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Long-Term Care & Life Insurance Planning

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Term 

  •  Yearly Renewal Term Insurance

  • 5 Year Renewal Term Insurance

  • 10 Year Renewal Term Insurance

  • 15 Year Renewal Term Insurance

  • 20 Year Renewal Term Insurance

  • 30 Year Renewal Term Insurance

 

 

This is the simplest form of life insurance. In fact, these provide protection for a specified period. In fact, it provides protection for a specified period and doesn’t accumulate a cash value.

 

Also, the premiums are fixed over the life of the cover. Hence, term insurance cover only provides against death. So the policy will pay if death occurs during the term of the policy. The term ranges from 1 to 30 years. 

 

There are 2 types of term life insurance covers. These are level term and decreasing term. Further, in level term the death benefit is the same duration of the policy. In decreasing term insurance, the death benefit drops over the duration of the policy.

Permanent

  • Whole Life Insurance

  • Guaranteed/Universal Life Insurance

  • Index Universal Life Insurance

 

 

Unlike term insurances, these policies remain active until they mature. Yet, they can lapse due lack of premium payments. These insurances offer the benefits of term policies and also allow growth of capital.

 

The insurer can only cancel these policies in the event of a fraudulent application. This too must be within a period defined by law. So, Permanent or Whole life policies pay the death benefit whenever the insured dies. Hence, there is no fixed term.

 

There are 3 main types of permanent or whole life policies. These are universal life insurance, traditional whole life, variable life and variable universal insurance. Furthermore, there are variations within each type.

Variable

Variable life combines the death benefit with a savings account. In fact, you can use the savings account to invest in bonds, and stocks. You can also invest in money market mutual funds. So, the value of your policy can grow fast. You also have more risk.

 

This is because if your investment under-performs, your death benefit and cash value will decrease. Yet, some policies guarantee your death benefit will not fall below a certain minimum level.