Insurance

Whole Life Insurance offers lifetime protection along with guaranteed features such as level premium, level death benefit, and cash surrender value. Generally speaking, Whole Life Insurance products can be classified as "Participating" and "Non-participating".

"Participating" means the policy participates in the insurance company's profit in the form of dividends (vested) which when credited to the policy at the end of the policy year enables the cash value to grow and increases the death benefit. This type of policy is considered by most as the top-of-the-line life insurance product.

"Non-participating" means the policy does not participate in the company's profit. However, it offers most of the features of a Whole Life Insurance.

Universal Life Insurance is a versatile permanent life insurance product which offers insurance protection with tax-advantage investment component.

Insurance companies offer a wide range of investment accounts for clients to choose from. Since investment returns under this type of policy I not subject to annual tax reporting, the deferral effect represents significant advantages in some situations.

Having all the flexibility this permanent life insurance offers, a Universal Life policy can be customized to any client's needs for protection, budget, and savings objectives. One feature now becoming popular is the Limited-Pay option.

Term Life Insurance is life insurance which provides coverage for a limited period of time. There are a variety of term plans but 10 years and 20 years are the most common terms in the market. It offers death benefit only and no cash value accumulation.

Considered by most the least expensive type of life insurance and usually recommended to protect temporary needs such as mortgages and loans. Some companies also use this type of insurance for Key Person and Business Buy-Sell Agreement.

A term insurance premium remains level with the period of the term, but renews at an increased premium at the beginning of a new term, up to a specified age, but it may offer an option to convert to permanent insurance without providing evidence of insurability.

Commonly phrased as "The Income Replacement Plan", the purpose of a Disability Insurance is to protect the insured against loss of income caused by disability, due to sickness or accident.

A disability policy pays benefits in the form of a monthly income benefit if the insured is deemed "disabled" based on the definition outlined on the Insurance Company's contract.

The amount of monthly incoming benefit is based primarily on "earned income". Insurance companies establish limits which identify the maximum benefit that clients can be insured for, which usually does not exceed 60% of their net earned income. The length of Benefit Periods varies between 2 years and up to age 65.

While most people know about the importance of life insurance, many are now learning the benefits of having a relatively new Critical Illness Insurance, which is also phrased as the "Living Benefit" protection.

Critical Illness Insurance is a type of health insurance that provides a lump-sum benefit, should you become diagnosed with one of the insured conditions listed in the policy. The benefit amount is usually payable 30 days after surviving the diagnosis. Most companies' coverage varies from 4 up to 20 plus types of critical illness conditions.

The advances in today's medical technology have improved our chances of survival after being diagnosed with a serious illness. Critical Illness Insurance is now gaining popularity and becoming an integrated part of any insurance portfolio. A lump-sum payment after you become seriously ill will help sustain your ability to maintain your lifestyle and, most importantly, protect your assets and finances.