Before you take up an insurance policy, it is important that you first have a policy analysis as well as consultation. At GIS, we will help identify the liabilities in policies and legislation, and we will outline to you how they might influence you or your business.
We recognize that it is the dream of everyone to protect their loved ones from a financial situation. We believe that with the right planning, you should be able to secure your loved ones. We will guide you in choosing the right coverage for you and the family, business planning and estate planning. Here is a breakdown of life insurance policies:
The motive behind life insurance is to replace the income that may be lost when a wage earner dies. They help maintain the financial security of a family in case of a policyholder’s untimely death. With that said, by buying life insurance, you will protect the home and livelihood of your beneficiaries, reduce the debt load that would otherwise be placed on your survivors and replaces your income. Moreover, the good thing is that the proceeds are not subjected to income tax.
Universal life policies offer flexibility. The amount paid for the policies varies so long as the cash value is enough to foot the policy. Along the way, you can choose to decrease or increase the death benefit amount while still paying the premiums.
Variable universal life is the combination of a universal life policy and different investment options. The cash value changes depending on how the underlying subaccounts are performing. However, you have control of the net premium and how to distribute it among your investment options. These investment options or subaccounts’ values vary depending on market conditions.
Whole life is an example of traditional life insurance. You will have to pay premiums in the policy for the whole time the policy is enforced. You build up a cash value along the way but the interest rate to be given to the cash value will be determined by the insurance company.
Term life insurance is bought for a certain term of year, that is, one, five or ten. If you pass away in this term, your beneficiaries get the death benefit. However, if you’re alive during the expiry of the policy, your coverage will stop, and there will be no payout.
At GIS, we will look at the various insurance policies and carry out an analysis for your benefit. Consult with us to help you settle on a policy for you and your family.