1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    There are three basic types of life insurance.  Whole Life, Term, and Universal Life.  Whole Life is for permanent needs such as final expenses or to provide a legacy to your family or charity.  Term insurance is for temporary needs such as to cover a mortgage or debt.  Universal life is a hybrid of term insurance with a buit in cash fund.  They type of life insurance you need depends onyour individual situation.  Sit down with a good local independent agent who will help you put together an affordable plan based on yor needs and goals.
    Answered on June 9, 2013
  2. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    Product suitability is always a consideration when considering product lines that have such diverse application. Life insurance is generally purchased for indemnification or inheritance planning, but can be used as supplemental retirement income. Term life insurance is an excellent for temporary coverage for temporary financial exposure to your beneficiaries. For permanent liabilities, many planners use guaranteed universal life insurance.
     
    For supplemental retirement income there are several crediting methods: for interest rate crediting you can use participating whole life or current assumption universal life. If you desire access to domestic and/or foreign indices, you should review indexed universal life insurance. If your risk tolerance permits, you could consider variable universal life with access to separate sub accounts that use marker equities and bond instruments.
      
    Answered on June 9, 2013
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