Everyone's situation is different. What may be a good program for one person is not necessarily right for another. It is always best to sit down with a good independent life insurance agent and discuss your individual needs and goals. What is the purpose of the insurance? Is it short term to cover certain debts or is it a long term need? A good agent will put together a plan that is affordable and will cover the majority of your needs.
Life Insurance is a mortality product constructed to cover temporary (term insurance) or permanent (permanent insurance) financial liabilities. Is your financial liability temporary or perpetual? Term life insurance is generally offered in increments of 5, 10, 15, 20 and 30 years. Permanent life polices can cover you to age 121 and has five policy types: Participating whole life, guaranteed universal life, current assumption universal life, indexed universal life and variable universal life.
There are three major planning categories for life insurance: indemnification, income and inheritance. First, determine which planning category you need. If the planning category is indemnification and/or inheritance then determine is the need temporary or permanent? The solution is either term or guaranteed universal life insurance.
If the planning category is income, life insurance can be a supplemental retirement alternative. Here's some product alternatives: current assumption universal life insurance with three crediting methods: interest rates, indices and separate sub account performance using the lowest TAMRA compliant death benefit option. For income, you may also want to look at TAMRA compliant lowest death benefit, participating whole life, with a max term rider and a paid up additions rider.
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There are three major planning categories for life insurance: indemnification, income and inheritance. First, determine which planning category you need. If the planning category is indemnification and/or inheritance then determine is the need temporary or permanent? The solution is either term or guaranteed universal life insurance.
If the planning category is income, life insurance can be a supplemental retirement alternative. Here's some product alternatives: current assumption universal life insurance with three crediting methods: interest rates, indices and separate sub account performance using the lowest TAMRA compliant death benefit option. For income, you may also want to look at TAMRA compliant lowest death benefit, participating whole life, with a max term rider and a paid up additions rider.