advantages of living benefit life insurance
In Life Insurance, Mortgage Protection Insurance
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…the advantages of living benefit life insurance policies can anyone avoid bankruptcy and the most severe finanical impact of a major health event. You can avoid financial hardship with living benefit life insurance.

Indeed, it’s problematic that a comprehensive insurance policy will cover hospital fees yet will not assist with the essential life and family expenses like mortgage, car, loan, and tuition payments that put financial strain on recovering patients. When an illness prevents someone from working, simply paying off hospital bills is not enough. Many struggling with this issue find themselves going through bankruptcy–all while the money they have put into a life insurance policy sits untouched.Read More →

Term Life Insurance vs. Cash Value
In Life Insurance
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Whole life insurance is a permanent insurance; which means it will continue to insure you for your life time as long as you pay the premium. The premium never increases and the benefit never decreases. Like all insurance policies, the best time to purchase whole life insurance is when you are young and healthy. Doing so will lock in a low insurance rate for your entire life. It will also allow the policy the time it needs to compound your cash value without taxation into a serious nest egg.Read More →

Term Insurance vs. Whole Life Insurance
In Life Insurance, Mortgage Protection Insurance
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Term insurance is a great tool to insure against the financial consequences of a premature death for a limited amount of time. Examples of needs that may be ideal for term insurance include a mortgage or other major loan payment and dependent children. Your financial obligation toward your children ends once they are out of college and live on their own. While the exact time period is different for every family, unless there is an underlying disability issue few people expect to be supporting their children well into adulthood. Similarly, mortgages and other major debts will typically have a finite period. Eventually the debt is paid off and the need to insure that expense against a premature death expires. Mortgage protection insurance can be either term or permanent depending on the consumer need and budget. Term insurance vs. cash value insurance should both be considered.Read More →

In Life Insurance, Mortgage Protection Insurance, Retirement Income
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Every life insurance we know of that also offers living benefits will have some conditions that require a loss of two or more activities of daily living to receive benefits for chronic illness. (There is no such requirment for critical illness) Every Long-term Care policy we know of includes these loss of activities of daily living as a condition for benefit. It is important that consumers understand the concept of activities of daily living so that they understand the benefits of long-term care insurance and long-term care riders within some life insurance policies.

Because of the advent of living benefit life insurance, consumers no longer need to purchase two separate policies to protect themselves and their families. In some cases, the long-term care benefits within a life insurance policy do not require a higher premium than the old life insurance, no other cases the premium is nominal.

This means that we can now own a life insurance policy that also acts as a long-term care policy without paying extra! This substantial cost savings means more families can protect themselves from life events that can destroy their next-egg and severely disrupt their quality of life.Read More →

Insurance for retirement income
In Life Insurance, Retirement Income
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While term (or temporary) life insurance offers insurance coverage with the lowest monthly outlay when we are young, permanent (or cash value) life insurance is usually the lowest cost over our lifetime. In addition, cash value life insurance can be an important part of your retirement plan as you can use that insurance for retirement income.

Cash value life insurance comes in several forms, but they all have common features; the insurance will not expire as long as you pay your premiums and they build up a cash value on a tax deferred basis that can be accessed during your life time. In fact, you can access that cash value tax free, for any reason, by “borrowing” the cash from your policy. In this case, you become the banker. You must charge yourself a reasonable interest for borrowing the funds. If you choose not to pay back the borrowed funds, then the amount borrowed plus the interest is deducted from your death benefit when you die. Either way, you can use the cash value in your insurance for retirement income.Read More →