At Preservation Wealth Management, our life insurance advisors serve clients throughout Montgomery County, Chester County, Delaware County, Bucks County and Lehigh County, PA. Working with a life insurance consultant helps you become familiar with the options available to you if you want to utilize life insurance to pay for long-term care or leave something behind for those you love.
At Preservation Wealth Management, we provide asset protection strategies that combine both legal protection and financial plans to prevent your assets from seizure in a lawsuit. We take a look at each client’s personal assets and determine the best plan to protect each. Because every situation is different, the plans for each client are specifically designed by our experts.
Whole life insurance is sometimes called straight life insurance. It remains active for your whole life, as long as you pay the premiums. These policies have a maturation date; once you pass the maturation date, most of these policies continue even if you no longer pay a premium.
Term life insurance lasts for a limited time while you pay the premiums.
Universal life insurance is a permanent life insurance where the premiums you pay can build up and can earn interest. You can alter the premium payments and pay more or less depending upon the policy.
Indexed Universal life insurance is universal life insurance that can grow an account value and credit interest based on the performance of an external stock index, dependent on policy provisions.
Variable universal life insurance offers the same death benefit protection as the others but part of your premium is invested directly into the stock market with grouped investments, similar to mutual funds.
With Life insurance, you set up a life insurance policy for your survivors in the event of your death. Since this is something you do for your family, you want to get it right. Whole life insurance policies sometimes have a cash value component that you can collect after the maturation date. However, it can also be more expensive than term life insurance or universal life insurance.
Consider the financial needs of your family. You need enough coverage to replace your income so your family can maintain their lifestyle. Life insurance should ideally cover your burial costs, as well as any debt left behind in your estate — it all comes down to choosing between temporary and permanent coverage.
Term insurance lasts for a specified period. Many families in Montgomery County choose this insurance to make sure that their spouse is covered while young children still live at home. Once the kids are out of college, you no longer need the coverage. Most term life policies include a steady premium. So you pay the same amount throughout the term of the policy.
On the other hand, some clients choose whole life or universal life policies that cover them as long as they keep paying the premiums. You might choose this policy if you remarry late in life and want to make sure your spouse will be financially secure if you pass away.
