Q: I was wondering if it is a smart idea to borrow from my life insurance (whole life policy) in order to pay off debt? A: If it was just a matter of evaluating the wisdom of using your life insurance to pay off your charge card debt, I would be inclined to tell you that it ...
A life insurance policy can help you give your family financial peace of mind if you are no longer there to provide for them. Get a free quote today.
Decreasing Term Life Insurance This is particularly well-suited for mortgage protection. This type of policy aligns with the outstanding mortgage balance, ensuring the payout decreases as the mortgage is paid off. In the event of your death, the remaining mortgage debt is cleared, allowing your ...
The fact that term coverage is temporary isn’t necessarily a bad thing. For example, if you don’t have kids, term life insurance could provide coverage while you pay off debt that’s cosigned with a parent. On the other hand, young folks who are starting a family might be worried ab...
There are many different forms of life insurance, but in every case, they're designed to help protect the family you leave behind financially. Through life insurance, you can help your spouse pay off a mortgage, debt, college tuition, or just live comfortably. How much life insurance do I...
The proceeds of policy loans are not taxable. Just as you don’t pay income tax on the proceeds of a loan you take out to buy a car, you don’t pay taxes on the loans you take out from your life insurance policy. In essence, you tell the insurance company, “Look, I’ve got ...
Life insurance is a contract between a policyholder (yourself) and an insurance company. You agree to pay regular premiums, and in return, the insurance company promises to pay a death benefit to your chosen beneficiaries if you pass away while the policy is active. The death benefit, or fac...
Your goals: Are you buying insurance to pay off the mortgage or even cover daily expenses? Are you interested in leaving your family some money for their future or just enough for a funeral? Your answers will steer you toward the right policy. Your health status: Do you have a pre-existi...
income, you likely need life insurance to support them after you pass away. Stay-at-home parents and business owners also often need life insurance. Even if you don't have dependents, life insurance could help protect your loved ones against owing the cost of your final expenses and debt. ...
Life insuranceis a contract under which an insurance company agrees to pay a specified amount after the death of an insured party, as long as thepremiumsare paid current. The payout amount is called adeath benefit.1Policies give insured people the assurance that their loved ones will have fin...