What’s one gift that you can’t wrap, you hope won’t be used for a long time, and you know will be a solid source of support for your family? A life insurance policy.
Getting a life insurance policy in Florida or in Massachusetts is giving your family the gift of planning ahead. Everyone knows that if you die, your beneficiaries receive the amount of insurance that you purchased. But there are several kinds of life insurance, including:
- Term – Term insurance only has the actual life insurance coverage; there is nothing but a death benefit. In order for the benefit to be paid, somebody has to pass.
- Whole – Whole life policies have a living benefit and a tax-sheltered cash account that builds up inside. Clients don’t pay taxes on the gain each year, and that money can be used in retirement to supplement retirement planning.
- Universal – A flexible permanent life insurance, combining the low-cost protection of term life insurance as well as the savings element of whole life insurance, which is invested to provide a cash value buildup.
- Variable Universal – A cash-value life insurance that offers both a death benefit as well as an investment feature. The premium amount for variable universal life insurance is flexible. It may be changed by the consumer as required, though these changes can probably result in a change in the coverage amount.
- Survivorship – Unlike a traditional life policy that pays benefits upon the death of an insured individual, a survivorship policy covers the lives of two people and pays benefits only when the second person dies.