What’s An Annuity?
In its simplest terms, an annuity is a contract between an individual (or married couple) and a life insurance company. You can purchase an annuity with a portion of your retirement savings in either a single payment or with multiple payments, depending on the type of annuity. Once you own an annuity, any growth in your account may be on a tax-deferred basis while you continue to have control of your money, as needed.
Annuities can be an important part of a diversified retirement portfolio because they can ensure that your retirement income is protected even when there are downturns in the market. So no matter how your other retirement investments perform, annuities can provide you with a source of protected lifetime income that few other financial products can offer.
Benefits of Annuities
One of the key advantages of annuities is that they are offered by life insurance companies and can offer protection and guarantees not generally found in other products. Depending on the type of annuity and the options you choose, you can:
Get a guaranteed rate of return for your retirement money
Protect your nest egg and income from drops in the market
Secure a death benefit for your loved ones
Have protected lifetime income for you
It’s important to remember that these guarantees are dependent upon the financial strength of the insurance company, so be sure to talk with your financial professional.
Today, with fewer people covered by traditional pension plans, annuities can fill a critical gap in retirement portfolios by providing a guaranteed monthly check for as long as you live, no matter how the markets perform.
When you’re ready to take income, you may receive payments in a variety of ways depending on your needs and the type of annuity you purchased.
You can choose to receive income immediately, or at a later date.
Payments can be in lump sums of your choosing, in a series of payments for a specified period of time.
You may choose to receive guaranteed payments for as long as you live.
Certain types of annuities offer you the flexibility to
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No Medical Exam Life Insurance
This simple, affordable life insurance is designed to cover expenses like medical bills and funeral costs (including plot and mortuary expenses) and can help protect your loved ones from future financial burdens. This provides permanent life insurance coverage with flexibility and long-term grown potential.
Up to $250,000 death benefit.
No medical exam or blood work is required.
A traditional medical exam for life insurance usually requires medical history such as blood pressure, weight and height. However, a no medical exam life insurance refers to policies that don’t require a physical exam to qualify for coverage. Many people prefer this kind of life insurance because it’s easier and less time consuming to receive coverage. Policy prices for life insurance policies without medical exams can vary widely.
No Medical Exam Life Insurance Benefits
Some are geared toward people in poor health who want to avoid any medical questions, while others focus on young, healthy people who want a quick application process.
A no medical exam life insurance policy can also be used to cover final expenses if you can’t obtain other life insurance and want to avoid burdening your family with funeral and burial costs after your death.
Return-Of-Premium Term Life Insurance
We offer a compelling Return-of-Premium (ROP) term insurance policy which returns all contributed premiums if the insured outlives the term period.
Premium returns can start as early as the second year.
Life insurance protection in place if needed and return-of-premium investments if not.
Return-of-premium (ROP) life insurance policies refund all premium payments made if the policy holder is still alive at the end of the policy period. The returned money can be used for anything and is tax free.
Return-of-Premium Term Life Insurance (ROP) Benefits
Return-of-premium life insurance is added on to a standard term life insurance policy as a rider and lasts for the term of the policy – usually a 10, 20 or 30 year term. For certain people with specific life insurance needs, there are a few pros of a return-of-premium life insurance policy:
Refunded premiums are not taxable
A forced savings vehicle if your premiums are returned
Lower cost than whole life insurance
With top-notch return-of-premium life insurance companies, you receive a guaranteed amount of money back that could go to your loved ones rather than taking risk on the stock market and other high-risk investments.
Term Life Insurance
Term life insurance provides coverage for a predetermined amount of time, typically between 1 – 35 years. Death benefit will payout if the policy owner passes away within the term of the policy.
Term life insurance provides coverage for a predetermined amount of time, typically between 1 – 35 years. Death benefit will payout if the policy owner passes away within the term of the policy.
Cost effective option for young growing families or individuals looking for more affordable coverage.
There is no guarantee of renewal when the term ends; however, certain term policies may allow for an option to renew.
What is Term Life Insurance?
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term.
Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.
