What Everyone Should Know Before Buying Life Insurance

Permanent Life Insurance

Permanent life insurance comes in 3 types which include:

Whole Life and Universal life insurance is the most common types of policies which most people buy. The biggest difference between a term life policy and a permanent policy is that a permanent life insurance policy also comes with a cash value accumulation feature.

The main features of a permanent life insurance policy include:

  • Death benefits which are paid out as a lump sum and tax deferred
  • Cash value accumulation feature which you can borrow or take out as a loan
  • Adjust how you pay your premiums depending on the type you buy
  • Decide on how you want the cash value invested if you buy a variable policy

A permanent policy is quite a bit more expensive than a term policy but that’s because of the cash value accumulation feature.

Choose your Beneficiary

Your final step is to choose your beneficiary.  This should be a particular person or persons.  Do not name your estate as beneficiary as then the insurance proceeds could be subject to federal or state taxes and you don’t want that to happen.

How to Find the Best Policy at the Best Rates

You always want to talk to an independent agent like myself.  We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates.  If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.

Whatever your needs or questions then please call me direct at 877 – 966 – 9383.