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Life insurance is the foundation of financial planning

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Deciding on the right life insurance policy is an essential part of developing a sound financial plan.

Determining the type of policy depends on your future goals. If you are married, have a family or planning to start a family, or if you are a business owner, there are options to fit your life.

Life insurance policies can provide tax-free income for your beneficiaries, create funds to pay off debts or be used for the payment of the final expenses or estate taxes. Life policies can replace income that is lost if you die, provide an education fund for children or pay off your mortgage, large debts or even business loans.  Life policies can provide whatever the insured wants to do for their family or business in the event of a premature death.

Both health and age are important factors in determining the premium you will pay. Although you can purchase a policy at any age, the younger you are, the more affordable the policies will be.

All life insurance policies are designed to pay a benefit when someone dies, but today’s permanent policies also offer considerable living benefits which the insured can access for themselves. The three most common types of life insurance are Term “temporary”, Whole Life (WL) and Universal Life (UL), both “permanent” policies.

Term insurance is inexpensive and easy to understand. The term of the policy usually lasts between one and 30 years and pays only if a death occurs during the policy term.  The better term policies also allow the insured an option to convert/change the policy to a permanent policy during the term period, without any future health requirements.

The advantage of permanent insurance (WL or UL) is the death benefit and premium will usually remain the same during the duration of the policy. Certain permanent policies can be paid in full over various lengths of time. These policies will also build cash value that may be borrowed against without restrictions should funds be needed in the future, providing something similar to a savings account.

Life insurance is a unique financial product, but you do have to qualify (health underwriting) to buy it, so it’s important to get started while you’re young & healthy.

The knowledgeable agents at TW Group, Inc. can guide you through the different types of life insurance policies available and help you chose the policy that will best fulfill your unique wants and goals.

TW Group Inc., 850 N Cass Ave., Westmont IL 60559, 630-737-0300 www.twgroupinc.com