Life Insurance

Life insurance is there as a financial safety net if you die unexpectedly. The right policy can cover debt like credit cards, mortgage and education, and it can take care of your children, spouse and family members who may financially depend on you.

Payouts are generally tax free. Some companies offer multi-policy discounts for taking out a policy with your spouse. There are also policies that develop a cash value, which can act as a savings component. This can be very beneficial to the policy owner.

There are essentially two kinds of policies: term life insurance and permanent life insurance:

Temporary Life Insurance
(Term Life Insurance)

Term Life insurance covers you for set number of years. The premiums are very affordable and usually cost between $20-30 a month for a $500,000 policy for a healthy individual in their 20s and 30s.

  • Can help cover debts such as your mortgage, car payments, or any business and personal loans
  • Premiums are very affordable and stay level during the term of the policy
  • A cheaper and more efficient option than mortgage insurance
  • Term Insurance is a good tool to safeguard your family in case of unexpected death. Especially when you children are still dependant on you

Permanent Life Insurance
(Universal Life & Whole Life)

Permanent life insurance provides coverage for your entire life. There is a guaranteed death benefit paid out, and with most policies the cash value of the policy increase over time. The polices cash value is a real asset, and can be bowered against and paid out if the policy is cancelled before death.

  • You will have lifelong life insurance coverage and the policy can be a good investment and forced savings tool
  • Cash value of the polices grows and can be borrowed against or paid out to the policy owner
  • Dividends paid out by insurance company can be compounded in the policy for further growth of the cash value
  • Permanent insurance policies can be excellent tools for estate and legacy planning

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