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When my daughter passed away in 1999, I had no clue about life insurance. It is so important for me to educate others on the value of life insurance. The biggest mistake people make is getting life insurance later in life when it’s more expensive or never getting it at all, leaving their families stressing to figure out how to pay for their burial costs. I’ve been educating people about various life insurance products since 2013. I realized there are so many people that do not know about the life insurance options that are available.
Whole Life Insurance
Whole life insurance is a permanent policy that provides lifelong coverage as long as premiums are paid. It not only guarantees a death benefit but also builds cash value over time, which can be borrowed or withdrawn.
Final Expense Insurance
Final expense insurance, also known as burial insurance, is a type of whole life insurance designed to cover end-of-life expenses, such as funeral costs, medical bills, and small debts. It generally provides a lower death benefit than other policies.
Term Life Insurance
Term life insurance is one of the most affordable life insurance products, providing coverage for a specified term, such as 10, 20, or 30 years. It pays a death benefit if the policyholder dies within that period.
Indexed Universal Life Insurance (IUL)
Indexed universal life insurance provides the flexibility of universal life insurance but with a cash value component linked to the performance of a stock market index, such as the S&P 500. It offers growth potential based on market performance.