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Insurance policies are sometimes the most misunderstood products. Insurance is an asset class along with your other investments.
There are many types of policies available.
Life Insurance policies have a few different types, a few are outlined below.
Term Life policies are great in that they provide lots of coverage for a small premium. But they also are like paying rent, you’ll have a policy as long as you’re paying the premium.
Whole life or variable policies build up cash value. They are much more expensive then term. They are like owning a house. You can build up cash value in them. Maybe enough to someday have the cash value pay your premiums and keep them in force without you having to make premium payments.
Long term care is more and more in need as we live longer. The cost of nursing homes is pretty steep.
Disability insurance protects your income.
Property and casualty cover your cars, houses and other assets. In some states it is illegal to drive without auto insurance and you won’t get a mortgage with homeowners’ insurance.
When it comes to protecting your most important asset, we see reactions to be something like this – “I don’t need this”, “I’m fine”, “We’ll manage”, “It’s too expensive”.
As we progress down your journey, we will cover these insurance assets and recommend what’s right for you. You and your family will be in a better financial position having some of the above policies in place.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications. The guarantees provided by the insurance company are contingent on the claims-paying ability of the issuing company.
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