Buying a life insurance policy can be complicated because not only there are so many different companies that we can choose from, there's so many different types of policies. You have your term life. You have your universal life. You have your whole life. You have your variable life. And not to mention the newly popular index universal life. So which policy is right for you?
Well, I guess it depends. Depends on what you want and how long you want to keep it. The benefit of permanent life policies, things like universal life, whole life, index universal life, or variable life is that once you qualify for those policies, you don't have to re qualify, and you can keep those policies on a lifelong basis. The newer policies also include several living benefits, things like long term care benefit writers, chronic illness, or accelerated death benefit in the event of terminal illnesses.
Basically, they're allowing you to use your death benefit while you're living in the event that your health is in poor condition. That is why at InsuranceWala we recommend the two policy approach. Get a larger term policy, which is the most affordable that you can keep while growing your family, but supplement it with a secondary permanent policy that you can keep on a lifelong basis. The reason for it is that if you ever need long term care benefits or chronic illness or accelerated death benefit, the policy's there for you. So either way, you know that you'll be taken care of. If you need it, the policy will pay out as a living benefit. If you don't need it, it pays out as a tax-free death benefit to your family. If you would like to see some quotes or review your older policies, schedule your discovery call today and let's talk.