Final Expense Whole Life And Term Insurance
Final Expense Whole Life Insurance
Whole life insurance is a product that’s effective for your entire life. Not only does it pay a death benefit if you die, but it also accumulates cash value. You can borrow against this cash value; if you have an outstanding loan against your whole life insurance policy when you die, it will decrease the amount of the death benefit. It’s also possible to access the cash value by canceling the policy entirely.
Your premium for your whole life policy will remain the same for your entire life. This longevity and the ability of the policy to accumulate a cash value means that the premium is typically significantly more expensive than a term life policy with the same death benefit.
Term Life Insurance
Term life insurance is a product active for a specific term (as long as you pay the premiums). A term life policy accumulates no value over its term; if you don’t use it, there’s no repayment of your premiums.
MediCare Plans
Medicare Advantage
Medicare Advantage plans cover (Part A and Part B), and most plans also cover prescription drugs (Part D). Additionally, Medicare Advantage plans each offer extra benefits, which while they vary by plan and provider, may include coverage for dental, vision, hearing, fitness programs, rides to doctor appointments and more.
Long Term Care products
Long-term care involves a variety of services designed to meet a person’s health or personal care needs during a short or long period of time. These services help people live as independently and safely as possible when they can no longer perform everyday activities on their own.
Navigating Life Insurance for Estate Planning
One of the best ways to pay for estate taxes is by having a life insurance policy. Federal estate tax applies to the gross estate of the deceased and must be paid within nine months after the death of an owner. Some states also impose estate taxes. Proceeds of life insurance are often tax-free.
Fixed and Variable Annuities
Fixed Annuity
Annuities are insurance products that provide a reliable, steady stream of payments to support your financial needs for the rest of your life or for a pre-determined number of years.
Fixed Annuities work by providing periodic payments of steady income in the amount specified in the contract. If your contract says the payout rate is 5% on a $100,000 annuity, for example, then you will receive $5,000 worth of payments every year covered by the contract.
Variable Annuity
Variable annuities have payout rates that vary, depending on the performance of an investment portfolio. The amount you receive in payments depends on how much money the portfolio gains or loses. This is riskier, but also has the potential of paying you more.