Life Insurance Basics

Life insurance comes in many shapes and sizes. Listed below are the types of life insurance My Family Assured offers.

Final Expense
inal expense insurance is an insurance policy used to pay for funeral services and a burial when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies.

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Term Life Insurance
Term life insurance is the cheapest, simplest type of life insurance. Term life insurance is temporary, meaning that a policy of term life insurance provides coverage for only a certain number of years. (You can choose 5, 10, 15, 20, 30, etc. depending on the life insurance company.) If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time. Any life insurance policy that is not a term policy is permanent life insurance.

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Whole Life Insurance
Whole life insurance is the priciest of the three principal types of life insurance (term, whole, and universal), but it guarantees a death benefit, guarantees a cash value growth rate, and guarantees a fixed premium. Buyers are attracted to the guaranteed death benefit and the minimal risk of lapse. Unlike universal life insurance (the other variety of permanent life insurance) in order to prevent this policy lapsing, the policy owner has only to make regular payments of a fixed premium, just as though this were a simple term life insurance policy.

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Universal Life Insurance
Universal life insurance is a type of flexible permanent life insurance offering the low-cost protection of term life insurance as well a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder’s circumstances change. In addition, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums.

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Single Premium Life Insurance/Wealth Transfer Plans
A single premium life (SPL) insurance policy is an insurance product that allows you to pay a single payment or premium in a lump sum to obtain an insurance policy with a death benefit guaranteed to remain paid up for the rest of your life. The size of the death benefit depends on the amount paid into the policy and the age and health of the insured. Single Premium Life Insurance allows your client to transfer wealth to beneficiaries income tax-free while avoiding probate, and gives the owner liquidity to cover expenses in later years.

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An annuity is an insurance product that pays out income, and can be used as part of a retirement strategy. Annuities are a popular choice for investors who want to receive a steady income stream in retirement. Here’s how an annuity works: you make an investment in the annuity, and it then makes payments to you on a future date or series of dates. The income you receive from an annuity can be doled out monthly, quarterly, annually or even in a lump sum payment.

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