Insurance Policy Information
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Final Expense Insurance
What is Final Expense Insurance?
Final expense insurance, also known as burial insurance, is a type of whole life insurance designed to cover end-of-life costs such as funeral expenses, medical bills, and outstanding debts. This policy typically has a smaller face value compared to traditional life insurance, making it more affordable and accessible.
Why Do People Get Final Expense Insurance?
-To ensure their family is not burdened with funeral costs, which can range from $7,000 to $12,000 or more.
-To leave a small financial legacy for their loved ones.
-To cover any remaining medical bills or outstanding debts.
Term Or Mortgage Protection Insurance
What is Term Life Insurance?
Term life insurance provides coverage for a set period (10, 20, or 30 years). It is often used for mortgage protection, ensuring that if the policyholder passes away during the term, their family can pay off the mortgage and remain financially secure. If the policyholder outlives the term, coverage ends unless renewed or converted to a permanent policy.
Why Do People Get Term Life Insurance?
-To ensure their mortgage is paid off if they pass away.
-To cover major financial responsibilities like college tuition, debts, or future family expenses.
-Because it is one of the most affordable types of life insurance.
Indexed Universal Life (IUL) Insurance
What is Indexed Universal Life (IUL) Insurance?
IUL is a permanent life insurance policy that offers both death benefit protection and a cash value component that grows based on the performance of an indexed market (e.g., S&P 500). Unlike traditional whole life, IUL policies have flexible premiums and the potential for higher returns without direct market exposure.
Why Do People Get IUL?
-To build tax-advantaged cash value that can be accessed for retirement, college funding, or emergencies.
-To provide lifelong financial protection while earning interest linked to stock market performance.
-To take advantage of downside protection—your cash value will not decrease due to market losses.
-To create a tax-free legacy for their beneficiaries.
Annuities
What is an Annuity?
An annuity is a financial product designed to provide a guaranteed income stream for retirement. Annuities are typically funded with a lump sum or through payments over time, and they grow tax-deferred. There are different types of annuities, including fixed, indexed, and variable annuities.
Why Do People Get Annuities?
-To secure guaranteed lifetime income in retirement.
-To grow savings with tax-deferred benefits.
-To avoid outliving their money with structured payouts.
-To protect retirement savings from market volatility (in the case of fixed or indexed annuities).
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