A life insurance policy is a contract with an insurance company in exchange for premium payments, the Insurance company provides a lump sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Typically, life insurance is chosen based on the need and goals of the owner. We work with two amazing companies such as:
New York Life
Term insurance offers the purest and relatively inexpensive protection for people in most stages of life. But in some cases, it may make sense to pay for permanent insurance, which is far more expensive and complex. There are three main types of permanent insurance:
whole life, universal and variable Whole life insurance is the most basic type of permanent insurance. It has a savings component and a death benefit. The savings component is called the cash value. Universal life insurance is a blend between whole life and term. It does have cash value accumulation, and it can be tied to a fixed interest rate like a CD that will adjust annually. Variable life insurance, offers life insurance protection for the duration of your life with more investment options, including equities. Its structure is like that of universal life, but the value of your policy can go up or down with the value of the underlying investment.