Life insurance can help pay off your mortgage, help with college expenses, help fund your retirement, and help with estate planning. If you have loved ones who depend on your income for support, you should strongly consider getting life insurance. Also, the younger you are, the less expensive life insurance will be, so even if you don't have an immediate need you may want to consider purchasing a policy for the future.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance coverage designed to provide protection for your family by locking in benefits that can help pay for end-of-life expenses, as well as cash value that can be accessed in an emergency.
Whole life coverage may be right if you:
Term Life Insurance
This affordable, simple coverage helps protect your family by replacing your lost income in the event of a death. Term life lasts for a specific amount of time and its payments will never increase.
Term life coverage may be right if you:
Universal Life Insurance
Universal life is permanent, flexible insurance coverage. It includes the opportunity to adjust the premium and the death benefit, as well as accumulate cash value on a tax-deferred basis.
Universal life coverage may be right if you:
Indexed Universal Life Insurance
Indexed universal life insurance is a type of life insurance that can accumulate cash value* based on market performance. The cash value* can grow based on a market performance index, usually a broad index such as the S&P 500 or the Dow Jones Industrial Average.
Indexed universal life coverage may be right if you:
*The amount that may be available through loans or withdrawals, as defined in the contract.
** For federal income tax purposes, tax-free income assumes (1) withdrawals do not exceed tax basis (generally, premiums paid less prior withdrawals); and (2) the policy does not become a modified endowment contract.
All guarantees subject to the financial strengths and claims paying ability of the issuing insurance company.
The price of life insurance is affected by the death benefit amount as well as your age. Some other factors that are taken into account include gender (women have a longer life expectancy than men)) tobacco use, and overall health.
Your coverage needs depend on factors such as your age, your financial strength, and your family's circumstances. In general, the earlier you are in life and the more financially dependent your loved ones are on you the more coverage you need. Caldwell Insurance Group provides online tools that might help you determine your needs. Check out our Life Needs Calculator to determine how much life coverage you need.
Because we've been helping people through life's transitions, both expected and unexpected, for over two decades and partner with carriers who have for centuries. Caldwell Insurance Group knows the importance of having a plan for the end of life. We are dedicated to our clients and act with integrity, innovation, and accountability as we work to help you protect and provide for your family.
Caldwell Insurance Group, LLC
10526 West Cermak Road Suite 307F, Westchester, Illinois 60154, United States
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Funds from Life Insurance can help your loved ones pay living expenses, stay in their home and pay off debts, including final expenses. It can also help send a child to college or leave a legacy.