081123 What Are The Different Types of Life Insurance?

Types of life insurance generally fall into two categories…

Term life insurance and permanent (Whole) life insurance.

* Term life insurance

Term life insurance provides protection for a specific period

of time (the term). This is often 10, 20 or 30 years. Term life

insurance makes sense when you need protection for a

specific amount of time… for instance, until your kids

graduate from college or your mortgage is paid off.

Term life insurance typically offers the most amount of

coverage for the lowest initial premium. This makes this type

of life insurance policy a good choice for those on a tighter

budget.

* Permanent (Whole) life insurance

Permanent (Whole) life insurance provides lifelong protection

for as long as you pay the premiums. It also accumulates cash

value on a tax-deferred basis, which you can tap into to buy

a home, supplement your retirement income, cover an

emergency expense and more.

Because of these additional benefits, initial premiums are

higher than what you’d pay for a term life insurance policy

with the same amount of coverage.

* You Might Want a Mix

Depending on your circumstances and financial goals,

sometimes a combination of term and permanent insurance

is the answer.

https://lifehappens.org/life-insurance-101/

I Still Make House Calls!

Hayden Childs

Alabama Licensed Agent

(205) 269-1382

Shcmail34@yahoo.com

www.haydenchilds.net

Comments

022823 The 9 Benefits of Whole Life Insurance...

(1) Provide for Loved Ones… It’s the basic need everyone thinks about. You have a young family. You are the major breadwinner. Something happens to you. How is Your family supposed to make ends meet? It’s a form of protection. Peace of mind. (2) Key Man Insurance… You and your partner own a business. It’s grown. Many employees Depend on you. If something happens to your partner, it’s likely their Spouse or family will inherit their share of the business. Cash would Be a lot more useful to them. Life insurance on both partners can Provide the cash to buy out heirs and keep the business intact. (3) Emergency Loans… Hopefully your client lives a long life. The whole life policy accumulates Cash value, eventually growing to the full face value, or beyond. Many Policies allow you to borrow money against the cash value. You would pay interest. (4) Funding Estate Taxes… Your client owns a farm. I...

090921 Those Dying From Covid-19 Are Least Likely to Own Life Insurance...

Many companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. fatalities As the number of U.S. corona virus deaths surpasses 200,000, public-health experts point to a series of missteps and miscalculations in the country's response. Here’s a look back at how the U.S. became the center of the global pandemic. Sept. 28, 2020 5:30 am ET U.S. life insurers are paying out far fewer Covid-19 death claims than initially expected, largely because the virus is disproportionately killing people with little to no insurance. In the past few weeks, many life-insurance companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. Covid-19 fatalities. Estimates have come down by an average of 40% to 50%, according to Credit Suisse stock analyst Andrew Kligerman. Driving the rapid reduction in exposure are two groups… older Americans and minoriti...

080822 Less Common Life Insurance Needs

On top of the most common reasons for buying life insurance, It can help cover some less common needs. These could include… *Insuring Children Buying a policy on a child can ensure that the family will financially Survive the loss of the child, but keep in mind that such a loss is Fairly unlikely. It can also ensure the child’s ability to qualify for life Insurance in the future. That could be helpful in the case of a health Diagnosis that might make it harder to pass the underwriting process. *Replacing Retirement Benefits Life insurance is often marketed as income replacement for an Insured person during their working years, but some retirees may Choose to keep theirs after leaving work. It can be used to replace The loss of any retirement income for their spouse or any dependents. *Investment Permanent life insurance can provide you with a potential income Source. You can access your cash value once it has buil...

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