Whole life insurance is a type of permanent insurance that provides death benefits to beneficiaries and has a cash value that grows during the policy’s lifetime. Cash value can be used to increase your death benefit, cover premium payments, or be withdrawn as you need it. Monthly whole life insurance rates typically start around $150…
All Life Insurance Articles
Life Insurance Costs & What Affects Rates
Life insurance costs depend on several factors, including age, gender, health, the type of coverage, and the policy’s face value. Term life and whole life are the two most popular types of life insurance, with term life being the most affordable. Typical term life insurance rates range from about $30 to $60 per month for…
Term Life Insurance: Rates, Quotes & Providers
Term life insurance pays death benefits to beneficiaries if the insured dies during the policy period. The duration of coverage is typically 10, 15, 20, or 30 years. Term life premiums vary based on several factors, including age and health. Term life premiums start as low as $15 per month for a healthy 20-year-old. Term…
Key Man Insurance: Cost, Coverage & Providers
Key man insurance is life and disability insurance that covers key employees (including business owners and founders) important to the business’ success. The business owns the policy, pays the premiums, and receives the payout if the key person dies or becomes disabled. A $100,000 policy for key man insurance starts at $100 per month. Key…
Disability Insurance: Cost, Coverage & Providers
Disability insurance is a form of income protection that can cover up to 90% of an employed person’s income on a short- or long-term basis, regardless of how they became injured or disabled. Coverage starts at $300 per year but someone should expect to pay 1% – 3% of their annual income for a policy….
Term Life vs. Whole Life Insurance: Which Is Right for You?
Term life insurance is very affordable and ensures a death benefit for a set term, typically 10 to 30 years. Whole life insurance is more expensive, builds a cash value, and lasts your entire life as long as you pay your premium. Choosing term life versus whole life insurance depends on your budget and needs….
Irrevocable Life Insurance Trust (ILIT) & Succession Planning
An irrevocable life insurance trust (ILIT) is a trust that serves as the owner and beneficiary of a life insurance policy. A life insurance trust helps wealthy individuals to protect assets and avoid estate taxes, and is a succession planning tool for small business owners who want to transfer a business to heirs or partners….
