Life Insurance can be much more than protecting your family’s well being it can be a smart financial tool. Pension Planners can help you understand the powerful benefits of life insurance. The basic element of life insurance is a promise between the individual who owns the life insurance policy and the insurance company. If you pay your premium (the amount of money you owe) to the company, the company will pay a death benefit (an amount of money) to a person, or the beneficiary, when you pass away. Life insurance comes in many varieties, and now comes with valuable living benefits that can allow you to access your death benefit before you die if you have a qualifying change in your health. Term insurance only provides a death benefit for a certain period of time. Permanent insurance can pay a death benefit as well as provide a cash value that builds over time. A Life Insurance plan is an important tool that can be used to protect your family and loved ones, for a key employee in a small business, college funding, debt relief, tax free retirement income, and legacy planning, to name a few. Life Insurance is a smart financial choice. Pension Planners can help you understand it’s benefits as well as help you determine between:
- Indexed Universal Life
- Whole Life
- Term
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