Life Insurance
Give your loved ones financial security by purchasing life insurance. Life insurance policies provide a payout to your beneficiaries in the event of your death or total permanent disability.
If you have dependents, the payout from life insurance can cover their finances for day-to-day living, take care of any of your outstanding financial obligations, and ensure that they are not in dire financial straits after you’re gone.
As such, having life insurance coverage is crucial if you have children who depend on you, a non-working spouse, or if you’re caring for your ageing parents.
Even if you’re without dependents, the proceeds from a life insurance policy can be used to pay off your final expenses and debts, or leave a legacy for other individuals or organizations named in your will.
There are a few types of life insurance policies you can choose from.
Whole Life
For insurance coverage that spans your entire lifetime, you can opt for a whole life plan. A whole life plan typically will cover you from the time of purchase to age 120. As a whole life plan covers your lifetime, you don’t have to think about renewing it once you’ve bought it.
There are also some plans that offer a limited premium term. This means that you could be paying premiums for say ten or fifteen years but enjoy the insurance coverage for your lifetime. This could be ideal if you wish to take advantage of your high-income years and “front load” your insurance premiums during this time.
On top of offering insurance protection, a whole life plan also has a savings element which means that your policy will build up a cash value over time. This means that the benefit associated with your policy could be higher than the sum assured, leaving even more behind for your loved ones after your death.
Term Life
For a life insurance policy that provides pure insurance protection, a term life policy is your best bet.
Unlike a whole life plan, term life does not have a savings component and does not build up cash value. Your premiums go directly towards paying for insurance coverage. As such, the premiums for term life are usually more affordable than that for a whole life plan.
A term life policy is valid for the specified term and will need to be renewed thereafter. Some term life policies offer guaranteed renewability upon the end of the term, so you may not need to worry about your insurability even as you age. Some term polcies even offer ROP, Return of all your premiums at the end of your policies term.
If you’re looking for a high sum assured at a wallet-friendly price, then you should consider a term life plan.
Universal Life & Index Universal life
Universal life insurance is a type of permanent life insurance. Like most permanent life policies, universal life combines a savings component with lifelong protection. As long as you pay the required premium, the policy remains in force until you die. When you pass away, the death benefit is paid out to your beneficiaries.
Index Universal Life insurance is a type of permanent life insurance, which means it has a cash value component in addition to a death benefit. The money in your cash value account can earn interest based on an index chosen by your insurer. Funds don't earn a fixed rate of interest but typically come with an interest rate guarantee. an index tracks the performance of the specific basket of investments, such as stocks or bonds. Your insurer selects the index, and then calculates an interest rate based on the performance of the index. Your insurer then credits that interest to your cash value account.
Accidental Insurance
You can usually add a AD&D rider, also known as a double indemnity rider, to a life insurance policy, or can get as a stand alone policy. With this type of insurance, the designated beneficiaries receive benefits from both in the event the insured dies accidentally. Benefits typically cannot exceed a certain amount. Most insurers cap the amount payable under these circumstances. Since most AD&D payments usually mirror the face value of the original life insurance policy, the beneficiary receives a benefit twice the amount of the life insurance policy's face value upon the accidental death of the insured.
Critical Illness Insurance
Critical illness insurance, also known as critical care insurance, is a type of insurance policy that compensates policyholders with a lump sum payment after getting diagnosed with a specific illness that is listed on their insurance policy. Critical illness insurance policies can also be structured to make serial payments based on the policyholder's ongoing medical treatments and condition.
The most basic critical illness coverage's are cancer, heart attack, and stroke. This list can be expanded to include many more critical illnesses, like a heart transplant, coronary bypass surgery, angioplasty, kidney (renal) failure, and other organ transplants. Many policies cover between 30 and 36 critical illnesses.
According to the American Cancer Association, 1 in 3 people run the risk of developing cancer. The American Heart Association reports that over 320,000 out-of-hospital cardiac arrests occur annually in the United States.
With most Of our Insurance Policies here through Push Financial Group, the Critical Illness Insurance is Included for no additional charge.
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