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Life Insurance
It’s important to understand the different types of life insurance available, as each one serves different needs.
Here’s a breakdown of term life, whole life, and final expense life insurance:
Term Life Insurance
- Duration: This type covers you for a specific period, typically ranging from 10 to 30 years.
- Cost: Generally, it has lower premiums than whole life insurance because it’s temporary.
- Coverage: It’s designed to protect your dependents financially if you pass away during the term. Often used to cover items like mortgages, education, or income replacement.
- Features: No cash value component, meaning you cannot borrow against it or use it as an investment.
- ROP option: This rider can be added and will provide you with a return of all premiums paid.
Whole Life Insurance
- Duration: It covers you for your entire life, as long as you keep paying the premiums.
- Cost: Premiums are higher compared to term life but remain consistent throughout your life.
- Coverage: It provides a death benefit and also builds cash value that you can borrow against or withdraw.
- Features: Combines insurance with an investment component. The cash value grows over time, and some policies even pay dividends.
- Duration: It covers you for your entire life, as long as you keep paying the premiums.
- Cost: Premiums are higher compared to term life but remain consistent throughout your life.
- Coverage: It provides a death benefit and also builds cash value that you can borrow against or withdraw.
- Features: Combines insurance with an investment component. The cash value grows over time, and some policies even pay dividends.
Final Expense Life Insurance (also a whole life product)
- Duration: Typically, lifelong coverage aimed at covering end-of-life expenses.
- Cost: Generally, it has lower coverage amounts and lower premiums compared to whole life insurance.
- Coverage: The primary goal is to cover funeral and burial costs, medical bills, or other final expenses, usually between $5,000 to $25,000.
- Features: Often easier to qualify for, with simplified or no medical exam required. Designed for older individuals looking to ensure their end-of-life expenses are covered.
Each has its own strengths depending on your needs and financial goals. If you’re still unsure, it might be helpful to consult a Certified Senior Advisor who can provide tailored advice based on your situation. Give us a call today! 931-316-1182.