Which kind of insurance, in my humble opinion, is a function of how long you need it for. I once did an analysis of TERM vs WHOLE LIFE and based on the assumptions at the time, WHOLE LIFE made more sense if I held the insurance more than about 20-23 years. But TERM was cheaper
Variable universal life (VUL) is a form of life insurance, specifically it’s a type of cash-value insurance policy. (The other types of cash value life insurance are whole, universal, and variable life.) Like any life insurance policy, there is a payout in case of death (also called the death benefit). Like whole-life insurance, the insurance
A viatical settlement is a lump sump of cash given to terminally ill people (viators) in exchange for the death benefits of their life insurance. Along with so much of the English language, the name has its origins in a Latin word, viaticum, which means provisions for a journey. These settlements are attractive to a viator (seller)
A structured settlement annuity is a financial vehicle or arrangement that a person (claimant) accepts to resolve a tort case such as a personal injury lawsuit. This arrangement provides periodic payments to the individual for a set period of time, instead of a one-time lump-sum payout. In general the arrangement is established by the lawsuit
This article explains long-term care insurance and offers opinions on who should buy this insurance. People’s increasing life span has lead to an increase in people’s use of long-term care in nursing homes, assisted living facilities, and their own homes. This type of care can be expensive. The Metlife Mature Market Institute says that the
This is my standard reply to life insurance queries. And, I think many insurance agents will disagree with these comments. First of all, decide WHY you want insurance. Think of insurance as income-protection, i.e., if the insured passes away, the beneficiary receives the proceeds to offset that lost income. With that comment behind us, I
Disability insurance protects a person’s ability to earn an income in case of injury or sickness that prevents the person from performing basic occupational functions. Disability insurance isn’t always on the list of priorities, but it’s a crucial part of planning for the future. While most people invest in a life insurance policy, many fail
An annuity is an investment vehicle sold primarily by insurance companies. Several types of annuities exist. Every annuity has two basic properties: whether the payout is immediate or deferred, and whether the returns are fixed (guaranteed) or variable. An annuity with immediate payout begins payments to the investor immediately after it is purchased, while deferred