Leave worry on the doorstep.
Life and work are stressful enough without having to worry about saving money and ensuring that your assets are distributed the way you want. Working with us to put a sound financial plan in place will let you rest easier. Contact The Niew Group for a free consultation.It’s safe to say that life insurance products have gotten a bum rap in recent years. Many people aren’t aware of the living benefits of a properly managed and funded life insurance program.
Life insurance can be a very important investment, especially if you have a growing family. You can get hassle-free wealth distribution among your children, emergency loans at low interest, assured benefits and in the end, a death benefit.
The two main categories of life insurance are term (which provides coverage for a set period of time) and permanent (which provides coverage for your entire life).
Term Life Insurance
Term life insurance is pure insurance protection that pays a predetermined sum if the insured dies during a specified period of time. On the death of the insured, term insurance pays the face value of the policy to the named beneficiary. All premiums paid are used to cover the cost of insurance protection. The term may be one, five, 10, 20 years or longer, but unless renewed the insurance coverage ends when the term of the policy expires. Since this is temporary insurance coverage it is the least expensive to acquire.
The main characteristics of term life insurance are:
- Temporary insurance protection
- Low cost
- No cash value
- Usually renewable
- Sometimes convertible to permanent life insurance
Permanent Life Insurance
Permanent life insurance coverage provides lifetime protection and is typically made up of two parts: a savings, or investment portion, and an insurance portion. The presence of the savings element means that premiums are often higher than with term insurance, but a portion of your premium is invested by the insurance company with the accrued interest building up cash value. This savings portion of the policy allows the policy owner to borrow against the cash value or to receive distributions at some time in the future.
The main characteristics of permanent life insurance are:
- Permanent insurance protection
- More expensive to own
- Builds cash value
- Loans are permitted against the policy
- Favorable tax treatment of policy earnings
- Level premiums
Included under the permanent life insurance umbrella are the following types of insurance coverage:
whole life, universal life, indexed universal life, variable life and variable universal life.
Life insurance can offer peace of mind, ensuring that your debts or loved ones will be taken care of in the event of your death. But it also has become one of the more flexible and powerful instruments for an effective living financial plan.
At The Niew Group, we recognize there are many factors to consider and evaluate when it comes to choosing life insurance coverage, including but not limited to the age of your dependents, the financial resources of you and your spouse or partner, and your present and future household income levels.
The Niew Group will help you understand the differences between the various types of insurance policies and guide you in choosing life insurance coverage customized to fit your unique financial needs. We’ll provide expert advice for determining the exact amount and type of coverage you will need in order to realize your dreams for a safe, secure financial future.
Contact The Niew Group today to learn more about Life Insurance and how we can help you realize the substantial advantages of a properly managed and funded life insurance program.
The Niew Group can help you Earn it, Keep it, and Grow it.