Other Types of Insurance!

Whole life insurance is a type of permanent life insurance that helps protect your loved ones in the future and your finances now. Whole life insurance policies offer two primary benefits: a guaranteed death benefit paid to your beneficiaries when you pass away, as long as you continue to pay the premium, and a cash value that can be withdrawn or borrowed from during your lifetime.

Guaranteed universal life insurance, also commonly known as a “GUL” policy, is something of a “hybrid” between term and whole life insurance. GULs offer the permanence of whole life insurance and the affordability of term life insurance, with level rates and premiums until age 90 or later.

These policies do not require an investment value, and their are no investment risks. With a GUL policy, your monthly rates and coverage can be guaranteed until the age of your choice, even to age 121!

Indexed universal life insurance is a type of permanent life insurance, which means it has a cash value component in addition to a death benefit. The money in your cash value account can earn interest based on a stock market index chosen by your insurer, such as the S&P 500 or the Nasdaq Composite. Funds don’t earn a fixed rate of interest but typically come with an interest rate guarantee.

The “new kind” of LTC insurance is known as a “linked-benefit” or “hybrid” LTC insurance policy. (It has actually been around since the late 1980s but has only recently become more popular.)

Simply, it combines – or links – LTC insurance benefits with another type of insurance like life insurance or an annuity. It provides a pool of money to pay for long-term care expenses, but if you never need care your heirs receive a life insurance death benefit or the cash value from an annuity.