Life insurance for my whole family 2014,life insurance for 64 year old woman,life insurance plans for tax saving deposit,aflac whole life insurance rates quebec - Videos Download

13.05.2015
Consumers who have decided that whole life insurance offers the financial protection they want for their families can use online quotes to compare policies, rates and companies to find affordable coverage. Most people ask “what is whole life insurance?” because term life is the most common and popular type of policy. The premium payments must be continued over the insured person’s lifetime to keep the policy in effect. Although the premium rates for limited payment whole life insurance online are higher than those of permanent whole life policies, they only have to be paid over a pre-determined time period, usually 10, 20, or 30 years. Whole life insurance may offer tax advantages and it is great for those preparing for retirement. If the insured person opts for dividends, the policy can provide a small income for life while protecting family members from financial loss in the event of his or her death. Adjustable life insurance offers advantages to both young adults beginning an independent life and to older parents or seniors contemplating retirement. Those who may face major income changes in the foreseeable future will appreciate the flexible terms of this permanent life insurance policy. Term life insurance is the most affordable type of life insurance, but it offers no cash value.
There is a misconception among Americans that all life insurance policies pay double the face value of the policy in the case of accidental death.
Whole life insurance online offers you and your family permanent coverage, the savings and investment potential to meet future financial goals, and finally the flexibility to choose your premium and coverage options.
Personally i feel, LIC Jeevan Anand is an excellent plan which is actually a combination of Endowment + Whole Life. In this plan, the Life Insured receives the Sum Assured + Bonus as Maturity Benefit but the life cover chosen continues till his death. What Is Life Insurance?While most people know they should have life insurance, many do not understand exactly how it works or why it is necessary.
The definition of a life insurance policy is a legal contract that states the obligations of both the policyholder and the company.
While life insurance is most commonly used to provide financial support for your spouse and dependents after you die, there are other reasons to have own a policy.
All policy types have a stated death benefit that is paid upon the death of the insured person and permanent life insurance also has a cash value which can be used during the person’s lifetime.
A death benefit essentially serves as income replacement and how much life insurance you need depends on your family’s existing financial obligations and sources of income. In your 50s, find life insurance protection between 7 and 10 times your gross annual income.
In your 60s, you will need a death benefit in the amount of 5 to 7 times your gross annual income. As you can see, these ranges are based on your age, but everyone’s needs are different. Total annual income your spouse and kids need to survive in the event of your untimely death.
In the end, how much life insurance you need is really dependent on how much of a death benefit you want to leave your heirs. While all life insurance provides a death benefit to protect your beneficiaries, some policies also have a cash value feature that can be used during the insured person’s lifetime.
Term life insurance is temporary coverage and can be purchased for a term as short as 3 months or as long as 30 years. Term life has more flexibility in coverage than permanent life policies because it offers temporary coverage for a predetermined period of time and is more affordable for families on a budget. Permanent, or cash value, life insurance offers lifelong coverage as long as you continue to pay the premiums. For families looking to save for retirement or build a nest egg for the future, the cash value feature offers flexibility and benefits to help you reach your goals. Policyholders can borrow from the insurance company while using the cash value as collateral. When your budget is tight for a month or two or you find yourself unemployed, the cash value can be used to pay your premiums or buy additional coverage. If you are ever financially strapped, you can surrender the policy and get paid out the cash value in a lump sum. There are 3 main types of permanent life insurance: whole, universal and variable coverage. Universal life insurance, also known as Flexible Premium Adjustable Life Insurance, has flexible premiums with a minimum and maximum payment option, while giving you the option to change the death benefit within certain guidelines set forth in the contract.
Purchasing life insurance is a big decision and one that could potentially last for the rest of your life, or the majority of it.
Investing in permanent life insurance has tax advantages because the returns are tax-deferred until withdrawn from the policy. While comparing life insurance quotes can help individuals find the best rates, it is also important to compare insurance companies. Fortunately, because of strict laws and regulations requiring insurance companies to maintain reserves to meet policyholder needs, most life insurers are in excellent financial health.
Whether you are discussing your life insurance needs with an agent, broker, or directly with an insurance company representative, you should have a basic idea of your personal financial situation and future goals.
In addition to questions about your finances, you should be prepared to answer questions related to your health, diet, exercise, family medical history, lifestyle choices (smoking and drinking), pre-existing medical conditions, occupation, hobbies, and any extenuating circumstances. Since a life insurance policy is a legal and financial document, it is important that you examine every part of the terms and conditions to determine whether it fulfills your long-term goals, especially when you buy coverage that may last a lifetime. Other types of life insurance policies include: level term, return of premium, decreasing term, convertible term, group term, joint, high risk, simplified issue, guaranteed, and senior life insurance. Although this depends on your State’s Department of Insurance, most companies are required to give you a 30 or 31-day grace period without consequences.
After major life events, it is always prudent to review your life insurance needs and make sure any existing policies adequately cover your family and assets or still make sense as part of your overall financial plan. Do you currently own life insurance?  If so, then what does your life insurance portfolio look like?
We have life insurance but only sufficient to meet our needs if either of us kicks the bucket. A third option, universal life, would allow you a little more flexibility than out-and-out whole life.
Whole life insurance is a permanent type of life insurance with a savings feature called cash value, also known as the equity. This is because whole life offers advantages not available in term policies, like cash value and guaranteed payment of the death benefit. Term life insurance only pays the death benefit if the insured person dies within the term period, which can be anywhere from 3 months to 30 years. Since whole life insurance is permanent, payment of the death benefit is guaranteed whether the insured person dies at age 25 or age 90. Part of the premiums paid into a whole life policy is diverted into a savings feature called the cash value or equity. The bottom line is that, despite whole life rates looking more expensive than term, part of the money paid is returned as cash value.
In fact, experts and financial advisors actually suggest that, over your lifetime, term and whole premiums are about the same.
The real determination when comparing premiums is whether you have better investment opportunities than the guaranteed, low-interest returns offered by whole protection. One of the biggest advantages of whole contracts is that, once the policy is issued, the insurance company can only cancel it for non-payment of premiums. This is another benefit of whole life, and why online quotes for whole policies are higher than other types of coverage.
The advantages that term life insurance offers to consumers are cheap rates, affordability, and the flexibility to change coverage as your financial needs change. An example of this can be when families buy a home and take on a huge mortgage, suggesting they may need a larger death benefit. Return of premiums (ROP) life policies return the premiums paid, with interest, to consumers when the policy expires. Return of premium term life insurance may address some of the advantages whole life has over term, and consumers who really care about potentially wasting premiums can consider this option.
Whole life insurance quotes are calculated based on the amount of the death benefit, the insured person’s health risks, medical history, age, and lifestyle habits at the time the policy is issued. Whole life insurance accrues value and can be used in financial planning to meet future goals like college tuition, a down payment for a home, or retirement. Other considerations of whole life as an investment include the fact that the cash value pays interest. In following the mantra “higher risk, higher return”, it is important to note that other investments, such as the stock market, can return higher yields, but with increased risk. Returns on savings accounts or stock portfolios are subject to income tax, and in some cases capital gains tax, when they are paid. Universal life insurance is another type of permanent coverage with a cash value, but unlike whole life insurance, it has a minimum and maximum premium, and payment amounts can increase over time. Universal life invests the equity in financial markets, such as stocks, bonds, commodities, and mutual funds that are riskier than the investments used in whole coverage. Universal life insurance is typically more expensive than term policies, but priced cheaper than whole coverage.
The other issue is that whole rates are difficult to compare with universal rates, since universal policies have minimum and maximum premiums that are flexible.


Comparison shopping helps consumers get the top value for their dollar by finding the best coverage and rates. As you pay your premium, the insurance company deducts all of its expenses, premium taxes, and the cost of pure insurance (net amount of risk coverage), or mortality charge. The remainder of your premium represents a portion of the insurance company's investment portfolio.
As the cash value increases, the amount of risk coverage (or pure insurance) in the policy decreases. You may take a policy loan in an amount not to exceed the policy's cash surrender value less the annual loan interest. After doing a little bit more research I decided to go with Bank on Yourself to get one of their free consultations. What I found out about borrowing against yourself instead of a bank is that the insurance company charges you about 5% or what they will lose on not having access to the cash value and you pay yourself back on your own terms with extra interest to yourself being careful not to go over your maximum annual premium.
The main problem I have with whole life insurance is you have to pay a pretty hefty premium that they don’t tell you about and measly 5% to 7% annual return is pretty pathetic.
In fact, don’t take my word for it, find out what Suze Orman says about whole life insurance. If you are smart with the money you have today and you get rid of your mortgages, car loans and credit card debt and put money into retirement plans you don’t need insurance 30 years from now to protect your family when you die. In conclusion, instead of throwing all your money at insurance products, which are really only out there to get your money in the end, you should educate yourself and learn how to invest your money on your own because you’ll get a way better return in the end.
Simply purchase low cost term insurance for 20 or 30 years to protect your family and if you invest your money wisely, you won’t need an insurance policy anymore by the time you retire. Over 50, information purposes only, and Saga Insurance provides motor, home, travel, health, boat, holiday home and pet insurance. Expert independent investment research that can help you discover the best ways to invest in gold and the best way to invest in silver and some high return programs. Completing your research on different companies and getting rate comparisons from each is essential when determining which policy has the lowest premiums and best fits your needs.
Whole life insurance policies offer a fixed death benefit and premiums, as well as a cash value or equity feature.
Once whole life insurance is paid up, the cash value remains an asset for your life time, allowing you to pull money out, use it as collateral, or leave it for your children. Instead of paying premiums over time, a single payment is made at the inception of the policy. In this sense, whole life insurance as an investment is a great option for families who have difficult savings a nest egg for retirement.
The flexible terms of adjustable whole life insurance allow the policyholder to alter the death benefit and premiums as financial obligations and income change over time.
However, life insurance companies structure their policies differently, and getting whole life insurance quotes can help consumers determine which policy offers the cheapest rates with the most benefits. For those with a limited income, term life may provide the only life insurance option, but convertible term life insurance allows the insured person to convert the term policy into permanent coverage at a later date.
These options are offered as riders to the policy and each carries a separate additional premium, making whole life insurance rates more expensive, though flexible. The payment of double indemnity for an accidental death benefit is offered as a rider to the policy with an additional cost. Comparing insurance rates and companies can help you buy the best whole life insurance at the most affordable price. Thus, it is also a pure protection plan like a Term Plan, where the nominee gets the Death Benefit on the death of the Life Insured and there is no Maturity Benefit. It is a Double Death Benefit Plan if the life insured survives till the end of the policy term.
Life insurance provides protection and financial resources for dependents if a wage earner dies, but there are other reasons to carry a policy. In the policy, the company agrees to pay a stated sum of money to the policyholder’s beneficiaries if the insured person dies within the term period.
The money, or death benefit, your family receives will cover mortgage payments, daily living expenses, credit card and medical bills, tuition or education costs, outstanding student loans, etc.
Seniors often carry a small death benefit that will pay for medical bills and funeral expenses so their family is not left with a financial burden.
Some contracts have riders that provide extra benefits, like double benefits for accidental death.
While retirees and senior citizens usually only need a small policy to cover final expenses, wage earners in their 20s, 30s, 40s, and 50s with families should carry between 5 and 15 times their annual salary to provide support for their dependents if they die prematurely.
If you feel you have extenuating circumstances, then consider the following factors when determining how much life insurance you need. Under-insuring yourself could cause future hardships, while buying too much life insurance could result in bloated premiums that take away from your current lifestyle. It is the cheapest form of life insurance since it only pays the death benefit if the insured person dies during the specified term period. Because term insurance expires, it is usually used to cover debts and obligations that will be paid off over time, such as mortgage payments or a business loan with a personal guarantee.
For instance, return of premium term life insurance is more expensive than traditional coverage, but will refund and return some or all of the premiums paid at the end of the term period if no death benefit is paid out. All permanent life insurance policies provide a cash value feature that grows tax-deferred, but the cash value is different than the death benefit, or face value of the policy.
However, the value above and beyond what you’ve paid in premiums would be taxed as income.
Similar to all cash value contracts, the death benefit is guaranteed at some point when the policyholder dies. Universal life allows the policyholder to use money in the accrued cash value to pay premiums if the policyholder is unable to make the payments.
Evaluating the pros and cons of each type of insurance and determining whether term or permanent life insurance is right for you will guide you in the right direction. You can use up to 90% of the cash value as collateral for low interest loans with no repayment schedule.
Life insurance is a long term commitment and it is vital to choose a company with a good reputation and financial stability. To accurately gauge how much life insurance you need, you will need information regarding your family income and assets, including retirement accounts, 401Ks, IRAs, savings and checking accounts, annuities, existing life insurance coverage from your employer, your mortgage, tuition and education costs, future lifestyle expectations and how much income your family would need to survive.
Obviously young, healthy individuals who are non-smokers will receive the lowest premiums, but you must answer truthfully to avoid misrepresentation or insurance fraud. If the term period expires and I want to renew, what are the renewal terms and rates? Will I need a medical exam if I renew? If the policy has a return of premium benefit, how much would traditional term life insurance cost? For instance, no medical exam life insurance allows you to buy protection without undergoing a medical exam for the underwriting and application process. Assuming you can prove continued insurability, pay off the overdue premiums plus interest, and cover any outstanding loans against the cash value, some life insurance companies will let you reinstate a policy within a certain time period.
Such life events can be the birth of children, marriage, divorce, retirement, death, the purchase of a small business, or an increase in financial assets or liabilities.
However, never buy anything unless you are 100% convinced that it makes sense for you and that the policy you are buying offers the best coverage at the lowest premiums. Buying life insurance is an act of love that provides financial security for survivors if the unexpected happens. While many would say that term is definitely the way to go for most, others (like you) opted for the comfort of a guaranteed policy. Below, we will discuss the elements of life insurance consumers should research comparing whole life insurance quotes. If the insured person does not die within the policy term, the insurer makes no payment and keeps the premiums. For more sophisticated investors or individuals with a strong grasp of financial markets, whole life insurance is not the best investment vehicle. With term life, if an insured person becomes ill during the term period, they may not be able to obtain new life insurance when the contract expires. Because whole life is guaranteed to remain in force with no rate increases, even if a person becomes uninsurable after it is issued, consumers are more protected over the long-run.
The fixed whole life death benefit may mean that the policyholder is paying for more than he or she needs at times, while at other times, the policyholder may not have enough protection to cover their financial obligations. Otherwise, when the married couple retires and all the kids become independent and leave the house, the need may be much less. The amount is paid in a lump sum and is different from the cash value of permanent contracts because it cannot be redeemed or used as security for loans during the policy term. When evaluating rate quotes, in order of cheapest to most expensive, we have standard term, ROP term, and permanent whole life insurance. Your average life expectancy is used to determine the length of time you can be expected to make payments and thus the profitability of underwriting the contract and insuring you. The money in the whole life equity is considered a liquid asset since the insured can redeem the cash value or use it as collateral for a loan quickly and without any penalty. Although the interest rate you earn on your cash is relatively small, whole policies act like a forced savings account for families who just can’t seem to put away money for retirement.
Whether whole life as an investment option is right for you depends on your risk appetite and financial goals. Universal can also lapse if the cash value reaches zero and the death benefit is tied to the cash value.


When getting free quotes to compare term, whole, and universal, consumers should remember that if the cost of administering the policy increases, the rates of universal life will also increase. Again, if permanent life insurance sounds like the better type of product for your needs, choosing between whole and universal protection really depends on your family’s financial goals and needs. When evaluating insurance quotes and different kinds of coverage, the security and investment value of policies should be balanced against the lower cost of term and universal protection. Your cash value account is credited with a fixed amount (predetermined by your contract) at the end of each premium period.
Repayment replenishes your cash value; any loan balance outstanding (plus interest due) at the time of your death would be deducted from the policy amount. If you are new here, you might want to subscribe to the RSS feed so you don't miss any of the money making sites I write about.I recently got married, so I decided to do a bunch of research on different insurance products that are out there. I knew that there would be a cost, since it’s an insurance product, but I figure it will pay for itself over time.
The amount of the death benefit is selected by the insured person to cover their family’s financial needs.
The cash value can remain in the policy and the insured can use it as collateral for a no-interest loan or redeem part of the cash value to cover unexpected expenses without canceling the coverage.
Like other whole life policies, an adjustable policy accrues a cash value which can be used in financial or estate planning. By comparing quotes, consumers make certain they buy the best life insurance policy available at the cheapest prices. To learn more about this option and if it is right for your family, review the pros and cons of each type of protection with our term vs. Depending on the rates, the accidental death benefit rider may be worthwhile for individuals between the ages of 18 and 55, since the leading cause of death in this age group is due to injuries caused in an accident.
The basic difference between the two plans is that in Whole Life Plans, the nominee gets the money whenever the life insured dies till the age of 99 years whereas in Term Plan, the nominee would get the death benefit only if the Life Insured dies within the policy term and nothing is payable beyond that period. Some types of coverage can even provide a tax-shelter for a family’s retirement nest egg or money to meet immediate and future financial goals. A life policy would mean that your family would not have to experience financial hardship, be burdened with debt, or have to sell assets to survive. Individuals who have debts that have been co-signed may carry insurance so their co-signers will not be left to pay their debts if they die prematurely. The contract will state the amount of the premiums that the policyholder must pay periodically to keep the policy in force. Work-at-home parents should carry life insurance to cover expenses such as childcare, housekeeping and essential services that they normally provide. Whole, universal and variable life are permanent forms of life insurance and provide coverage throughout your lifetime, paying out the death benefit whenever you may die. Term policies are also renewable after expiration, but do require that you re-apply and demonstrate insurability to qualify. The cash value builds by deferring a portion of your premiums, and depending on the type of coverage you buy, is invested in securities or grows at a fixed rate guaranteed by the insurance company. If you don’t repay the loan plus interest, the amount will simply be deducted from the death benefit paid to your beneficiaries upon your death. Whole life insurance rates are fixed and generally must be paid for the life of the policy, unless you opt to buy Single Payment or Limited Payment whole life. With universal life insurance, the cash value can be invested in a number of securities, such as stocks, bonds, mutual funds, fixed-income investments, money markets, etc. If the insured person dies before the loans are repaid, the balance is deducted from the death benefit. A cheap premium is not a good value if the carrier is not able to honor their obligations in the future. This will ensure that your family receives a prompt and full payout if they need to submit a claim.
Some companies offer the option of accelerated benefits, also known as living benefits, whereby your beneficiaries receive the death benefit before you die. If you die during the grace period, the life insurance company will pay out your death benefit minus the owed premium. Even as life insurance protects families from financial loss, it can also be used as an investment to meet future goals like college tuition or retirement. Guaranteed payment of the death benefit is one reason that whole life insurance quotes are higher than term life quotes.
When researching different kinds of contracts, it is fundamentally important to consider that part of the premiums are returned to the policyholder in the form of cash value, which actually makes whole life coverage cheaper than it initially looks.
Term life insurance is temporary coverage and the premiums increase each time the policy has to be renewed or replaced. Those consumers would be better served just buying pure term life and taking their extra cash and investing directly into the stock market via mutual funds or stocks. While term rates are based on similar criteria, they are also based on the length of the contract and the odds that the death benefit will be paid. Other long term investments like IRAs and CDs usually have penalties if the money is withdrawn early. Loans against the cash value account are not considered income and are not subject to taxes, so a policyholder can use up to 90% of the policy cash value without any tax liability. When comparing universal and whole life insurance quotes, these risks should be taken into account.
Universal is less secure, both as an investment and as life protection, than whole coverage.
Consumers can use us to compare rates side by side to find the lowest term, universal, or whole life premiums.
However, your premium stays the same, because the company projects this expense in advance and factors it into the premium at the onset. A few weeks earlier, I ran into a webinar on where some very wealthy people use a whole life insurance investment strategy to safely grow and protect their wealth.
Whole life then devotes part of premium payments to the savings feature, which grows over time and can provide dividend payments to the insured individual. However, only getting free life insurance quotes online will give you an idea of the rates and coverage this type of insurance can provide.
If the insured person is not the policyholder, the person who purchases the contract usually has to prove that they have a financial interest in the life of the insured when buying the policy. For example, a special kind of coverage called “mortgage insurance” can guarantee that a family will be able to remain in their home if a wage earner dies. Whole and universal life insurance can also be used as investment vehicles because they have a cash value that accrues over time by directing some of your premium dollars to the investment account. Term life insurance rates are fixed and the younger and healthier the insured person is when the policy is purchased, the cheaper the life insurance quotes will be. Because life insurance is based on your risk of death, each renewal will result in an increase in rates. The life insurance cash value is the amount of money you are given if you cancel (surrender) the policy before you die, while the face amount (death benefit) is the amount your beneficiaries will be paid upon your death. The insurance company cannot cancel the policy due to the insured person’s age or health and there is a savings feature (cash value) that guarantees a fixed rate of return. The death benefit and cash value are linked to the performance of your investments, and the cash value is not guaranteed. The death benefit is exempt from income taxes, although, in some circumstances, beneficiaries may have to pay estate taxes.
Then there are ones that waive premiums if you become disabled, while mortgage life insurance is connected to the principal amount on your mortgage and the death benefit and premiums decline as you pay off your home. Otherwise, if no payment is made by the end of the grace period, your policy will lapse and terminate. Ultimately, life insurance is a vital part of financial planning for individuals and families and can provide a degree of security and certainty in an uncertain world. Individuals are asked to complete a short questionnaire with basic information, such as age, gender and health data, and rate quotes are available.
In some policies, if the life assured reaches the age of 99, then sum assured is paid as Survival Benefit. Additionally, a small life insurance policy on someone in their 20s or 30s can help cover student loans that their parents co-signed for.
Whole life can be used as a tool in financial planning to save for future goals like retirement. If the cash value reaches zero due to investment failures or premium payments, the policy lapses, although some policies can guarantee a minimum death benefit. However, if you have purchased a permanent policy and have a cash value component, the insurance company, with your permission, can withdraw the premium from your cash value. Of course the sales rep tried to over sell me even on the $500.00 a month and it sounded better with a $250,000 life insurance policy right off the bat. Of course I could lose that much just as easily, but investing is all about cash management. In times of unemployment or a tight budget, this method can keep your policy active and in good standing as long as you have enough in your cash value feature to cover the premium.



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