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Life Insurance
Which one is best for you?
Term Life is the easiest and most affordable life insurance coverage you can get. It is ideal for younger generations that are working to establish themselves and are considering starting a family. Provide a steady death benefit only during the terms length, once the term ends so does the death benefit. Term can be converted to Whole Life.
Whole life is little harder to get as it will require a medical exam. The costs related to a whole life policy is quite a bit more expensive and is generally purchased by people who have established themselves both in career and family. The differences are: covered for life (up to age 120), builds cash value, and provides a steady death benefit.
Final Expense is a type of Whole Life insurance that is meant to take care of your end of life expenses. It is also called burial insurance. The benefit amount can vary from $10,000 to $35,000. It is generally used as a supplement to whole life policies and allows the beneficiaries to receive the whole death benefit from the main whole life policy. Final Expense policies also pay out much quicker (generally a couple days) than a whole life policy that can take up to 90 days to pay.
Indexed Universal Life is also in the whole life family and offers a death benefit for life, up to age 120. This is the policy you will see all over youtube that is labeled as “create your own bank”. This term refers to being able to borrrow money from the policy and pay no interest on repayment. Some whole life policies will charge you from 3% to 7% to pay back YOUR money. This policy builds cash value but it is linked to the performance of a Stock Market index – Usually the S&P 500.