Insurance can be an incredibly powerful wealth management tool.
Are you using it right? And might you be over or under insurance?
There's more to insurance than you think.
While life insurance is the most common type of insurance, and for many great reasons - other insurance options exist to provide benefits under difference circumstances.
What will be passed down to your loved ones? If it's debt, how will they pay for it and if it's your assets, what pays for the tax bill upon the disposition of the assets?
If you became either temporarily or permanently disabled, how will you maintain an income to cover your life expenses? There's insurance for that.
While life insurance pays out a benefit if you pass away, wouldn't you want a lump-sum benefit if you became critically ill, but are still living?
Everyone's life is different and so are their needs, so life insurance shouldn't be treated as a one size fits all. There are many variations of life insurance, and each can be personalized with different features to best suit your estate planning needs.
2 Main Types of Life Insurance
More affordable, but coverage is temporary and based on the length of the term.
Commonly used to insure outstanding debts until they're paid off.
While term insurance only pays a death benefit if you die during the term, permanent insurance will eventually pay out a benefit upon death.
Generally used for leaving a legacy behind for inheritors or to pay a major tax bill that'll be triggered when your assets are disposed and transferred to inheritors.
Riders & Benefits: Add riders to your policy to guarantee renewals, add your family to the policy, get a return of premium, and more.