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...

For homeowners, renters, and business owners alike, property insurance is a vital commodity, providing vital financial protection against your property suffering loss or damage in an unexpected event. From having your home flooded to having your business premises broken into, the right property insurance will allow you to recover from an unexpected disaster without financial hardship. With that in mind, here’s our handy guide to what property insurance is, how it works, the different types available, and what you need to consider in order to choose the right policy for your needs. What is Property Insurance?  Property insurance provides financial protection against risks to property, such as fire, theft vandalism, and certain types of weather damage. It typically covers the building structure of a property, its contents, and – depending on the type of policy – the land held alongside the building. It regards the quality of your building or contents, and provides you with the money ...

Health insurance is against the costs of medical care and related services. At its most basic, health insurance is a contract in which you accept a premium each month or year in exchange for health care coverage. If you have health insurance that covers specific treatments or procedures, then your monetary obligation is limited to the amount of the premium. In this article, we'll unpack the concept of health insurance, learn about how it works, the different types of health insurance available, and which factors to consider when selecting health insurance. What is Health Insurance?  Health insurance is a contract with an insurance company to pay for a portion or all of your medical expenses, in exchange for an agreed-upon premium, or cost. The coverage details depend on your policy. The policy will outline the specific payments, co-pays, deductibles, and out-of-pocket expenses for the care you receive. Preventive care may be covered at zero cost, while inpatient and outpatient surg...

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...