One-minute guide to understanding life insurance policyBy Deepti Bhaskaran
Dividends─ Traditional whole life insurance products often pay these to policy owners, normally once per year. Companies are quick to say they’re never guaranteed. But when issued, you can take dividends in cash or use them to help pay policy premiums or add more coverage. Face Amount─ Th...
Term Life Insurance: Term life insurance lasts for a specified period of time, usually between 10 and 35 years, at which point the policy can be renewed or converted to a permanent life insurance policy. It’s typically the most basic and affordable life insurance option. Permanent Life Insura...
Whole life insurance is a type of permanent life insurance that provides lifelong coverage, combining a death benefit with a cash value component. This policy ensures that your beneficiaries receive a guaranteed payout upon your passing, while also allowing you to accumulate savings over time. ...
Life insurance comes in two basic forms: term & permanent. Term insurance provides basic affordable coverage for a set period, while permanent plans provide greater flexibility and a cash value option.
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A life insurance policy can be a source of funds if you have unexpected expenses, but borrowing against the policy is not right for everyone. Whether you need a life insurance policy and what type will depend on your financial situation. Similarly, if you have an insurance policy with a cas...
a mortgage life insurance policy does not pay unless the borrower dies while the mortgage itself is still in existence, and where the beneficiary is the mortgage lender. The term of the life insurance policy matches that of the mortgage, and the death benefit is usually reduced each year to ...
Alternatively, if a employer pays for a $100,000 life insurance policy, the employee must pay taxes on part of that amount. The taxable amount is based on IRS tables, regardless of the actual premium paid. For example, a 70-year-old receiving $50,000 in insurance coverage above the thre...