What’s the difference between traditional Medicare and Medicare advantage?
The Difference Between Traditional Medicare and Medicare Advantage When turning 65, you find yourself
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If you have had a policy for a long time, we have products where you can have the death benefit and cash value, not just one or the other.
We spend a lot of time discussing Life Insurance with our clients. Most people over 65 have had the same policy for 30 – 40 years, and feel that since they are over 65, they are stuck with it.
Did you know… With most policies, you do not get the death benefit and the cash value? You get one or the other.
The truth is that you aren’t stuck with your policy because there are products where you can have the death benefit and a cash value. Even if you have had a policy for a long time.
Some things to consider before you buy Life Insurance
When deciding what type of life insurance to buy, the most important things to consider are your financial goals and how much money you’ll need to accomplish them. There are different types of life insurance, so understanding why you want a policy is crucial. Also, goals change, you may have purchased a policy in the past, but life events may require a different approach.
Before buying a policy:
Different Types of Life Insurance
Many people have told me over the years that they weren’t sure what the different types of life insurance were and how each of them worked. People are also often concerned that they are getting the most value and best benefit they can for their hard-earned money. It can seem confusing at first. But I’m going to explain it to you in a way that is simple to understand.
Term Life Insurance
Term life insurance is a straightforward insurance policy with relatively low premium payments and a fixed death benefit. They can be set up in terms ranging from 1 to 30 years.
Term life allows people to protect loved ones during higher risk periods of their lives. If someone is pre-retirement, has bought a house, has children living at home, or who needs a lot of insurance at an affordable rate, term life is potentially a very valuable product.
Because term life policies end after a certain period, many people outlive their insurance policy. In fact, the payout of term life policies is only between 1% and 5%.
Pros of Term Life Insurance
Cons of Term Life Insurance
Who should get term life insurance?
The bottom line is that term life insurance can be a simple, low-cost option for many people.
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