￭ Help Pay Final Expenses
￭ Serve As Income Replacement
Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step usually requires the purchase of a life insurance policy to ensure that your family’s needs will continue to be met, even after your untimely death cuts your earnings potential short.
At Alliance Group, we take financial and estate planning as seriously as you do. While this calculator isn’t a substitute for professional planning advice, it can provide some quick information about what steps you might want to take now to achieve your financial goals.
If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the Death Benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.
Most people purchase life insurance to provide a legacy of financial security at the time of their death. But doesn’t it make sense for the benefits to extend and be available for the difficult financial times they have to face if a chronic, critical or terminal illness precedes death? The industry calls the benefit an “Accelerated Death Benefit Rider.” We refer to it as Living Benefits. On most of our policies, Living Benefits are provided to you at NO additional cost.
The low initial premiums make term insurance a practical alternative to permanent coverage. However, term premiums will eventually increase. At some point, if you continue to carry your term coverage, the annual premiums will likely exceed the level premiums that could have been had with a permanent policy and you will not have had the benefit of building any cash values. Term insurance often offers the opportunity to convert to permanent life insurance policy prior to the end of the term without having to provide evidence of insurability. Term insurance may be appropriate for young families with low cash flow and high protection needs, for consumers whose protection needs are temporary, or to supplement permanent life insurance.
Individual whole life insurance, often called permanent or traditional insurance, is precisely what the name implies: Life insurance that’s designed to protect you and your loved ones throughout your entire life. As long as the policy owner continues to pay the premiums, the insuring company will guarantee the death benefit. These policies are designed and priced for an individual to keep over a long period of time. These types of policies are another great option while planning final expenses.
Universal life insurance is considered to be the most flexible type of life insurance. Universal life insurance provides both premium flexibility and death benefit flexibility, allowing to you adjust your policy according to your life insurance needs.
Universal life insurance also offers the ability to accumulate cash value under the policy on a tax-deferred basis.
Indexed Universal Life (IUL) provides both premium flexibility and death benefit flexibility of a universal life policy, allowing to you adjust your policy according to your life insurance needs. Indexed universal life also offer the option of having your cash value accumulate at interest based on the changes of a major market index.
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