Whole Life Insurance – an insurance policy that remains in force the insured's entire life; premiums are paid every year and there is a cash value accumulating that the policyholder can borrow against. It provides a life-time of protection at a level premium.
Universal Life Insurance – an insurance policy that allows the policyholder to vary the amount and timing of premiums and to change the death benefit; it also has an investment component.
Term Life Insurance – insurance that provides coverage for a limited period of time. Most policies can be converted to permanent life insurance.
Long-Term Care Insurance – pays for help with activities of daily living* that result from an accident/injury or illness that is expected to last for a period of more than 90 days. A Shopper's Guide to Long-Term Care Insurance is available from your insurance agent and is part of the conversation you'll have when you meet to discuss long-term care insurance.
Asset Based Life & Annuity Products – offer alternatives to traditional long-term care policies for those who want the benefits of a long-term care policy but if care is never needed, still have the ownership of life insurance or an annuity.
The fixed index annuity – like any annuity, a fixed index annuity (FIA) is a contract between a life insurance company and a contract owner.
The contract owner pays a premium to the insurance company, in return for which the insurance company promises to pay money back to the contract owner at some point in the future. Fixed index annuities have guarantees that protect against loss of principal when the market index performance lags.
FIAs offer the opportunity to enhance retirement income by combining accumulation potential with principal protection. FIAs share the benefits of traditional fixed annuities: tax-deferred growth, death benefits, annuitization options and income guarantees. FIAs also offer the potential for indexed interest.
Traditional Fixed Annuities provide interest and/or payments based on a fixed interest rate. Gains are locked in annually.
Fixed Index Annuities – interest and/or payments based on changes in market indexes. These may offer a fixed interest option. The purchaser chooses the interest crediting method to be used. Gains are locked in annually.
Other Insurance Solutions
Final Expense Trust – an insurance contract where the death benefit is assigned to an irrevocable trust. The tax free death benefit is to be used exclusively for funeral expenses with the remainder after expenses transferred to the estate. Policies can be purchased for as little as $1,000 up to $15,000.
The type of insurance plan one needs is based on many variables; the premium cost is just one factor to consider. Most people don't understand the benefits and protection that insurance affords. That's why it's best to consult with an independent agent who can assess your unique situation and insurance protection needs and offer you a choice of carriers that are appropriate and affordable for you and your family.
For further information contact Cathy Manning at firstname.lastname@example.org
To schedule a no-obligation appointment call 952-938-7627 or 952-649-8537