Lets Talk About Your Life Insurance
Common sense tells you that having some form of Life Insurance is necessary to protect your family from the unexpected. What is not so obvious is what type of Life Insurance is best for you and your budget. Caise Benefits is here to help you get the coverage you need at a price that fits into your budget.
A Life Insurance Policy can go a long way towards giving you and your family the peace of mind that comes with knowing everything will be taken care of should the unexpected happen.
Why Do I Need Life Insurance?
To Pay Final Expenses – Funeral and related expenses can easily climb into the tens of thousands of dollars. A Life Insurance policy can cover these expenses and ease the financial burden during a very emotional time To Cover Children’s Expenses – A good provider ensures his family is well taken care of if the unexpected occurs. Having a Life Insurance Policy will take care of funding education after high school and cover additional expenses while they are still living at home To Replace a Spouse’s income – If your spouse’s income is essential to your lifestyle, then it is equally essential to purchase a Life Insurance policy that replaces that income in case something unforeseeable happens To Pay Off Debts – A Life Insurance policy will cover debts like mortgages and credit cards so you don’t have to sell the house in order to maintain your lifestyle To Pay Off Estate Taxes – A Life Insurance policy can be used to pay off estate taxes, thus saving assets or funds set aside for retirement. Using Life Insurance to pay off estate taxes is most common for large estates and uses Whole Life (permanent) rather than Term Insurance to ensure that coverage is in force for the life of the insured
How Do Life Insurance Plan Differ?
Term Life Insurance
The Good
Bang for the buck. Term life is known for affordability, giving the policyholders a high dollar death benefit amount for relatively low monthly premiums The premium amount stays the same for the life of the policy (or term). The amount you pay to keep the policy valid will not increase Term policies are attractive if you are concerned about your family have to pay off large debts (mortgages or credit card debt) if you die unexpectedly
The Not So Good
The life (or term) of the policy is capped at a set number of years, usually between 5 and 30 + years There is no cash value if the insured outlives the term of the policy Term Life policies do not build in cash value. The amount of the death benefit remains the same throughout the term of the policy
Term Life Insurance
The Good
Bang for the buck. Term life is known for affordability, giving the policyholders a high dollar death benefit amount for relatively low monthly premiums The premium amount stays the same for the life of the policy (or term). The amount you pay to keep the policy valid will not increase Term policies are attractive if you are concerned about your family have to pay off large debts (mortgages or credit card debt) if you die unexpectedly
The Not So Good
The life (or term) of the policy is capped at a set number of years, usually between 5 and 30 + years There is no cash value if the insured outlives the term of the policy Term Life policies do not build in cash value. The amount of the death benefit remains the same throughout the term of the policy
Return of Premium Term Life
The Good
Like traditional Term Life policies, the death benefit is paid out if you die during the time the policy is in effect (the term) Your premiums are paid back if you outlive the term of the policy. The premiums are refunded free of tax Return of Premium policies act as an automated savings plan, forcing you to add to your policy every month all the while knowing you’ll get that money back at the end of the term
The Not So Good
Premiums for ROP policies are more expensive than a traditional Term Life policy The premiums paid during the term are not subject to interest. What you pay in premiums is the exact amount you will receive at the end of the term You may be able to increase your ROI by investing the price difference between a traditional term policy and a ROP policy
The details of ROP policies vary widely between carriers. Rely on Caise Benefits to tailor a policy that’s right for you.
Whole Life Insurance
The Good
Whole Life policies are valid from the date the policy is issued right up to the day the insured passes way. If the insured dies shortly after the policy is issued, the beneficiaries will still receive the entire amount of the Death Benefit The premium amount is set at the time the policy is issued and the premium amount does not increase during the policy’s life Whole Life policies can act as an investment vehicle. The insured has an opportunity to build cash value over and above the amount of the death benefit
The Not So Good
Whole Life policies are more expensive for a host of reasons. Insurance companies that issue Whole Life policies have to remain in compliance with federal and state tax laws, the Security Exchange Commission and numerous other Federal Agencies While the cash value (over and above the amount of the death benefit) may increase, other investment vehicles may grow faster over time Buying a Whole Life Policy is more complex than buying Term Life Insurance. The brokers at Caise are experts at finding the right Whole Life policy that works with your budget and investment goals
Whole Life Insurance
The Good
Whole Life policies are valid from the date the policy is issued right up to the day the insured passes way. If the insured dies shortly after the policy is issued, the beneficiaries will still receive the entire amount of the Death Benefit The premium amount is set at the time the policy is issued and the premium amount does not increase during the policy’s life Whole Life policies can act as an investment vehicle. The insured has an opportunity to build cash value over and above the amount of the death benefit
The Not So Good
Whole Life policies are more expensive for a host of reasons. Insurance companies that issue Whole Life policies have to remain in compliance with federal and state tax laws, the Security Exchange Commission and numerous other Federal Agencies While the cash value (over and above the amount of the death benefit) may increase, other investment vehicles may grow faster over time Buying a Whole Life Policy is more complex than buying Term Life Insurance. The brokers at Caise are experts at finding the right Whole Life policy that works with your budget and investment goals
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Contact Us
3561 Concord Road
Aston, PA 19014
Phone: 610.494.8270
Phone: 302.387.4268
Fax: 610.497.5583
Email Us: sales@caisebenefits.com