What is Life Insurance & Why Do I need it?
Life insurance is not only the cornerstone of a solid financial plan, but it’s hands down one of the most cost-effective ways to protect the people who depend on you financially.
What would happen to your family if you were to die prematurely? Would they be able to maintain their current lifestyle?
Types of Life Insurance Coverage
Term Life Insurance
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. Term life insurance is typical available in intervals of 10-30 years.
If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit amount over a specific period of time.
Whole Life Insurance
Whole life insurance, is a life insurance policy that remains in force for the insured’s whole life and requires (in most cases) premiums to be paid every year into the policy unless setup on a pre-paid plan. Whole life insurance can have guarantees built into the policy such as cash value accumlation
Universal Life Insurance
Universal life insurance provides permanent life insurance protection and access to tax-deferred cash values.
- Life-long insurance coverage
- Cash-value growth with tax advantages
- Built-in flexibility, in case something happens and you need to adjust your premium or death benefit value
Long Term Care Insurance
Long-term care (LTC) is any personal assistance you need to maintain your quality of life as you get older. Chances are, you’ll need LTC at some point. The majority of us will. In fact, 7 out of 10 people turning 65 will need LTC at some point in their lives.
Long-term care insurance can be added to a life insurance policy, either as a rider or linked benefit, to help cover LTC expenses, or as a separate policy.
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Iscential is an independent insurance agency, risk management, and financial services agency. We help individuals, families, and businesses protect their most valuable assets. We work with over 140 different insurance and financial carriers to find the absolute best option for you.
Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor.
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