Understanding Life Insurance
Life insurance policy is simply an agreement contract you make with an insurance company, in which the insurer guarantees payment to your named dependents in the event of your death. By making a premium payment to the insurer, you’re guaranteeing that they provide your beneficiaries with certain death benefits that help them remain financially stable and secure after your untimely passing.You can opt for a life insurance plan based on your specific needs and requirements. In doing so, you’re able to provide financial protection to your surviving dependents and ensure that they can continue living a certain quality of life. There are several types of life insurance policies you can choose from, including:
- Term life insurance: In this, your beneficiaries are provided with a certain amount of money or death benefits up to a predetermined time span. After this term—which can be as long as 30 years—is over, the policy expires.
- Whole life insurance: Here, not only are the death benefits involved, but also the cash value. The premium payment made by you funds this cash value, adding up the death benefits several times more than what you get in a term life insurance.
- Indexed universal life insurance (IUL): This allows policy owners to choose whether they want to invest the cash value included in the policy.
What is Term Life Insurance?
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The IFG Insurance Services Three Step Process
In our first meeting, we’ll get to know each other. We will talk about what your financial objectives are, and what it is that you’d like to accomplish with your financial plan. We will also share a little bit about our financial planning strategies and what we can do to help you achieve your goals.
Building Your Plan
In our next meeting, we will begin building your plan. We will cover Social Security, Pensions, 401k’s, and Medicare, as well as your lifestyle and other factors that can affect your retirement income. We will also discuss how to protect your financial future from unexpected expenses and life events.
As life changes, so should your plans. We will meet with you on a regular basis to re-evaluate your financial plan and make adjustments as necessary. We will work hard to ensure that you are always on target to achieve all your financial goals and objectives.