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Fixed Income Annuities

A fixed income annuity can provide a guaranteed fixed income for the rest of your life in exchange for a lump sum payment or a series of payments to the insurance company.  The insurance company takes away the risk that you would otherwise have had to face of outliving your money, because if you live longer than the predicated amount of time that the fixed payment is based upon, you still receive that same payment forever, no matter how long you live.

 This is accomplished by pooling your funds with other annuity buyers and investing the funds for you.  Some people live less than the predicated time frame, others live longer.  Everyone benefits by having the risk eliminated.

Questions?  We can help!  Contact  https://calendly.com/dave-reidassurance

Index Universal Life (IUL)

Index Universal Life (IUL) insurance is a type of permanent life insurance policy that offers a death benefit to your loved ones or other named party and also has a cash value component that can grow over time. One of the key features of an Index Universal Life policy is that the cash value can be linked to the performance of a stock market index, such as the S&P 500. This allows you to potentially benefit from market gains while also having a level of protection from market downturns.

You have the opportunity to earn interest based on the performance of the chosen index, up to a certain cap rate, while also having a guaranteed minimum interest rate to protect against losses during market downturns. The cash value in an IUL policy can be accessed through loans or withdrawals.

Exact terms vary between insurance companies and products offered. 

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Participating Whole Life

Participating whole life insurance is a type of permanent life insurance policy that not only provides a guaranteed death benefit but also allows you to participate in the profits of the insurance company. These profits are typically generated from the company’s investment activities and its overall financial performance.

You may receive annual dividends from the insurance company, which can be used in a variety of ways. Common uses of dividends include:

  • Cash payments: You can choose to receive the dividend as a cash payment, which you can use for any purpose.
  • Premium reductions: You can use the dividends to reduce or eliminate future premium payments on the policy.
  • Paid-up Additions: You can choose to use dividends to purchase additional coverage, known as paid-up additions, which can increase the death benefit and cash value of the policy.

Participating whole life insurance policies offer both death benefit protection and the potential for cash value growth over time. You have the opportunity to benefit from the financial success of the insurance company through the receipt of dividends, which can provide additional value and flexibility in managing the policy. Features and benefits vary between companies and products.

Questions?  We can help!  Contact  https://calendly.com/dave-reidassurance

Term Life

Term life insurance is a type of life insurance policy that provides coverage for a specified period of time, known as the term. If you should die during the term of the policy, the insurance company pays a death benefit to your designated beneficiaries.

Key features of term life insurance include:

  • Affordability: Term life insurance is generally more affordable initially compared to permanent life insurance policies because it provides coverage for a specific period of time and does not have a cash value component.
  • Flexibility: Term life insurance policies offer flexibility in choosing the length of the coverage term, typically ranging from 5 to 30 years. You can select a term that aligns with your financial needs and obligations.
  • Renewability: Some term life insurance policies offer the option to renew the coverage at the end of the term, normally at a higher premium rate. This can be beneficial if you who still need life insurance coverage but may no longer qualify for a new policy due to age or health changes.
  • Death benefit: Term life insurance policies pay out a death benefit to beneficiaries if you die during the term of the policy. This benefit is typically paid out as a lump sum and is generally income tax-free for the beneficiaries.

Term life insurance is commonly used to provide financial protection for dependents, such as spouses and children, during periods of financial vulnerability, such as when paying off a mortgage or supporting children through college. It is important to carefully consider the length of the coverage term, coverage amount, and any additional features or riders that may be beneficial for individual needs when purchasing a term life insurance policy. 

Questions?  We can help!  Contact  https://calendly.com/dave-reidassurance

Final Expense

Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance policy designed to cover the costs associated with your funeral, burial, and other end-of-life expenses. These policies are typically smaller, more affordable policies compared to traditional life insurance policies and are intended to provide financial support to loved ones after you die.

Key features of final expense insurance include:

  • Coverage amount: Final expense insurance policies typically have lower coverage amounts, ranging from $5,000 to $50,000. This coverage is intended to cover funeral and burial expenses, medical bills, outstanding debts, and other final expenses.
  • Simplified underwriting: Final expense insurance policies often have simplified underwriting requirements, making them easier to qualify for, especially for those who may have health issues or be older in age.
  • Guaranteed acceptance: Some final expense insurance policies offer guaranteed acceptance, meaning that applicants are not required to undergo a medical exam or answer health-related questions. This can be beneficial for those with existing health conditions.
  • Cash value: Depending on the policy, final expense insurance may accumulate cash value over time. This cash value can be borrowed against or surrendered for cash if needed.

Final expense insurance is commonly used to provide peace of mind and financial protection for family members who may be responsible for covering end-of-life expenses. It can help ensure that loved ones are not burdened with financial obligations during a difficult time.

Questions?  We can help!  Contact  https://calendly.com/dave-reidassurance

Disability Income

Disability income insurance, also known as disability insurance or income protection insurance, is a type of insurance policy that provides a source of income if you are unable to work due to a disability or illness. This type of insurance replaces a portion of your income, typically a percentage of your pre-disability earnings, during the period of disability.

Key features of disability income insurance include:

  • Income replacement: Disability income insurance provides a regular payment, typically on a monthly basis, to replace a portion of your lost income if you are unable to work due to a covered disability. The benefit amount is usually a percentage of your pre-disability income.
  • Definition of disability: Disability income insurance policies have specific definitions of what constitutes a disability and the conditions under which the policyholder qualifies for benefits. These definitions can vary between policies, so it is important to understand the terms of coverage.
  • Elimination period: Disability insurance policies have an elimination period, which is a waiting period before benefits are paid out. You must be disabled for a certain period of time, such as 30, 60, or 90 days, before benefits begin. The selection of waiting period helps control the cost of the policy.
  • Coverage duration: Disability income insurance can provide benefits for a specified period of time, such as one year, two years, or until retirement age, depending on the policy terms.

Questions? We can help!  Contact  https://calendly.com/dave-reidassurance

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