Mountain View Insurance – Life Insurance Solutions
Life Insurance is a passion of ours. It is a extremely powerful tool to be able to leverage your money, protect your loved ones, and even create tax free income in retirement. It is a very flexible tool where premiums can be contributed as a lump sump, monthly, or vary over time. The key to a successful life insurance plan is to first determine what you are protecting.
Life Insurance – Focus on the Need
Why are you considering life insurance? Is it for a temporary need such as mortgage protection? If that is the case then maybe a temporary life insurance policy such as term life insurance is appropriate for you. Are you insuring something more permanent such as your ability to earn an income over your lifetime? Maybe a permanent policy such as whole life or universal life is more appropriate for you.
The point here is that everyone’s needs are much different and life insurance affords us with the flexible to address your specific needs.
Life Insurance – Different Types to Consider
Here is a short list of the different types of life insurance options available. You can click on them to view the specifics about each type.
Life Insurance – Frequently Asked Questions
How much will it cost?
The cost of the insurance will vary depending upon a few variables such as: age, health, type of policy, and death benefit.
How much life insurance do I need?
This will depend on your debt, income, and if your needs are temporary or permanent. Oftentimes it is wise to have enough to pay off your debt completely and have 10 times your current income.
Who should I name as my beneficiaries?
If you do not have a trust or will then you should name the individual who you like to receive the tax free death benefit upon your death as the primary beneficiary. The contingent beneficiaries are those who would receive the death benefit if you and the primary beneficiary were to pass away at the same time such as a car accident.
What happens if I fail to pay the premium payments?
Every policy has different provisions in place to determine what will happen if premiums are not paid. Term life insurance will lapse while permanent policies may allow for a loan against the cash value to help the policy survive the lapse in payment.
Life Insurance – The Bottom Line
At the end of the day, everyone’s needs are 100% unique to their situation. There is no cookie cutter formula or solution that fits all. Life Insurance is an extremely powerful tool to leverage money to protect your loved ones, provide yourself flexibility in retirement, and provide a tax free legacy.
If you would like to speak with our professionals please contact Jesse Cunningham IV directly (443) 629-4600 or fill out the form below.
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