Insurance
Life insurance gives those you care about a lump sum cash benefit upon your death. The proceeds are payable income tax free, directly to your beneficiary. Your Cornerstone Adviser can help you choose the type and amount of coverage that best fits your needs. It’s the simple, affordable solution to high final costs, both financial and emotional. Here are just a few of the options available to you.
Term-Life Insurance
Term Life Insurance provides death protection for a stated time period, or term (typically 10, 15, 20 or 30 year term) for a specified premium. It is usually considered the simplest form of life insurance. It was developed to provide life insurance for a limited period of time, for an inexpensive rate. Since term insurance can be purchased in large amounts for an inexpensive premium, it is well suited for short-range goals, such as to cover loans, mortgages or income replacement during child-raising years.
Whole Life Insurance
Whole life provides insurance for the insured’s whole life as long as a specified premium is paid. It also has a savings component that builds over time and can be used in wealth accumulation. The insurance company essentially makes all the decisions regarding the policy. Regular premiums pay both insurance costs and cause equity to build in the saving account. A fixed death benefit is paid to the beneficiary along with the balance of the savings account.
Final Expense & Guarantee Issue Life
While most people don’t like to talk about end-of-life issues, it is important to plan for them. Expenses associated with death, such as caskets, embalming, transportation and services, can have a substantial financial impact on those they love. Final expense life insurance is a whole life product that can help protect loved ones from having to pay these costs out of pocket. This type of policy is designed to cover end of life costs and is typically underwritten or available through guarantee issue. What does this mean to you? It means that regardless of health concerns, or if you’ve been turned down for coverage in the past, there is likely a policy that is appropriate for you.
QUICK QUIZ
If you answer “Yes” to any of these questions, you may need life insurance.
- If I died today, would my family suffer financially?
- Would my family struggle to pay my final expenses, including medical expenses?
- Do loved ones depend on me for rent/mortgage, food and more?
- Could my spouse alone provide for our children?
- Do I own a business and want my family to receive my share?
- If I’m single, do I have a large amount of debt that I could pass on?
- Has my income, assests or number of beneficiaries changed since I bought my current policy?