A good life insurance policy ensures the loved ones who depend on you will be able to maintain their lifestyle in the event of your passing. We also offer low cost solutions to cover final expenses, or additional types of life insurance to help you build wealth for life’s milestones or to leave a legacy.
Even though Term Life does not build a cash value, it will help pay for your final expenses, your mortgage, your taxes, and the living expenses of your loved ones when they no longer have your income.
This type of coverage covers you for a set period of time provided you pay the monthly premium, or in some instances, a lump sum in advance. The policy will pay to the named beneficiary the face amount of the policy (set benefit and/or lump sum) upon death of the insured within the stated term. Depending on the policy, it may also make payments upon terminal or critical illness.
This type of life insurance policy helps you save for the future by building a cash value that has many benefits to the insured, such as borrowing against the policy or building a tax deferred investment income, in addition to paying a death benefit. Whole Life, Variable Life and Universal Life are all types of cash value life insurance. Cash value insurance is also known as permanent life insurance because it provides coverage for the policyholder’s entire life.
Final expense insurance is designed to help protect your loved ones from the financial burden of funeral costs related to your passing. Unlike life insurance, final expense policies have a much lower face value because they are intended to only cover costs related to a person’s final expenses. Therefore, these policies can often be purchased at low or reasonable premiums.
Incredibly, people suffer from a heart attack or stroke every 30 seconds. They develop cancer and or Alzheimer’s at the alarming rate of every minute. When these events occur, living benefits allows you to use your life insurance benefits while you are still alive. In other words, you can receive care and pay for chronic or terminal illness that precedes death with your living benefits.
Simply defined, an annuity is an insurance product designed to pay you an income over a period of time. In that sense, they are also considered investment contracts. Accordingly, they can help you grow your savings, inheritance, and retirement portfolio. In fact, they often provide you with retirement income that you cannot outlive. Thus, payments may begin immediately, or at some future date in exchange for a lump sum payment, or a series of payments made prior to start of the annuity. Thus, it really depends on your needs on how you structure the annuity.
Annuities may arise as a result of a structured liability settlement. They can provide either an immediate income stream, or an income stream at retirement (or other future date) that transfers some of the risk of you outliving your money (“lifespan uncertainty”), to the insurer.
Annuities are complex with an array of product choices. These could be fixed, variable or indexed. Additionally, they can be deferred, or immediate. And, they can be for both the qualified and non-qualified marketplaces. In fact, many people are sold annuity products, but don’t really understand them. Because of the complex nature of annuity products, we recommend you contact an experienced agent to discuss possible benefits, risks, and costs. Additionally, you may also discuss potential tax deferral advantages to see if annuities are a good fit for your financial plans. If you would like more information, please fill out the form to the right and submit.
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Disclaimer: Healthfirm Benefits is a licensed health and life insurance agent authorized to Life Insurance Plans. This is a solicitation for insurance. Please note a sales agent may call as a result of your inquiry for a quote. The benefit information provided herein is a brief summary, not a comprehensive description of benefits. Please note you have no guarantee issue.