There are two major types of life insurance: term and permanent (also known as whole life).
Term life insurance only provides coverage during a set timeframe, and typically expires with no cash value. Whole life insurance is just like the name says: good for your whole life, as long as you keep paying the premiums. With permanent life insurance, there’s a guaranteed payout at the end, but the trade-off is that it’s much more expensive — generally 10 times the price of term. To offset those costs, permanent life policies include a tax-deferred savings account that earns interest over time. A portion of the premium goes into the savings account, which you can use as collateral against a loan, and the interest the account earns can be used to pay your premium. If you cash out the account, though, say goodbye to your death benefits.
A spirited debate persists among experts on the pros and cons of term and permanent. The basic argument for term is that the savings component of permanent policies can be better realized by simply investing the amount you’d pay for the more expensive permanent policy somewhere else, like your 401(k). Proponents of permanent counter that term insurance has zero value once it expires, while permanent policies are at least always worth something.
There’s a trade-off for sure, but one thing is certain: Term life policies offer the most protection for the buck.
Insurance by Apex provides various types of both Term Life and Whole Life insurance. We’re here to help you cover the ones you love.
Prepare for the future with term life insurance. Death is an emotional time for a family; the loss of income and looming threat of unpaid bills only makes it worse. With term life insurance, you can save your family from worry by providing them with a cash benefit in the event of your death, giving them the security they need to avoid serious financial problems during a difficult transition.
Living benefits term life
Not all Term life insurance is created equally. Most Term Life insurance policies only payout when you Die. Some Term life insurance policies can also provide access to benefits while you’re still living. Living Benefits are designed to help to take care of you and your family by enabling the owner to access the portions death benefit in the event you experience a chronic, critical or terminal illness.
For most American families, the mortgage represents the largest source of personal debt, a debt that that easily defaults in the event of the primary breadwinner’s death. Our mortgage protection insurance is designed to pay off your mortgage in the event of your death to make sure you family can keep their home no matter what. Mortgage Disability Insurance In addition to mortgage protection insurance, we offer mortgage disability insurance to ensure that payments are made when you are unable to work due to an illness or injury.
Whole life insurance is a valuable insurance product that protects an insured for their entire life. Unlike the popular and less expensive term insurance, whole life insurance remains in effect as long as the premiums are paid. While whole life insurance is much more expensive than term insurance, and it offers a number of advantages. The death benefits are paid to the beneficiary tax-free and can be used at the beneficiary’s discretion. A whole life policy is a great gift to purchase for children as a savings instrument or college fund.
Final expense insurance also known as Burial insurance is a type of whole life insurance with lifetime fixed rates that allows the named insured to feel safe knowing that funeral-related expenses are covered regardless of the statutes of their estate at the time of death. Have peace of mind knowing that funeral-related expenses are covered regardless of the statutes of the deceased estate at the time of death, without placing the financial burden on your family when a loved one dies.
Indexed universal life (iul)
Many of us have the same question and concerns for when we are older “Will I have enough money coming in each month to retire and live comfortably”? IUL’s have many benefits and features besides a death benefit. IUL policies allow you to take money out of your policy when you need it without a penalty, Extend Retirement Cash Flow for up to 30-40 additional years from a traditional 401k, IRA or mutual funds.