Decreasing Term Life Insurance: A Quick Guide
All types of life insurance can be divided into two basic categories: term and permanent. Permanent policies include whole life insurance, universal life insurance, and variable universal life insurance. This type of insurance is more expensive because it also builds up cash value over time. Term insurance provides pure death benefit protection and is less […]
What is a Chronic Illness Rider in Life Insurance?
In order for the life insurance companies to remain competitive, they have had to invent new types of life policy products for consumers that can do things that traditional life insurance policies could not. The biggest drawback of traditional life insurance was that in order to collect the death benefit, the insured (who was also […]
Cash Surrender Value: Everything You Need to Know
The cash surrender value of a life insurance policy is the remaining amount of cash value that you get after you surrender the policy and repay all outstanding fees and loans. When you own a cash value type of life insurance policy, the cash value builds up over time as premiums are collected and deposited. […]
How to Cancel Your Life Insurance Policy
If you own a life insurance policy that you no longer want or need, then you may want to just cancel it. But do you know how to cancel your life insurance policy? The procedure for canceling your old policy is a multi-step process that can get complicated in some instances. And you need to […]
How to Borrow Against Your Life Insurance
If you need to get your hands on a lump sum of cash quickly, then you should consider taking out a loan from your permanent life insurance policy. This can often be the fastest way that you can take out a loan, as well as the cheapest. Cash value loans in permanent policies have been […]
What is an Accelerated Death Benefit?
Traditional life insurance policies allow insureds to financially provide for their beneficiaries if something happens to them and also accomplish various other estate planning functions, such as making charitable gifts or reducing estate taxes. However, one thing always had to happen before the death benefit could be paid out: the insured had to die. The […]
The Guide to Life Insurance With a Long-Term Care Rider
The costs related to long-term care insurance are continuing to skyrocket with no end in sight. The insurance industry has responded with accelerated death benefit riders that can help to cover these costs at a more reasonable price. These riders represent the future of the insurance industry in many ways. What is a long-term care […]
How to Sell Your Whole Life Insurance Policy: A Guide
There are several ways that you can draw money out of a whole life insurance policy. But some ways are better than others, depending upon your circumstances and how soon you need to get your hands on the cash. The amount of cash that you can get is also dependent upon several different variables. But […]
What is Reverse Life Insurance?
Traditional life insurance has been around for at least a hundred years. But a new twist on life insurance is making its way into the mainstream life insurance marketplace today. A reverse life insurance sale allows policyholders to convert their life insurance policies into a lump sum of cash upfront provided that they meet certain […]
Modified Endowment Contracts: A Policyholder’s Guide
Modified endowment contracts are a profitable alternative to many other types of assets when it comes to estate planning. If you have liquid (or even tangible) assets that you would like to leave to your heirs, a modified endowment contract can leverage those assets for you with a tax-free death benefit. What is a modified […]