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Term Life Insurance vs Whole or Universal Life Insurance

March 13th, 2013

Life insurance is a fairly easy concept to understand. If a person dies while covered by a policy, the insurance provider pays a cash amount to beneficiaries, usually family dependents, so they have funds to live on after the death of covered person. This financial tool is often used by income earners to provide their loved ones a safety net should an unexpected death occur. However, where life insurance gets a bit complicated involves the types of coverage available.

Term life insurance, the most basic of coverage available, provides a simple protection for a set period of time. Terms are usually set for 10, 20 and 30 years. Covered parties enjoy the protection being in place as long as monthly or quarterly payments are made timely. When the period ends, if the client is still alive, then the insurance provider keeps all the payments without any further obligation.

Permanent life insurance comes in a couple of forms, depending how it is constructed. Whole-life insurance, for example, connects a coverage plan to a fund used for investment. The payments are split between the cost of the coverage and then a portion that goes an investment fund to build a cash deposit that grows. Afterwards the client can cash out or be paid the investment part that has grown without taxes.

Another type of permanent life insurance involves plans dubbed “universal life.” These plans involve a similar split payment model where part of the premium goes to the plan and part goes into a money-market account to save up a cash value. The return tends to be lower for the cash value, but a bit more protected versus open investment tools.

No policy type is perfect. Consumers need to choose the plan that works best for their specific situation. Further, conditions change over time, so a plan that works early on in life may need to be changed out to a different type later on in life. Research on how each plan type works is the best consumer protection before making a decision and commitment.

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GMAC Auto Insurance: Deal of the Week

March 6th, 2013

Frequently, discounts or savings in car insurance often depend on the driver, his location, and driving record. As a result, it’s hard to say a particular company has a “deal” in auto insurance because one driver can get a really low rate while a second driver could be hit with a high premium due to […]

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Professional Liability Insurance

February 10th, 2013

Most people have insurance for their home, car, pool, life and even the family dog. However, one area that many overlook is the protection of professional coverage. Every day people in technical, professional, and managerial roles make decisions that could come back to bite. These actions, or lack of action in some cases, can be […]

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