Article provided by: DMB Soto Insurance Services
Financial Architects can help you purchase the best California retirement plan to secure your future. Our team of highly astute financial experts can help you compare insurance quotes from different providers and guide you in choosing the best policy.
What is a better term or whole life?
When it comes to life insurance, you have two options: One is the term policy, and the other is the whole life policy. The first one offers coverage for a certain period, also known as the term. If you or your spouse passes away during the term (which can range anywhere from 25–30 years), your children or other beneficiaries get a pay-out.
On the other hand, whole life insurance is more costly than a term insurance policy but offers coverage throughout your lifetime. The premiums in term life insurance are more affordable, as it has no cash value until you or your partner pass away. It puts you at peace, knowing that your beneficiaries will be taken care of in your absence. Also, the premiums are more affordable, so it doesn’t burn a hole in your pocket during your lifetime. For those over the age of 40, we also recommend the California retirement plan, which offers greater benefits for seniors.
Difference between final expense and life insurance
As adults, we must hope for the best and prepare for the worst as life can present itself with several uncertainties. Life insurance and final expense insurance offer financial protection in the event of the unforeseen. Over 60% of Americans own a life insurance policy while only citizens over the age of 40 can own final expense insurance.
Although anyone can apply for life insurance, young and healthy individuals are approved more easily. On the other hand, applicants for final expense insurance only have to fill out a basic questionnaire, and they can get approved easily. The age limit for final expense policies is 40 to 90, and both policies allow you to name beneficiaries. The payout that your beneficiaries receive under life insurance is much larger than the final expense policy.
Based on the value of your policy, your beneficiaries will receive payouts for several years or decades. Final expense policies also offer payouts to beneficiaries, but only after meeting the medical bills, burial fees, etc. Those who couldn’t get approved for life insurance can get final expense insurance as a last-chance coverage.
Reasons to Buy Final Expense Insurance
Final expense insurance takes away the financial burden of your loved ones and saves them the trouble of having to pay for your final expenses. It can be an extremely stressful time for your family, which is why having a final expense policy can offer them peace of mind. Under this scheme, your beneficiaries will receive payouts after your death, which is 100% tax-free. Furthermore, it can help you meet your last medical and hospital bills, and your beneficiaries can choose any funeral home they want.
Contact The Financial Architects for more information on the best California retirement plan. We can help you purchase the most promising life insurance and final expense insurance policy. We offer our clients quotes from the nation’s best insurance companies.