800 928-1430 -selectquote@Secure.Insure - life insurance term or whole life annuity
Dividends will significantly increase the rate of cash value accumulation in a whole life insurance policy, or can be paid directly to policy owners as income. The dividend is in addition to the guaranteed rate of cash value growth that each whole life policy provides. Whole life insurance pays dividends if it is a “participating” policy.
It may seem counterintuitive that empty nesters or retirees need life insurance, but some still have dependents, such as disabled adult children. Many also still have financial obligations, such as the mortgage on a home or second home, that could become a burden if a spouse died or becomes disabled.
Retirees should absolutely have life insurance, but, in a perfect world, it would already be paid off and guaranteed so no additional premiums would be needed during retirement.
Probably the biggest reason why anyone would ask this question is because life insurance is one of the few financial provisions that has no immediate benefit – at least not to you as the owner of the policy. Life insurance is about providing for other people after your death. Everyone should have at least some life insurance.
The optimal age to purchase life insurance is under 35, but few people in that age group are able to afford life insurance. Roughly 57% of Americans have life insurance and more than half of them are 45 or older.
The most common type of life insurance riders added to existing policies include: accidental death rider, waiver of premium rider, guaranteed insurability rider, family income benefit rider. In most cases it may be the wise choice to consider adding one or all of these riders to your life insurance policy.
Insurance coverage, premium rates, terms and conditions of riders may differ from one insurer to another, and when a claim for the benefits of a rider is made, it may result in the termination of the rider, while the original policy continues to provide insurance.
Before we dive into the many different types of life insurance available, consider these four key questions as you evaluate your options:
1. What role do you want life insurance to play in your overall financial plans?
If you’re looking for affordable insurance coverage to help financially protect your family during the years, they need it most, a term life policy is a sound choice. If instead, you’re looking for coverage throughout your life that builds cash value over time, permanent life insurance may be a better option.
2. How much can you afford?
Term life insurance allows buyers to get higher amounts of coverage for a significantly lower cost compared to a permanent life insurance policy, which can cost anywhere from 5 to 20 times more than a term life policy.
3. How is your health?
If you’re reasonably healthy, a medically underwritten policy will often be the more affordable option. If health is a concern, other options, such as guaranteed issue or accidental death policies (which we will discuss below), might be a better fit.
4. Is a digital purchasing option important to you?
Buying life insurance online may seem foreign to some. But assuming you’re provided with the right tools, it’s simple to choose a coverage amount, get sample quotes and apply for coverage online. If approved, you may even be able to start coverage that same day.
The different types of life insurance policies available to you, including:
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