Life Insurance

At Care Financial we offer both Whole Life Insurance and Term Life Insurance. Our consultants can go over both options that are essential in helping you make your decision when choosing the right type of life insurance policy for you and your family or business. By having life insurance you are protecting your loved ones’ financial future and protecting against the lost income that results when the insured passes away. In a time of grief, we will be there to take one less burden off your loved ones by providing financial security, thereby safeguarding your heirs from the financial impact of the death of the insured.

Term Life Insurance

Term Life Insurance is just that! It is for a term or a period of time, typically 1-30 years. If you choose to elect Term Life Insurance it will stay active until the policy automatically expires after a set number of years. Additionally, you can cancel a term policy before it expires without losing any value. This policy is a great option for those that expect to accumulate wealth over time and do not foresee the need for a financial safety net later in life. Term life insurance is also the more affordable option for life insurance policies. Once the policy expires and is no longer active, you can either buy a brand new policy or you can convert your policy into a more permanent life insurance.

Call today for an appointment, so our consultants can assist and customize your Life Insurance policy. Care Financial is Independent and with our extensive resources with Top Insurance Carriers we are confident that we can provide you the very best.

Whole Life Insurance

Whole Life Insurance is a type of permanent life insurance that will last your whole life and never expires. It is, however, more costly than term life insurance. Whole Life Insurance has a cash value component to it, which is an investment product in addition to your insurance policy and earns interest at a fixed rate. This basically means when you pay the premium on your permanent policy it is split between the death benefit and cash value. Think of the cash value as a savings account. As your life insurance policy ages, the death benefit will decrease and the cash value will grow until the policy completely consists of the cash value. You can use your cash value to take out a loan, withdraw from it for your retirement, among many other options. Whole Life Insurance is a great course of action for those needing it to cover their estate tax, so the full inheritance goes to those they named as their beneficiary. In addition to Whole Life Insurance, make sure to ask out consultants for more information regarding Universal Life and Variable Life policies.

Beneficiary Considerations

When you select a life insurance plan that is right for you, you will be asked to select a beneficiary. A beneficiary is a person(s) who will inherit the monetary value of your life insurance policy. You can have one (primary) or multiple people (contingents) listed as a beneficiary on your policy. It is imperative to provide your beneficiaries’ full names and Social Security Numbers when listing them on your policy to ensure the correct party receives the death benefit.

Also, keep in mind that you want to make sure your beneficiary is always up-to-date on your policy. You can change beneficiaries on your policy at any time as life events happen such as having a new child, marriage, divorce, death of the beneficiary, etc. Should one of your beneficiaries become deceased before you do, you will want to take into consideration who will receive the inheritance, for example, you could designate the deceased trustee’s heirs. Contrary to popular belief, the beneficiary you choose does not have to be family, necessarily, and could be an alternative designated trustee, such as a friend or mentor. Another option when selecting a beneficiary is to choose an entity, such as a charity, hospital, university, or art gallery, among many others. If you choose to not elect a beneficiary, the death benefit will be paid to your estate, and probate proceedings could delay and diminish the distributing of money to your heirs.