Sometimes life throws unexpected curveballs our way. Life Insurance is a cost-effective way to ensure that your family is taken care of. At Wealth Guardian Financial we offer a wide variety of life insurance options. These include Term Life, Whole Life, Universal Life, and Indexed Universal Life. We only partner with the best insurance companies so our Client’s know they are safe.
Read below to find out more about the different policies that we offer.
A Term Life policy covers you for a specific time period or term. It tends to be less expensive than Whole or Universal Life. However, if you die outside of the term of your policy, your beneficiaries will not receive the death benefit.
There are two different types of Term Life Insurance. The first is renewable term. This kind must be renewed every year. Premiums will start out low but will rise as you age. The second type is level premium. It is more common than renewable term. You purchase a level premium policy to cover you for a specific number of years (typical 5, 10, 20, or 30 years). During your policy time period, your premium will not change.
Much like the name suggests, a Whole Life Policy will cover you for your entire life. Premiums are substantially higher than term life because the insurance company knows they will have to pay out your death benefit. You are guaranteed your premium will never change. Whole life policies also accumulate a cash value that you can borrow against.
This is a type of permanent life insurance that offers a cash value. Premiums that you pay for universal life policy go to two different places. Part goes towards the cost of insurance and the other part goes towards your cash value. After your cash value reaches a certain amount you will be able to borrow against it. Also, you can even use any interest accumulated by your cash value to pay your premiums. However, if you do not pay back the money you borrow it may reduce the death benefit paid out to your beneficiaries.
Indexed Universal Life
This type of policy is very similar to Universal Life. The main difference is that you have the option to allocate cash value amounts to a fixed or equity indexed account. Doing this will allow your cash value to grow even faster. Due to this, Index Universal Life policies are helpful retirement planning tools since they offer tax-deferred cash accumulation.
Life Insurance FAQs Before purchasing life insurance there are questions many people have. These usually cover the basics of how life insurance works. In this article, we will go over 10 life insurance FAQs. 1. How Much Life Insurance Do I Need? For your life insurance policy to be successful it is important that you33 are properly covered. How large of a policy you need will vary from person to person. But there are a [...]
Variable Universal Life Insurance Variable universal life insurance is a type of permanent life insurance policy. Depending on your financial situation it can be a helpful financial planning tool. In this article, we will explain how variable universal life insurance works and what it can do for your portfolio. The Basics With a variable universal life insurance policy, you pay your premiums into a special saving component. From this savings component, your insurer will [...]
Life Insurance and COVID-19 With the effect of COVID-19 still in our communities and on our economy, you may wonder if it has influenced life insurance as well. In this article, we will go over some aspects you should take into consideration if you are looking to purchase a life insurance policy during the COVID-19 pandemic. Will Your Life Insurance Payout If You Die From COVID? As a rule, your life insurance policy [...]
Accidental Death and Dismemberment Insurance Accidental death and dismemberment insurance is a type of life insurance. It can either be a rider to an existing policy or a standalone policy. In this article, we will go over the basics of how accidental death and dismemberment insurance works. What is Covers AD&D insurance will provide coverage for you or your family in the case of an accident. The definition of these terms will differ between [...]
Final Expense Insurance Final expense insurance is a type of whole life insurance policy. These policies have small death benefits and can be used to cover the final expenses of someone’s death. This includes funeral or memorial services, embalming, casket, or cremation costs. In this article, we will go over the basics of final expense insurance to see if this type of policy is right for you. The Basics Final expense insurance is permanent life [...]
Whole Life Insurance Whole life insurance is a type of life insurance. It is sometimes referred to as permanent or traditional insurance. In this article, we will go over the basics of whole life insurance to help you determine if it is the right choice for you. The Basics Whole life insurance provides coverage for the entire life of the insured. When the insured passes the insurance company will pay out a lump sum, [...]