When you list the financial assets on your balance sheet, you might think immediately of your house, vehicles, retirement funds or financial investments. However, have you even thought about another essential element in your financial plan? Your life insurance!
Life Insurance can offer some benefits that other assets don’t.
APAC provides several tools to help you understand life insurance so that you can make the best decision for your situation.
A term life insurance provides coverage at a fixed rate of payments for a limited period of time, the relevant term. Term life insurance can be converted to permanent life insurance.
The life insurance benefit can help:
Pay for your medical bills
Pay for your children’s tuition
Pay for your car loan and mortgage
Cover all family expenses
Ensure that your family won’t have to sell assets to pay outstanding bills or taxes
There two types of term life insurance which are the most popular product.
1. Term life insurance with living benefits rider:
Traditional term life insurance is designed to provide security for your loved ones in the event of your premature death for a limited period of time. But what if you have a serious heart attack, invasive cancer or a stroke and don’t die? What about financial support during critical or long-term chronic illnesses?
The term life insurance with living benefits allows you to accelerate some or all of your base life insurance benefit in the event that you are diagnosed with a critical, chronic, and terminal illness.
Example
Years of Coverage 10years
Coverage Amount: $100,000 & $250,000
Health Class: Preferred Plus Non-Tobacco (best rate)
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2. Term Life Insurance with Return of Premium Rider:
Another kind of term life insurance coverage is called return of the premiums, which means the owner or insured pays the premium during the policy term and the insurance company will return a majority of the paid premiums if the insured person outlives the policy term. Protect your family while saving money for your retirement, and allow you to get your premiums back at the end of the term year.