Blog
What is Cash Value Life Insurance? When you pay premiums on a cash value life insurance policy, some of your money is applied toward the policy cash value, like a savings account within the policy. Over time, cash values accumulate. During your lifetime, you can access the cash value by a withdrawal, policy loan, or surrender (cancellation) of the policy. How can you access the cash value in your policy? The cash value in your policy…
Read More
Most people are familiar with whole life insurance. For many years, whole-life policies were the predominant type of life insurance sold in America. When you purchase a whole life policy, you traditionally pay a fixed premium for as long as you live or as long as you keep the policy. In exchange for this fixed premium, the insurance company promises to pay a set benefit upon your death. Whole Life Insurance Benefits In addition to a…
Read More
If you’re close to retirement and already have a life insurance policy with sufficient cash value, you can use that cash to save for retirement. But if you’re young and looking for a savings program for your retirement, there may be better ways than using life insurance. Life insurance is designed to protect against unexpected economic loss, so if you don’t need a death benefit, you might want to look into a tax-sheltered program such as…
Read More
If your policy has accumulated cash value over the years, you can borrow against it. You must then pay back the borrowed amount; if you don’t, the amount owed plus interest is subtracted from the death benefit. Or, you can simply surrender your policy and get a check for the cash value, but then you no longer have life insurance. You may also have a life insurance policy that includes an accelerated benefits rider. If so,…
Read More
Life insurance has many uses, including income replacement, business continuation, and estate preservation. Long-term care insurance helps provide financial protection against the potentially high cost of long-term care. If you find yourself in need of both types of insurance, a life insurance policy that combines a death benefit with a long-term care rider may appeal to you. Here’s how life insurance with a long-term care rider works Some life insurance issuers offer life insurance with a…
Read More
Sure, we all want to keep our brains healthy as long as possible. But can we? Isn’t our brain health really out of our control, e.g., “Isn’t cognitive decline a normal part of aging?” Turns out, according to Dr. Marc Milstein, a neuroscience researcher, we may have more control over the health of our brain than we realize. His research found that it may be possible to keep our brain’s age younger than our chronological age, e.g., if…
Read More
Today, women have more financial responsibilities than ever before. How will your family or loved ones manage financially if you die? Whether you are single, married, employed, or a stay-at-home mom, women need life insurance. At the very least, life insurance can help pay for the costs of funeral and burial services, estate administration, outstanding debts, estate taxes, and the uninsured expenses of a final illness. What type of woman needs life insurance? Working women Increasingly,…
Read More
How to prepare for the expense of potential cognitive decline The costs associated with an unhealthy brain can be significant. In addition to medical costs, other areas of expenses may include caregiving, medication, and housing needs. We’ll outline potential costs in each of these areas, but first, let’s define the difference between dementia and Alzheimer’s disease. The difference between Dementia and Alzheimer’s Disease Alzheimer’s disease and dementia are often used interchangeably, but they are not the…
Read More
Now that you know your brain can be older than your chronological age, you may be wondering how that happens. One of the things that make a brain age prematurely is the buildup of “brain trash” and toxins. Brain trash is a by-product of the work your brain cells do. Your brain cells are like a hustling, bustling Manhattan. Just like a city gets dirty, your brain does too—filled with residual waste from chemical reactions, environmental…
Read More
What determines your need for life insurance? Life stages and circumstances When determining your need for life insurance, you should first consider your life stage and circumstances. Marital status, number of dependents, size and nature of financial obligations, your career stage, and your intentions to pass on your property are all factors to consider. Your need for life insurance changes as the circumstances of your life change. Starting out In the “starting” stage of life, you…
Read More