The Insurance Handbook

Also known as ‘burial or funeral insurance’, final expense insurance is a life insurance policy designed for paying the final expenses connected with your death. Unlike the life insurance that covers major financial support – like your two children's mortgages – final expense insurance guarantees that your family or friends will not be faced with significant funeral or medical bills after your death. The following blog offers a comprehensive overview of the final expense insurance, how it works, its pros and cons, and at what point you should consider buying it. No matter whether you are in your 20s, 30s, 40s, 50s, and above, you should educate yourself on every aspect of final expense insurance and learn how it can help your family and people nearest to you. What is Final Expense Insurance?  Final expense insurance is a type of whole life insurance, offering a relatively small death benefit (generally $5,000 to $25,000) to help with funeral, burial, or cremation costs, as well as ...

Variable life insurance (VLI) is a specific type of permanent life insurance that offers a functionally hybridized spinoff insurance that provides lifelong coverage with investment potential. By utilizing some premium dollars to diversify cash value into investments, an owner of a VLI has the potential to grow the death benefit dollar for dollar while also being able to take advantage of market growth through accumulating into investment alternatives that include stocks, bonds, and mutual funds. This is a popular permanent life insurance choice for anyone who wants to help provide for their family’s post-death financial security while also potentially growing their wealth through thorough diversification. In this post, we’ll look at what VLI is, how VLI works, the positive and negative points, considerations you should have when deciding which type of policy is best for you, and things you can do to financially optimize your VLI to get the most out of your money. What is Variable Life ...

Universal life insurance (UL), a form of permanent life insurance, combines the best of both worlds: it offers a lifelong death benefit – the amount your beneficiaries will receive in the event of your death – and a savings element. This makes it a solid choice for people who are looking for coverage that evolves to better suit their changing needs as they go through different stages of life. In this article, we will discuss what UL is, how it works, and some reasons to consider purchasing it, along with important points to bear in mind before buying a UL policy. What is Universal Life Insurance?  Universal life insurance (UL) is a permanent life insurance policy that features life insurance protection for the life of the insured, or as long as the policy is in force. Universal life stands in contrast to term life insurance, which provides coverage only during a specified time. Universal life has the additional feature – perhaps what makes it most common among permanent policies – ...

If you’re planning an estate, securing your future with whole life insurance can be a powerful and, for many, welcome tool. The traditional estate planning strategy involves purchasing life insurance. Most people choose term life insurance to protect their family if something happens to them during specific periods. Yet, if you’re building an estate and want lasting financial security, whole life insurance may be a better solution because it combines insurance with savings that accrue over time. In this blog post, you’ll learn what whole life insurance is, how it works, and why you should consider it for you and your family. What is Whole Life Insurance?  Whole life insurance, technically known as permanent life insurance, can provide lifelong coverage, as long as premiums are paid. In addition to the death benefit, whole life also includes a cash value, which builds over time. The total value of the policy, which includes the death benefit but not the cash value, is known as its f...

A life insurance policy can give you and your loved ones peace of mind and security by ensuring that you are financially protected in the event of your death. Life insurance safeguards your family from financial stress, like ensuring they can enjoy the house and make ends meet as they navigate life without you. Life insurance has the power to guarantee financial security by providing your family with a payoff upon your death. This policy gets distributed according to your wishes in the case of your death. But what exactly is life insurance? And what types of life insurance are available? We are talking about a comprehensive guide in which we will explain the ins and outs of life insurance, how it works, different types of life insurance, and why everyone must consider taking it. What is Life Insurance?  Life insurance is a contract between you – known as the policyholder – and an insurance company. In exchange for premium payments during your lifetime, the insurance company promise...

When looking into financial protection for your family, life insurance is a necessity. When considering the many different types of life insurance on the market, term life insurance is one of the most basic and least expensive coverages. In this blog post, I will go through what term life insurance is, how it works, and why it might be the best option to meet your needs. What is Term Life Insurance?  Term life insurance is coverage for a specific period or ‘term’ – usually 10 to 30 years – after which the coverage is typically no longer in effect unless the policyholder renews it or switches to some other type of life insurance. If the insured dies within the term, the policy pays a death benefit to the beneficiaries. This coverage can be crucial to loved ones during a stressful time. Key Features of Term Life Insurance   Price : Term life will almost always be more affordable than whole or universal life insurance, which are both forms of permanent life insurance. That’s beca...