Types of Life Insurance

In order to make a smart decision regarding the life insurance policy that’s best for you, you must first understand what is it and for what purposes you need it. Life Insurance is a replacement of income that can continue to support the dependents of an insured individual after that person has passed away. In addition to this primary purpose, it can also be used as a powerful savings and tax planning vehicle, as it provide decent investment return and enjoys significant income tax advantages over other traditional savings tools. Let’s understand the types of life insurance in details;

Your life insurance policy can be used for many purposes, such as:

  • Replacement of income upon your death during your working life years
  • Pay off your mortgage so your loved ones own your home free and clear of any debt
  • Cover your potential estate tax liability at your death if you are wealthy
  • Savings for college education or for retirement planning
  • Create a legacy for family, community or favorite charity
  • Pay off any outstanding medical bills and eliminating any other debts

The life insurance policy has many business uses as well, including:

There are two basic types of life insurance policies for you to consider – temporary, like a term life and permanent, like a whole life and universal life policies.

Let’s start with a term life, and what that entails. To compare it to another sort of temporary arrangement, this sort of policy is similar to renting an apartment for a certain period of time. Once that “term” expires, you either find a new place to live or pay more in rent. A term policy works the same way – when you reach the end of the term, your insurance protection ends and there is no cash value.

A whole life is similar to owning your own home. In this policy premiums are larger than term policy premiums, just as mortgage payments are higher than rent, but you end up owning a life insurance policy with a cash value to utilize for any living needs. A whole life covers you for the rest of your life, builds cash value – like equity in your home – and enjoys income and estate tax advantages. It can also be used as college savings plan, a retirement savings plan or any other purpose you choose. A guaranteed universal life policy acts like a permanent term policy giving you coverage for your entire life.

So, the questions arise: What is the right kind of life insurance for me – a term, whole or universal life? It is said that “THE BEST LIFE INSURANCE IS ONE THAT IS IN-FORCE AND WILL PAY THE CLAIM TO YOUR FAMILY OR BUSINESS WHENEVER YOU DIE”. So really, it depends on your very unique situation.

Life insurance, investment, financial planning, tax planning and wealth creation are much more complex than most people think or even understand. We have been helping more 3000 physicians, 1000 dentists, 3000 successful business owners and 600 independent pharmacy owners create most optimal asset allocation, reduce taxes, build proper insurance strategy and create sizable wealth for last 18 years. If this something you want for yourself then please call (877) 972-3262 or complete contact us form now.

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Regardless of the topic or question, BeamaLife has unique individuals with the right background to address my concerns. As a result, I have a much clearer understanding of how certain wealth creation strategies were the right fit for my company. I also have been able to take much higher income tax deductions for the corporation by implementing a plan set forth by Neil Jesani. They have maintained an unmatched level of professionalism during my interactions with them over the years.”

Mr. Peters
Software Company Owner, California

“BeamaLife was referred to me by my CPA for my pension plan funding. I also wanted to take care of my estate tax need. Neil and his team have done a superb job of creatively funding my pension plan, acquiring most cost-effective life insurance for our estate planning need with very minimum out pocket using velocity of money principle and putting my existing investment to second use. They also help us setting up all our estate planning documents.”

Dr. Martin
New Jersey

“BeamaLife has been a great advisor to us for many, many years. They not only helped us take higher income tax deductions but, also helped us organize our investment portfolio in an efficient manner. Through this relationship, we were able to create substantial wealth with the very low out-of-pocket expense. Neil Jesani from BeamaLife is very responsive, professional and extremely knowledgeable”

Mr. Sakaria
Multiple Pharmacy Owner, New York

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