Life Insurance

Life Insurance2019-03-11T20:39:45-07:00

Life Insurance

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.

Term Life

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.

Whole Life

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.

Universal Life

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.

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Universal Life Insurance

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Universal Life Insurance Policies Universal life insurance is a type of permanent life insurance. It provides you with coverage for your entire life at a much lower price point then whole life insurance. In this article, we will go over the basics of universal life insurance to help you determine if purchasing one is right for you. The Basics Universal life insurance is a type of permanent life insurance that offers low premiums and [...]

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Modified Endowment Contracts

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Save on Term Life Insurance Life insurance is an important measure that will help your family cover costs if you pass. The most popular and affordable option is term life insurance. You can purchase a term policy that will stay in effect for 10, 20, or 30 years. Because these policies are not guaranteed until your death, just for a certain number of years, insurance companies are able to keep premiums low. In this [...]

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5 Reasons Why You Need Life Insurance

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Why You Need Life Insurance You may wonder why you should buy life insurance. Many individuals think they do not have enough assets to need it, others simply avoid it because they do not like to think about mortality (death). In this article, we will go over 5 reasons why you need life insurance. 1. Protection for Your Loved Ones Life insurance is a great way to protect your loved ones. It is an [...]

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Term Life Insurance

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Term Life Insurance Term life insurance is one of the cheapest and easiest to understand types of life insurance. It covers you for a specific period and can be a flexible source of coverage. In this article, we will go over the basic characteristics, types, and usefulness of term life insurance. Basic Characteristics Term life insurance is designed to cover you for a specific period. This means that if you pass away outside of [...]

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8 Business Uses for Life Insurance

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Business Uses for Life Insurance Many view life insurance as a way to financially help their family when they pass. But there are many other uses for life insurance, some of these are in the business setting. In this article, we will go over 8 business uses for life insurance. 1. Preventing Liquidation If you own a business, your family may find themselves in a situation where they must liquidate your business assets to [...]

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