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Frequently Asked Questions
What types of life insurance are available?
There are primarily two types: term and permanent. Term life covers you for a specified period (10-30 yrs). Permanent life insurance offers lifelong coverage and often includes a cash value component.
How much coverage do I need?
The amount of coverage you need depends on various factors like your financial obligations, dependents, and lifestyle. A common guideline is to have coverage that is 7-10 times your annual salary.
Are the premiums affordable and what factors influence their cost?
Premiums vary based on factors such as age, health, type of policy, and coverage amount. Younger, healthier individuals generally get lower rates. It's best to get quotes and consult with an insurance agent for accurate pricing.
What is Indexed Universal Life Insurance?
Indexed Universal Life Insurance (IUL) is a type of permanent life insurance that provides both a death benefit and a cash value (accumulation) component.
Can you borrow from the cash value?
Yes, you can usually borrow against the cash value not the death benefit. The death benefit is for your loved ones once you pass away.
How does the cash value component work?
The cash value in an IUL mimics a market index like the S&P 500. Your cash value can grow based on the performance of the index and it has a floor to protect from market losses.
What are the premiums like?
Premiums in IUL policies are flexible. You can adjust them based on your financial situation.
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