How to choose Life Insurance Plan:

  • Some of the policies build up cash value and others are only for a short time.
  • There are two basic policies: term life insurance and cash value life insurance.
  • Term life insurance rates start out low.
  • Cash value insurance rates start out higher at the start of your policy. However, building cash value in your insurance policy does come with advantages.
  • Some advantages of a policy that builds cash:
  • • Borrow against the policy (take out a loan). You can repay the amount. If you don’t, the loan will be deducted from the benefits.
    • Use the cash value to buy more insurance
    • Increase your retirement income (with the additional cash value)
  • Term life insurance is for a limited time such as 10, 15 or 20 years. The premiums are guaranteed for that time. After that the temporary insurance ends or may continue. If it continues, you may have a higher rate.
  • There are two types of Permanent Life Insurance:
  • Universal life insurance is permanent insurance, is flexible and allows you to lower or increase your coverage and/ or premium over time.
  • Whole life insurance is permanent insurance and provides lifetime coverage. The premiums are fixed and builds cash value. The value functions as a savings account that maybe tax-deferred.

How to choose a Life Insurance Plan you can afford

Don’t pick a policy you can’t afford. You’re not trying to bump your beneficiary into the top tax bracket. You’re trying to cover your funeral expenses, bills and help them sustain your loss of income.

Pick the type insurance policy that fits your insurance needs. If you want one that has cash value built in, don’t pick a term life insurance policy. If you want a plan for a short time, choose a term policy. Be sure you can afford the policy premiums. Regardless of what type of policy you choose, take the time to cost compare.

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