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Term Life insurance
The way term life insurance works is simple: It covers you for a fixed period of time, such as 10, 20 or 30 years, and pays out if you die during the term. Most policies are a type of level term life; the death benefit and insurance premiums are guaranteed to stay the same throughout the term. A decreasing term life policy is slightly different, and less common. The death benefit gets smaller over the length of the term while the premiums stay the same. There are attractive benefits to a term life policy. A low premium for high protection being one of them.
Whole Life Insurance
Whole Life Insurance can do it all. These policies offer a cash value component that accumulates as policy premiums are paid. This cash value typically grows with a guaranteed minimum rate of return. Of course, like the previous examples, it provides a death benefit (tax free), but the insured also has the ability to borrow against the policy’s cash value without creating a taxable event or paying taxes on the growth. These whole life policies not only provide financial security for your loved ones after you pass, they also offer the ability to accumulate cash value, positioning it as an investment tool and savings account you can tap into while you’re still living.
Here at Core, we review all of your available options, which include all forms of life insurance. We want you to maximize all that you have accumulated, while also protecting the future needs of your loved ones.
Final Expense Insurance
Final expense insurance is a whole life policy that pays medical bills and funeral expenses when you die. It’s also known as burial or funeral insurance. It’s a popular choice among seniors.
Most final expense plans have these features:
- Whole life insurance – no expiration if premiums are paid
- Cash value – insured may be able to take out a policy loan
- Fixed premiums as long as they’re paid
- Simplified issue – usually no medical exam (also called a life insurance exam) is required, just health questions on the application
- Easy application process
- Fast approvals – coverage can often be issued in days
- Affordable rates