Life insurance is a contract between an insurance company and a policy owner in which the insurer guarantees to pay a sum of money to one or more named beneficiaries when the insured person dies. In exchange, the policyholder pays premiums to the insurer during their lifetime. Thebest life i...
Income Replacement One of the main purposes of life insurance is to replace income. If you are the sole provider for your dependents and bring in $40,000 a year, for example, you will need a policypayoutthat is large enough to replace your annual income, plus a little extra to guard ...
If you find yourself in need of cash and no longer require the coverage provided by your Gerber Life Insurance policy, you have the option to surrender the policy. Surrendering a policy means terminating it before reaching maturity and receiving the surrender value, which is the amount of cash ...
If you are a younger individual interested in pursuing a career in life insurance sales, it is advisable to check the specific rules and regulations in your state. Contact the state insurance department or consult with a licensed agent to understand the available options and any requirements or l...
Business owners: If the owner of a business passes away, life insurance payouts can help cover salaries and expenses while the business transitions to new owners or searches for a suitable replacement. People with debt: Some debts, such as medical debt, get collected from a deceased person’s...
Here are some of the losses that take place that a key man life insurance policy will protect: Provide temporary personnel and, if necessary to finance the hiring and training of a replacement. Insurance to protect the companies profits. For example, offsetting lost income from lost sales ...
“It can be an important tool in providing replacement income for dependents, to pay for final expenses, create an inheritance for heirs, pay federal and state ‘death’ taxes, make charitable donations, or create a source of savings.” Whole life insurance policies also build up a tax-...
According to Erie’s website, universal life insurance is ideal for: Income replacement Estate planning College expense planning Inheritance or wealth transfer Charitable giving Paying off mortgage or debt Deferred compensation Retirement income planning ...
Business owners:If theowner of a business passes away, life insurance payouts can help cover salaries and expenses while the business transitions to new owners or searches for a suitable replacement. People with debt:Some debts, such as medical debt, get collected from a deceased person’s estat...
Term life insuranceis the most popular coverage option for most people, including smokers. It’s affordable, comes with few rules and tax restrictions, and only lasts for as long as you need it — usually 10 to 30 years — during the time of your life when you have the biggest expenses...