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Life Ins Overview |
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50 Main Street
Mt. Kisco, NY 10549
Tel: 914-244-4400
Fax: 914-244-0088
Branch Office
Somers, NY
10589
Tel: 914-276-7878
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LIFE INSURANCE OVERVIEW
Most people think of life insurance in terms of death benefit protection.
However, today's policies also provide the vehicles for meeting other goals,
such as saving for retirement and education, paying estate taxes and
providing liquidity.
An added bonus of these policies is that most goals can be achieved on a
tax-free or tax-deferred basis. In effect, life insurance is one of the few
remaining tax shelters available.
Years ago, life insurance purchases were made almost entirely by men to
protect their families. But now, women too, are significant breadwinners,
and coverage on their lives has become common. People now protect their
family's lifestyle by insuring both spouses, especially if that lifestyle is
dependent on two incomes.
WHAT TYPES OF POLICIES ARE AVAILABLE?
Gone are the days of simply choosing between term and whole life. There are
no fewer than four major or categories with many variations and combinations
of each:
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Term insurance
This type of insurance provides pure death protection, for a specified
period of time, for a specific premium. It has no cash value and is
initially less expensive than other policies for the same amount of
protection.
Some types of term coverage remain level with increasing premium.
Others have a level premium with gradually decreasing benefits.
Term insurance may be purchased in a separate policy or as a rider
(supplement) to one of the other forms of policies - frequently at a
discount.
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Whole life
This type of insurance provides protection that can be kept for as long as
you live. Premiums are fixed. As the policy ages, its "cash value"
increases on a tax-deferred basis. If you cancel your policy, you receive
the cash value that has accumulated. While you continue to own the policy,
you can borrow against the cash value at a favorable rate. |
Free Life Insurance Quotes
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