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If you’re sure you want life insurance, but aren’t sure you can afford it, a term life insurance policy may be a great option. Term life is affordable, and your premium payments remain the same for the amount of time that works best for you, such as 10 or 20 years. This way, you decide how long your loved ones need financial protection. And if those needs change, many term policies have the option to convert to a permanent life insurance policy.
Whole life insurance is a permanent policy, which gives you guaranteed protection for your loved ones that lasts a lifetime. With whole life insurance, unlike term, you earn guaranteed cash value, which you can use however you want. Participating whole life insurance is eligible to earn dividends, which can increase the death benefit and the cash value of the policy. You can also add Long-Term Care insurance to your whole life policy. LTC insurance helps you protect your assets from being depleted by providing a pool of benefits you can use to help reimburse your expenses for care.
A universal life insurance policy offers permanent life insurance with flexible premiums. This allows you to adjust the amount you pay each year as long as you have enough account value. You may also choose a policy with a guaranteed death benefit, which means your family is guaranteed to receive a lump sum of money in the event of your passing.
This is a strategy whereby a qualified borrower accesses third-party financing to pay for large life insurance premiums. Once the policy generates enough surplus cash value in later years, the owner of the policy can then pay back the premium finance loan from policy values.