive and can be required by anyone for a variety of reasons. The most common need for long-term care is often associated with aging. With 70% of people turning 65 and over needing some form of long-term care. Additionally, chronic illnesses such as Alzheimer’s or dementia can further contribute to your need for long-term care.