The best type of life insurance for you depends on your individual financial situation, goals, and needs.
Term Life provides coverage for a specified term, such as 10, 20, or 30 years. It is generally the most affordable option and is well-suited for providing a financial safety net during your working years when you have significant financial obligations like a mortgage or children to support. If you die during the term, your beneficiaries receive the death benefit. However, if you outlive the term, there is no payout.
Whole Life is a permanent insurance policy that covers you for your entire life. It has a cash value component that grows over time and can be borrowed against or used to pay premiums. Whole life insurance is often more expensive than term life insurance but offers lifelong coverage and an investment component. It can be a good choice for those with long-term financial planning needs.
Indexed Universal Life ties the cash value growth to a stock market index. It offers the potential for higher returns compared to traditional universal life insurance while providing some protection against market downturns.
Final Expenses is a smaller policy designed to cover end of life expenses and/or burial expenses. It's typically easier to qualify for and has lower premiums than other types of life insurance.
To determine the best type of life insurance for you, consider your financial goals, current financial situation, age, health, and the needs of your beneficiaries. We are here to help you assess your needs and recommend an appropriate policy.
Keep in mind that it's not uncommon to have a mix of different types of life insurance to meet various financial goals.
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Life Insurance Guide
Whole Life Banking Strategies
Family banking and infinite banking are financial strategies that involve using whole life insurance policies, but they have different focuses and applications.
Family Banking is primarily focused on creating a private banking system within a family or among a close-knit group of individuals. This system is typically used for wealth preservation, estate planning, and sometimes for investment purposes. Instead of taking out traditional loans from banks or financial institutions, family members can borrow money from the cash value of these life insurance policies. These loans are often referred to as policy loans. Policy loans can be used for various purposes, including funding education, purchasing a home, starting a business, or making investments. The flexibility of policy loans can be attractive.
Infinite Banking is primarily a personal financial strategy for wealth building by enhancing savings, controlling debt, and achieving financial security. It's essential to understand the specific goals and circumstances to determine which strategy is most suitable for your needs. The policies' cash values are used to finance personal financial goals, such as car purchase, paying for education, covering medical expenses, even starting a business, or supplementing retirement income. The idea is to create a cycle where you continually borrow and repay while maintaining or even growing the cash value.
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“Today, thanks to New Found Horizon, I feel confident about my family's financial future. I have a comprehensive life insurance policy that meets our needs and a strategy in place that's helping us build a solid financial foundation. I can't thank Gustavo enough for his expertise, professionalism, and commitment to my family's well-being. I highly recommend them to anyone seeking insurance solutions and financial guidance."
— JEREMY CLARK, NEW FOUND HORIZON Client
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