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LIFE INSURANCE |
Amount of life insurance
The amount of life insurance you need is determined by a number of variables. Some of the things to consider are: How long will the survivors need money, how much money per year will they need, is there a mortgage and/or other debts that need to be paid, are there young children that need to be cared for, and will there be any survivor social security benefits. By visiting for a few minutes, I can help you determine the right amount for your needs.
Term and Permanent Insurance
Term is purchased for a period of time such as 10, 15 or 20 years. Term, terminates and never builds a cash value or equity. Permanent insurance is designed not to run out and builds cash or equity values. However, premiums are greater for Permanent than Term.
Should I buy Term or Permanent Life Insurance?
It depends on a number of variables. As a rule of thumb, we recommend Term for young people starting out in life. As their income grows we suggest adding some permanent insurance because eventually term, terminates. Additionally, there are Estate planning situations that can only be solved by permanent life insurance.
How Permanent Life insurance works
There are several types of permanent life insurance. There is whole life, universal life, variable life, and indexed life. It would take more time than we have here for me to explain the differences between them. In recent years indexed seems to be the best value for people because it has the best guarantees for the lowest premium. I would be happy to run some illustrations so that you could see how they would work for you. Just give me call or email.
Indexed life insurance
Indexed life insurance allows you to participate in the upside of the stock market during the good years and earn a guaranteed 2% during the bad years. Coupled with this benefit is a guarantee that the policy will never terminate as long as you pay the premium.
How do I get a price on term insurance in 3 minutes or less?
Go to www.MillerInsuranceStrategies.com and click on life insurance. For a more detailed explanation feel free to call our office.