Understanding the Basics of Life Insurance

Why do I need life insurance?

If other people rely on you financially, and you want to protect their futures if you should unexpectedly pass on, your life insurance will reduce their financial burden. People without dependents often purchase life insurance to pay for final expenses or to leave an inheritance to someone they love or a favorite charity.

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What are the types of life insurance policies available?

There are many types of life insurance including; whole life, universal life, equity indexed universal life, variable life and term life.

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How do I determine the amount of coverage I need?

It's affected by how many people depend on you, what your current budget is, and how much you can afford. It's best to consult with a qualified licensed professional agent.

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Why should I purchase permanent insurance?

Permanent coverage is a way for you to regularly save money and a way for you to leverage wealth. Your policy builds up value as you grow older. In many cases, it's more flexible than term life and is designed to change according to your changing needs. It will also help you take care of the people who depend on you financially.

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When should I purchase a term policy?

Term life lasts a certain period of time and then must be renewed or replaced in order to continue. This makes it a good choice if you are unable to afford a permanent policy and only foresee a need for a certain time. Term life is an excellent choice for young families who have a greater need for insurance when their children are young.

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Why do people own life insurance?

People own life insurance to provide death protection, or to increase their savings. The cash surrender value accumulation can be used as a disciplined savings plan. The money accumulated could also be used to provide for education, retirement, emergencies or any opportunities that may arise.

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What are some advantages of permanent insurance?

• You gain long-term cash accumulation.
• The values for your premium and death benefit can be guaranteed.
• You have an increasing death benefit.
• You can receive funding during disability.
• You get life long insurance protection.
• The values may be sheltered from creditors.
• The proceeds at death are generally tax free.
• You have more flexibility and higher funding limits than some qualified plans.
• There are no early withdrawal penalties or forced distributions.
  
  
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What are the benefits of whole life vs. universal life insurance?

The benefits of whole life are:

• The policy never has to be renewed as long as premiums are paid.
• The premiums remain the same through the payment period.
• The accumulating cash values act as a savings element.
• Some policies include the possibility of receiving dividends.
• Nonforfeiture options allow the policy holder to retain some benefits even if unable to pay the premium.
• There are guarantees which last for the life of the contract if premiums are paid.

The benefits of universal life are:

• The amount and frequency of premium payments is flexible although there are certain requirements.
• There is also flexibility in the amount of the death benefit, but it is subject to rules requiring the policy to maintain its status as insurance.
• You have the ability to take partial withdrawals from the cash value of the account.
• In most contracts there are guarantees which, if premiums are paid, will last for the length of the contract.
  
  
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What are beneficiaries and contingent beneficiaries?

A beneficiary is the person or entity you name to receive your death benefit. Beneficiaries are often spouses, children and other family members, but you can name a friend or even a charity. Usually you name a secondary, or contingent beneficiary to be next in line to receive your benefit if your first beneficiary dies before you.

If you have more questions about the information provided or about your retirement situation please contact your localSafe Money Representative or ask the experts.

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