Sentences with phrase «purchase a permanent life insurance policy as»

If their income allows, some, too, opt to purchase a permanent life insurance policy as well to meet other financial goals, including estate planning or charitable giving.

Not exact matches

Therefore, if you are on the younger end of the age spectrum, you might want to consider purchasing something that will be in place for longer, such as a 30 year term policy or permanent life insurance policy.

Though these can only be purchased as separate policies, guaranteed universal life insurance has little to no cash value, so it's considerably less expensive for permanent coverage than whole life insurance.

Life insurance can be purchased either as a permanent policy, covering your entire lifetime, or as a term policy, covering a certain period of time — anywhere from a year to 30 years.

You can often save money by purchasing a joint life insurance policy for yourself and your spouse, but this is often only available as permanent coverage.

When purchasing a final expense life insurance policy, it is important for an applicant to determine the type of coverage that they need — term versus permanent — as well as the amount of coverage that will be appropriate for their specific needs.

As of 2011, whole life policies purchased rose to 31 % of all life insurance policies, making them one of the most popular types of permanent life insurance.

At the end of the term, you will have the opportunity to purchase another term, or even it to convert your policy to a permanent insurance policy such as whole life, universal life or variable life.

Permanent life insurance is a policy that can be purchased at any time throughout your life and will provide coverage for the remainder of your life, as long as your premiums continue to be paid.

Compare that to whole life insurance, the most popular type of permanent life insurance: you purchase a policy and it lasts for as long as you pay for it.

When purchasing a final expense life insurance policy, it is important for an applicant to determine the type of coverage that they need — term versus permanent — as well as the amount of coverage that will be appropriate for their specific needs.

If purchasing a permanent life insurance policy, the savings in the cash value portion of the policy can also be used for funding future goals such as college savings.

Consumers may purchase a joint policy either as term life insurance, covering only a set number of years; or permanent life insurance, protecting one or both spouses for an entire lifetime.

The other option is to either purchase a permanent plan design such as Universal Life or add a smaller Universal life on to an existing life insurance portfolio that includes a Term insurance polLife or add a smaller Universal life on to an existing life insurance portfolio that includes a Term insurance pollife on to an existing life insurance portfolio that includes a Term insurance pollife insurance portfolio that includes a Term insurance policy.

Funds that are in a permanent life insurance policy's cash value can be either borrowed or removed by the policy holder for any purpose, such as supplementing retirement income, paying off debt (typically higher interest debt such as credit card balances), purchasing a new vehicle, paying for a child or grandchild's college education, or for going on a long - awaited vacation.

The two main reasons you might not want to change policies are surrender charges (only in permanent plans such as whole life or universal life), and your new policy will likely contain a new two year contestable period, which means the company could potentially weasel out of paying the life insurance proceeds upon your death if you die within 2 years of purchasing the policy and they find that you answered questions fraudulently on your application.

Life insurance can be purchased either as a permanent policy, covering your entire lifetime, or as a term policy, covering a certain period of time — anywhere from a year to 30 years.

Therefore, if you are on the younger end of the age spectrum, you might want to consider purchasing something that will be in place for longer, such as a 30 year term policy or permanent life insurance policy.

Often people purchase as much permanent life insurance as they can afford and then supplement their life insurance needs with a term policy.

Guaranteed Insurability Rider DEFINITION: an optional rider attached to permanent life insurance policies that allows the owner to elect to purchase additional life insurance death benefit coverage periodically at certain attained ages, or alternatively, upon certain special occasions such as marriage and the birth of a child.

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This policy is called guaranteed universal life or also known as no lapse universal life, this is actually the most popular permanent life insurance policy at our agency that individuals purchase when they're looking for a lifetime protection.

Even though permanent life insurance can build up considerable cash value over time, life insurance should never be purchased solely for savings or investment, as a large percentage of the premium on most any policy will be going towards paying for death benefit coverage and other policy expenses.

Quotacy typically works with term life insurance policies, but if you are curious on purchasing permanent insurance, we have staff with years of experience putting permanent products in force as well.

Though these can only be purchased as separate policies, guaranteed universal life insurance has little to no cash value, so it's considerably less expensive for permanent coverage than whole life insurance.

As an alternative to purchasing a permanent life insurance policy or mortgage protection insurance, explore the option of buying a term insurance policy for the same duration as your mortgagAs an alternative to purchasing a permanent life insurance policy or mortgage protection insurance, explore the option of buying a term insurance policy for the same duration as your mortgagas your mortgage.

You can often save money by purchasing a joint life insurance policy for yourself and your spouse, but this is often only available as permanent coverage.

With a permanent life insurance policy, the insured will be purchasing both death benefit protection, as well as cash value.

The truth is, a permanent life insurance policy will work best for you if you purchase it as soon as possible rather than wait until you retire.

As an example, if your life insurance policy is being purchased primarily to pay off your mortgage if you die, a term life insurance policy is usually a better solution than a permanent or whole life policy.